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Attachments: How to short NFTs
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How to short NFTs

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  • Post #1
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  • First Post: Mar 23, 2021 10:46pm Mar 23, 2021 10:46pm
  •  Goat
  • Joined Jan 2009 | Status: FREE ROSS | 1,417 Posts
Somebody please tell me how to short this NFT tomfuckery...
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  • Post #2
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  • Mar 23, 2021 10:48pm Mar 23, 2021 10:48pm
  •  Goat
  • Joined Jan 2009 | Status: FREE ROSS | 1,417 Posts


Might have answered my own question. I think the play is to short ETH, right?

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Beeple's $53M sale must have beat up ETH's price, and if that happened on a widespread basis it'd be over for the ole' Russian-lead cult.
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  • Post #3
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  • Mar 23, 2021 11:04pm Mar 23, 2021 11:04pm
  •  Goat
  • Joined Jan 2009 | Status: FREE ROSS | 1,417 Posts
Back when ETH "2.0" came out I had a feeling it would be ETH's downfall. To my cohorts I would say "Craig Wright is the only truth", to mean that any veering from from CW's ingenious architecture will end with implosion. The 2.0 "staking" malarkey was a severe veer, as mining is the heart of the system.

Anyway, my point is, NFT might be what brings down ETH.
 
 
  • Post #4
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  • Mar 23, 2021 11:05pm Mar 23, 2021 11:05pm
  •  Goat
  • Joined Jan 2009 | Status: FREE ROSS | 1,417 Posts
As smart as I feel right now, I don't have the balls to short ETH.
 
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  • Post #5
  • Quote
  • Edited at 10:43am Mar 24, 2021 10:15am | Edited at 10:43am
  •  cryptocow
  • Joined Aug 2018 | Status: Mooing | 1,041 Posts
Quoting Goat
Disliked
NFT might be what brings down ETH.
Ignored
NFTs are a small part of ETH. In 2020 the total NFT volume was $250M [1]. In 2020 the Uniswap protocol volume was $58B [2]. And that's just the Uniswap DEX.

Additionally, not all NTFs are on the Etherium network. NBA Top Shots and CryptoKitties are on the Flow blockchain [3].

[1] https://tokenist.com/nft-trading-vol...00-since-2019/
[2] https://uniswap.org/blog/year-in-review/
[3] https://coincentral.com/nba-top-shot-nfts/
 
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  • Post #6
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  • Mar 24, 2021 10:49am Mar 24, 2021 10:49am
  •  TudorIoan
  • Joined Dec 2015 | Status: Member | 13,930 Posts
Hey, eth is too big to fall, folks! But why to bring down eth ? These sort of things never really go down !
The hate against the system, against the old, against the banks, the rich, the powerful ...hate is is forever.
It never dies !
Because the percentage of frustrated hurt losers never change in history.
Crap like crypto for instance can swing widely up and down in some crazy volatility,
which is still great for the restless gamblers, but it never goes really down !
It's fkn impossible
It's kind of covered by potential retard short sqeezers cult forever !
Look around you. So many feeling small losers become fanatic rioters.

That brings a new disease in town. They think they are creative.
Smart contracts for any bullshit.
The obssession for some superior unicity coming from the horror of being small and insignificant,
or the myth of value only by scarcity,
or the hype around everything new fed by delusional blind belief that will become the ultimate spectacular invention which will change everything in some distant future...
This never dies !
Like blabbering about the future crypto money without understanding money and economy
Fake hope it's the only drug for financial illiterate losers.

Look at the crypto fanatics!
For those anti-banking system morons even collecting NFTies on Pokemon cards could sound like a promising retirement plan.
Member
 
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  • Post #7
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  • Edited at 2:24pm Mar 24, 2021 11:50am | Edited at 2:24pm
  •  yieldjunkie
  • Joined Dec 2020 | Status: Member | 272 Posts
Quote
Disliked
“I absolutely think it’s a bubble, to be quite honest," Beeple said, likening the NFT craze to the early days of the Internet.

