Crypto Skim Collectors

Bored Ape Yacht Club creator’s metaverse mint rocks the Ethereum blockchain
https://www.theverge.com/2022/5/1/23051974/bored-ape-yacht-c…

Yuga Labs, the web3 company behind the Bored Ape Yacht Club, disrupted the entire Ethereum blockchain as a flood of users rushed to purchase NFTs representing virtual plots of land in its upcoming metaverse project, Otherside. A total of 55,000 Otherdeeds sold at a flat price of 305 ApeCoin, or around $5,800 at the time of purchase (via CoinTelegraph), raising about $320 million in what was considered the “largest NFT mint in history.”

Such a large volume of transactions during the Otherdeed mint caused gas fees to soar. As noted by CoinTelegraph, Reddit user u/johnfintech pointed out that some buyers shelled out anywhere from 2.6 ETH ($6,500) to 5 ETH ($14,000) in gas fees alone — more than the cost of an Otherdeed NFT (and in some cases, more than twice the cost). By the time the virtual land deeds sold out, buyers paid a total of about $123 million just to execute their transactions on the Ethereum blockchain (via Bloomberg).

In my next life, I want to come back as a “crypto skim collector”.

intercst

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Can someone translate that crypto/NFT bro argle bargle?

Can someone translate that crypto/NFT bro argle bargle?

https://ethereum.org/en/developers/docs/gas/

Good luck interpreting it. It is just for Ethereum.

Can someone translate that crypto/NFT bro argle bargle?

PucksFool posted this crypto primer a few days ago. It’s well done.
https://tidbits.com/2022/04/20/understand-cryptocurrency-but…

As currently configured, crypto tends to have high transaction costs. And if too many people try to make transactions in a short period of time, a form of “Uber surge pricing” takes effect. That’s why some buyers were paying twice as much in fees as the purchase price of the “product” (NFT).

intercst

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IC,

Thanks for posting the Hype even if it is via Bloomberg.

I was just thinking earlier today I need to study my presentation and build some skills.

It is good to see the buyers entering the market en mass.

My project will be well done by May 20. Reading that I may list on the very early side in late May. I had been aiming for mid June. The only problem is the difficulty bomb…if it flops in the middle of my auction…nah…I have to wait…

Can someone translate that crypto/NFT bro argle bargle?

Let me give it a try.

The crypto brokers collect nice commissions on both the buy and sell sides. As long as their clients are trading, they are the main winner.

–Peter

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Peter,

For the longest time stockbrokers were making money buying and selling.

Until Robin Hood…eeewww.