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NFTs no longer priced in ETH?

SevrinSevrin Posts: 6,270
in Non-Fungible Token (NFT) Art

Now it might just be my memory playing tricks, but I seem to recall that NFTs were once offered for ETH, which buyers would have to figure out in USD, etc.  More recently, I'm seeing NFTs offered in USD.  Is this because the volatility of cryptocurrencies has gotten too great for NFT promoters to be willing to accept the exchange risk?

Comments

  • Richard HaseltineRichard Haseltine Posts: 92,166

    Sevrin said:

    Now it might just be my memory playing tricks, but I seem to recall that NFTs were once offered for ETH, which buyers would have to figure out in USD, etc.  More recently, I'm seeing NFTs offered in USD.  Is this because the volatility of cryptocurrencies has gotten too great for NFT promoters to be willing to accept the exchange risk?

    or because they want the price to be clear to potential purchasers? Not everything is motivated by evil (well, so I am told by others).

  • McGyverMcGyver Posts: 6,724

    Crypto is kinda imploding at the the moment so that could have something to do with it... ?

    https://arstechnica.com/tech-policy/2022/06/cryptocurrency-plunges-as-crypto-bank-celsius-suspends-withdrawals/

    https://arstechnica.com/information-technology/2022/06/coinbase-lays-off-18-percent-of-staff-as-ceo-says-we-grew-too-quickly/?comments=1

    Its a bad sign when two big players are going those routes.

    But I'm sure the cryptobros will still tell everyone to Hold On for Dear Life... (HODL-4-Eva-Beeyoches!)

  • 31415926543141592654 Posts: 934

    Back in December, when the first line of DAZ NFP's were releaseed, one Ethereum coin was worth about $4,000.00.  It went downhill from there, had ups and downs, and last I checked a couple weeks ago had dipped below $2,000.00. In December, everything related was in Ethereum for NFT purchasing and selling.

  • AlmightyQUESTAlmightyQUEST Posts: 1,901

    It looks like DAZ's NFPs are still being listed in Ethereum, so I'm not really sure what this is about. Does some other store list the price in USD? Isn't that basically just like a storefront showing different currency depending on user settings?

  • WendyLuvsCatzWendyLuvsCatz Posts: 36,284

    I am at this point surprised DAZ doesn't list their 3D products in Eth too

  • 31415926543141592654 Posts: 934

    WendyLuvsCatz said:

    I am at this point surprised DAZ doesn't list their 3D products in Eth too

    Be quiet ... don't give them any ideas.  Although, with ethereum being so low now, perhaps it would be worth the risk ... if it shoots back up, you can buy all the more Daz stuff ... I just checked and it is down to $1,000 per coin ( only a quarter of it's value in december ).

  • plasma_ringplasma_ring Posts: 1,012

    Richard Haseltine said:

    Sevrin said:

    Now it might just be my memory playing tricks, but I seem to recall that NFTs were once offered for ETH, which buyers would have to figure out in USD, etc.  More recently, I'm seeing NFTs offered in USD.  Is this because the volatility of cryptocurrencies has gotten too great for NFT promoters to be willing to accept the exchange risk?

    or because they want the price to be clear to potential purchasers? Not everything is motivated by evil (well, so I am told by others).

    It depends. Listing the price in USD would not make it clearer if they were still taking payment in ETH; one of the shadier aspects of the NFT boom in 2021 was headlines listing tokens sold for hundreds of thousands or millions of USD. That's like receiving X number of shares in a company and saying you made the money you could potentially sell the stocks for if there's an interested buyer to take them off your hands at the exact value they had at the moment you received them. That said, if people are beginning to sell NFTs for USD outright, that would not be an "evil" motivation. That is a far safer and more user-friendly way to sell them, and would be an interesting and encouraging development if it became commonplace. 