You could take the route of creating and offering NFTs... though the market is already completely saturated with crap.

Could also target publicly traded companies that dabble in NFTs, just heed the noise and concentration risk there.

There aren't many palatable options here that I can see..
 
 
  • Post #8
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  • Mar 31, 2021 11:28am Mar 31, 2021 11:28am
  •  cityRat
  • Joined Jul 2019 | Status: Member | 413 Posts
Inserted Video
 
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  • Post #9
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  • Mar 31, 2021 2:21pm Mar 31, 2021 2:21pm
  •  cryptocow
  • Joined Aug 2018 | Status: Mooing | 1,041 Posts
Quoting cityRat
Disliked
https://www.youtube.com/watch?v=mrNOYudaMAc
Ignored
 
 
  • Post #10
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  • Mar 31, 2021 5:31pm Mar 31, 2021 5:31pm
  •  Hasher
  • Joined Jul 2019 | Status: Member | 317 Posts
Quoting cityRat
Disliked
https://www.youtube.com/watch?v=mrNOYudaMAc
Ignored
Genius!
 
 
  • Post #11
  • Quote
  • Sep 2, 2021 11:46am Sep 2, 2021 11:46am
  •  cityRat
  • Joined Jul 2019 | Status: Member | 413 Posts
One idea is to short Sothby's ... but that would also expose you to their non-NFT market.
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EDIT: Nevermind, it was brought private: https://news.artnet.com/market/art-c...rivate-1576156
 
 
  • Post #12
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  • Sep 2, 2021 3:05pm Sep 2, 2021 3:05pm
  •  cityRat
  • Joined Jul 2019 | Status: Member | 413 Posts
OK this is .... weird: https://www.masterworks.io/trading/bulletin

They sell fractional shares of artwork, making it available for buying and selling. They don't appear to offer NFTs yet, but this could be the way.
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  • Post #13
  • Quote
  • Oct 1, 2021 5:20pm Oct 1, 2021 5:20pm
  •  cryptocow
  • Joined Aug 2018 | Status: Mooing | 1,041 Posts
You could short DraftKings. They are in to all sorts of stupid shit, NFTs included.
 
 
  • Post #14
  • Quote
  • Oct 11, 2021 4:34pm Oct 11, 2021 4:34pm
  •  yieldjunkie
  • Joined Dec 2020 | Status: Member | 272 Posts
Quoting cryptocow
Disliked
You could short DraftKings. They are in to all sorts of stupid shit, NFTs included.
Ignored
This is dangerous. It's a much larger play against sports betting than it is against NFTs, and sports betting isn't yet legal in every US state but seems to be heading in that direction. Meanwhile the growth in sports betting is huge (source).
 
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  • Post #15
  • Quote
  • Oct 11, 2021 4:40pm Oct 11, 2021 4:40pm
  •  yieldjunkie
  • Joined Dec 2020 | Status: Member | 272 Posts
Maybe there is no fighting NFTs... NFTs as a method to verify authenticity of physical goods is brilliant imo. I think that the NFT art market is saturated with garbage.

That said... I'm getting the itch to hedge my bets and buy some sweet jpegs.

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  • Post #16
  • Quote
  • Edited at 8:48pm Oct 11, 2021 5:56pm | Edited at 8:48pm
  •  Goat
  • Joined Jan 2009 | Status: FREE ROSS | 1,417 Posts
Quoting yieldjunkie
Disliked
{quote} This is dangerous. It's a much larger play against sports betting than it is against NFTs
Ignored
Yeah that's the same problem with shorting ETH.

I don't think there's an acute way to short NFTs, other than getting into the NFT creation business. Doesn't matter anyway, the trend is up right now. By the time it cools off hopefully someone will have a product for us to short..

