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Is ETH gas fees + $1k+ per ETH killing NFT Marketplaces?
Let's explore
Let's explore
1/ At ETH being $1k+ & GWEI required to send transactions through being 100-200+ on the regular,
There will be a time when it will cost $100-$300 to buy $50 NFTs. Whether this be Art, a game item, cards, etc.
There will be a time when it will cost $100-$300 to buy $50 NFTs. Whether this be Art, a game item, cards, etc.
2/ Marketplaces that are made of $10-$100 NFTs like Rarible are seeing a slow down in volume, (The bars in the below image).
At one stage Rarible did 2k ETH+ weekly.
This week it's at 180 ETH and we're already half way through. Might end at 350 ETH.
At one stage Rarible did 2k ETH+ weekly.
This week it's at 180 ETH and we're already half way through. Might end at 350 ETH.
3/ On Gods Unchained it costs $40 to buy a $50 card or even a $2 card.
Which makes it not worth it,
We know Gods Unchained is moving to their own chain, Immutable X
Which makes it not worth it,
We know Gods Unchained is moving to their own chain, Immutable X
4/ Is the solution to start minting/trading on another blockchain/sidechain?
Kind of, but it's not that simple.
People have 6-7 figure NFT portfolios on ETH, 1,000's of NFTs which they still need to buy/sell/trade.
This will cost $ to port over.
Kind of, but it's not that simple.
People have 6-7 figure NFT portfolios on ETH, 1,000's of NFTs which they still need to buy/sell/trade.
This will cost $ to port over.
5/ New blockchains may solve the issue for artists, but NOT for collectors.
Collector/trade volume predominantly happens on ETH so there needs to be healthy SECONDARY market activity to convince collectors to make the shift.
Collector/trade volume predominantly happens on ETH so there needs to be healthy SECONDARY market activity to convince collectors to make the shift.
6/ Some NFT projects are doing exceptional even though they're not on ETH.
@nba_topshot on @flow_blockchain
@splinterlands on @hiveblocks
@PlayBlankos on EOS
@AxieInfinity on @loomnetwork, (moving to their own Ronin Chain).
@nba_topshot on @flow_blockchain
@splinterlands on @hiveblocks
@PlayBlankos on EOS
@AxieInfinity on @loomnetwork, (moving to their own Ronin Chain).
7/ Many are integrating @maticnetwork like @decentraland, @opensea, @decentralgames, many others including just recently, @aavegotchi
This is great because it allows investors to move cross platforms on the same chain again - Matic. https://twitter.com/aavegotchi/status/1346035608943091713
This is great because it allows investors to move cross platforms on the same chain again - Matic. https://twitter.com/aavegotchi/status/1346035608943091713
8/ I think this will become unbearable for many projects to continue business and re-spark a desperate debate on where to move.
Creating a big buzz around possible L1/L2 solutions in the crypto markets.
Investment opportunities maybe.
Creating a big buzz around possible L1/L2 solutions in the crypto markets.
Investment opportunities maybe.
9/ Regardless I think this needs some perma solutions if we're going to grow beyond just us tech nerds to mainstream who don't care about 'what chain'.
There's probably going to be a spot for multiple chains to exist and interop.
But this is NFTs big hurdle in 2021.
There's probably going to be a spot for multiple chains to exist and interop.
But this is NFTs big hurdle in 2021.