  • PaintboxPaintbox Posts: 1,629

    plasma_ring said:

    Richard Haseltine said:

    Sevrin said:

    Now it might just be my memory playing tricks, but I seem to recall that NFTs were once offered for ETH, which buyers would have to figure out in USD, etc.  More recently, I'm seeing NFTs offered in USD.  Is this because the volatility of cryptocurrencies has gotten too great for NFT promoters to be willing to accept the exchange risk?

    or because they want the price to be clear to potential purchasers? Not everything is motivated by evil (well, so I am told by others).

    It depends. Listing the price in USD would not make it clearer if they were still taking payment in ETH; one of the shadier aspects of the NFT boom in 2021 was headlines listing tokens sold for hundreds of thousands or millions of USD. That's like receiving X number of shares in a company and saying you made the money you could potentially sell the stocks for if there's an interested buyer to take them off your hands at the exact value they had at the moment you received them. That said, if people are beginning to sell NFTs for USD outright, that would not be an "evil" motivation. That is a far safer and more user-friendly way to sell them, and would be an interesting and encouraging development if it became commonplace. 
     

    If you take out cryptocoin out of the equation, doesn't it become like a normal market? Or do you still have to "mint" NFTs?

  • frank0314frank0314 Posts: 12,951
    edited June 2022

    You only need to mint NFT's is your going to sell them. Minting them puts them on the market.

    Post edited by frank0314 on
  • PaintboxPaintbox Posts: 1,629

    frank0314 said:

    You only need to mint NFT's is your going to sell them. Minting them puts them on the market.

    How is the price established? Is it a flat fee and has it changed to USD as well?

  • AlmightyQUESTAlmightyQUEST Posts: 1,901

    Wait, minting is the process of putting it on blockchain, if it's not on blockchain it's not an NFT. Are they changing the meanings of words they made up again?

  • Jason GalterioJason Galterio Posts: 2,555

    AlmightyQUEST said:

    Wait, minting is the process of putting it on blockchain, if it's not on blockchain it's not an NFT. Are they changing the meanings of words they made up again?

    Long day and this made me LOL. Thanks.

  • jjmainorjjmainor Posts: 459

    Answer depends.  If you're looking at Opensea, the seller decides which coin they want payment in.  If you see an NFT priced in USDC, the seller is only accepting USDC and not ETH.

    If you're asking on price in general, ETH isn't the only chain available for minting.  Price is usually (but not always) given in terms of the native coin for the chain.  So you might see an NFT listed for SOL, WAX, MATIC, etc. 

  • plasma_ringplasma_ring Posts: 1,012

    Paintbox said:

    plasma_ring said:

    It depends. Listing the price in USD would not make it clearer if they were still taking payment in ETH; one of the shadier aspects of the NFT boom in 2021 was headlines listing tokens sold for hundreds of thousands or millions of USD. That's like receiving X number of shares in a company and saying you made the money you could potentially sell the stocks for if there's an interested buyer to take them off your hands at the exact value they had at the moment you received them. That said, if people are beginning to sell NFTs for USD outright, that would not be an "evil" motivation. That is a far safer and more user-friendly way to sell them, and would be an interesting and encouraging development if it became commonplace. 
     

    If you take out cryptocoin out of the equation, doesn't it become like a normal market? Or do you still have to "mint" NFTs?

    Cryptocoin and NFTs don't necessarily need to be associated, but most of the people who believe strongly in NFTs as valuable assets also believe strongly in crypto as a valuable asset and want them to succeed hand in hand. Plus, NFTs create a legitimate market to spend crypto in, which increases the value of crypto. 

    Minting an NFT is what creates it, so it's still a necessary part of the process. But people are often buying, selling, and trading ridiculous amounts of cryptocurrency where the actual dollar value is only slightly more stable than, "Dude, trust me." Someone buying an NFT in Ethereum valued at $200k and someone buying it for $200k USD outright are making very different investments, because the ETH is only worth that much in USD if you cash it out at that price. That same amount of ETH could be worth $1mil, or $30k, or $5 over time and can only be spent on a limited amount of things.  

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