Quoting yieldjunkie
Disliked
Maybe there is no fighting NFTs... NFTs as a method to verify authenticity of physical goods is brilliant imo. I think that the NFT art market is saturated with garbage. That said... I'm getting the itch to hedge my bets and buy some sweet jpegs. {image}
Ignored
Yup, the tech certainly has use cases. The art use case is that you can easily license artwork, but beyond that I'm struggling to understand $53M for a JPEG. Or even $1M. Unless the art is expected to bring in $1M in licensing fees, what's the point? What can the owner of an NFT do with it that nobody else can do with it? Ie what do ownership rights afford you? If the answer is "nothing", the value of NFT art should fall to some multiple of its licensing income. What am I missing??
 
 
  • Post #17
  • Quote
  • Oct 11, 2021 8:48pm Oct 11, 2021 8:48pm
  •  Goat
  • Joined Jan 2009 | Status: FREE ROSS | 1,417 Posts
Quoting cityRat
Disliked
They don't appear to offer NFTs yet, but this could be the way. {image}
Ignored
Why aren't you working on this RIGHT NOW?!?! Seriously though this is a billion dollar idea in 2021.

Quoting cityRat
Disliked
One idea is to short Sothby's ... but that would also expose you to their non-NFT market.
Ignored
They are also just a broker and probably don't have any market exposure.
 
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  • Post #18
  • Quote
  • Edited at 9:16pm Oct 11, 2021 9:02pm | Edited at 9:16pm
  •  yieldjunkie
  • Joined Dec 2020 | Status: Member | 272 Posts
Quoting Goat
Disliked
The art use case is that you can easily license artwork, but beyond that I'm struggling to understand $53M for a JPEG. Or even $1M. Unless that picture is expected to bring in $1M in licensing fees, what's the point? What can the owner of an NFT do with it that nobody else can do with it? Ie what do ownership rights give you? If the answer is "nothing", than the value of an NFT art should fall to its license income.
Ignored
Agreed on all points here - I think the ownership aspect is the most interesting. There is no enforcement of "property rights" and ownership on-chain doesn't often (or ever.. except in BSV's case?) mean that the jpeg data itself is stored on-chain so there's no guarantee your jpeg will continue to exist.

Like you said, it doesn't matter right now. The market has decided for the time being and it's a total blowout - NFT gains make crypto gains look boring.

I initially thought NFTs were just another vessel for money laundering but that hardly makes sense now. My best guess is that much of the NFT market is playing with disassociated money. Significant gains in crypto rolled into one successful NFT flip is more than enough gains to birth an NFT whale and not even come close to touching the original investment. I see no shortage of buyers so there's your market.
 
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  • Post #19
  • Quote
  • Oct 11, 2021 9:06pm Oct 11, 2021 9:06pm
  •  yieldjunkie
  • Joined Dec 2020 | Status: Member | 272 Posts
Quoting yieldjunkie
Disliked
I see no shortage of buyers so there's your market.
Ignored
If only I was talented enough to make one of those "generative art" algorithms or whatever the hell they are called. I might search fiver for a cheap graphic designer...
 
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  • Post #20
  • Quote
  • Oct 11, 2021 10:29pm Oct 11, 2021 10:29pm
  •  Goat
  • Joined Jan 2009 | Status: FREE ROSS | 1,417 Posts
Quoting yieldjunkie
Disliked
My best guess is that much of the NFT market is playing with disassociated money.
Ignored
Good point. Nobody who made $53 million the hard way has spent it on an NFT.

Quoting yieldjunkie
Disliked
I think the ownership aspect is the most interesting.
Ignored
But what's the answer?!? Is licensing really the only privilege that NFT ownership affords? I'm still searching for an answer to that. If there's nothing else, this market should act like the music industry. Someone owns the license but anyone can listen.

Quoting yieldjunkie
Disliked
NFT gains make crypto gains look boring.
Ignored
Where do I get the charts??

Quoting yieldjunkie
Disliked
I initially thought NFTs were just another vessel for money laundering ...
Ignored
You were right, just zoomed in too far.
 
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