How to short NFTs | Crypto Craft

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How to short NFTs

  • #1
  • First Post: Mar 23, 2021 9:46pm Mar 23, 2021 9:46pm
Somebody please tell me how to short this NFT tomfuckery...
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  • #2
  • Mar 23, 2021 9:48pm Mar 23, 2021 9:48pm


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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  • #3
  • Mar 23, 2021 10:04pm Mar 23, 2021 10:04pm
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.
  • #4
  • Mar 23, 2021 10:05pm Mar 23, 2021 10:05pm
As smart as I feel right now, I don't have the balls to short ETH.
  • #5
  • Edited 9:43am Mar 24, 2021 9:15am | Edited 9:43am
Quoting Goat
NFT might be what brings down ETH.
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/
  • #6
  • Mar 24, 2021 9:49am Mar 24, 2021 9:49am
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.
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  • #7
  • Edited 1:24pm Mar 24, 2021 10:50am | Edited 1:24pm
Quote
“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..
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  • #8
  • Mar 31, 2021 10:28am Mar 31, 2021 10:28am
Inserted Video
  • #9
  • Mar 31, 2021 1:21pm Mar 31, 2021 1:21pm
Quoting cityRat
https://www.youtube.com/watch?v=mrNOYudaMAc
  • #10
  • Mar 31, 2021 4:31pm Mar 31, 2021 4:31pm
Quoting cityRat
https://www.youtube.com/watch?v=mrNOYudaMAc
Genius!
  • #11
  • Sep 2, 2021 10:46am Sep 2, 2021 10:46am
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
  • #12
  • Sep 2, 2021 2:05pm Sep 2, 2021 2:05pm
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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  • #13
  • Oct 1, 2021 4:20pm Oct 1, 2021 4:20pm
You could short DraftKings. They are in to all sorts of stupid shit, NFTs included.
  • #14
  • Oct 11, 2021 3:34pm Oct 11, 2021 3:34pm
Quoting cryptocow
You could short DraftKings. They are in to all sorts of stupid shit, NFTs included.
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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  • #15
  • Oct 11, 2021 3:40pm Oct 11, 2021 3:40pm
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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  • #16
  • Edited 7:48pm Oct 11, 2021 4:56pm | Edited 7:48pm
Quoting yieldjunkie
{quote} This is dangerous. It's a much larger play against sports betting than it is against NFTs
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
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}
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??
  • #17
  • Oct 11, 2021 7:48pm Oct 11, 2021 7:48pm
Quoting cityRat
They don't appear to offer NFTs yet, but this could be the way. {image}
Why aren't you working on this RIGHT NOW?!?! Seriously though this is a billion dollar idea in 2021.

Quoting cityRat
One idea is to short Sothby's ... but that would also expose you to their non-NFT market.
They are also just a broker and probably don't have any market exposure.
  • #18
  • Edited 8:16pm Oct 11, 2021 8:02pm | Edited 8:16pm
Quoting Goat
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.
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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  • #19
  • Oct 11, 2021 8:06pm Oct 11, 2021 8:06pm
Quoting yieldjunkie
I see no shortage of buyers so there's your market.
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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  • #20
  • Oct 11, 2021 9:29pm Oct 11, 2021 9:29pm
Quoting yieldjunkie
My best guess is that much of the NFT market is playing with disassociated money.
Good point. Nobody who made $53 million the hard way has spent it on an NFT.

Quoting yieldjunkie
I think the ownership aspect is the most interesting.
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
NFT gains make crypto gains look boring.
Where do I get the charts??

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