Read on Twitter
1/ A bid for the $ESSAY NFT was accepted by @john_c_palmer last night. Congrats to @M4T_NFT for winning the auction for 3.5 ETH!
What does this mean for $ESSAY holders? Thread on mechanism + game theory
https://zora.co/essaycontract/145
What does this mean for $ESSAY holders? Thread on mechanism + game theory
https://zora.co/essaycontract/145
2/ Since $ESSAY crowdfund contract minted the NFT, 3.5 ETH has been deposited into its treasury as a result of this primary sale.
$ESSAY holders can now redeem their tokens for a proportional share of the 3.5 ETH.
But what should a rational $ESSAY holder do?
$ESSAY holders can now redeem their tokens for a proportional share of the 3.5 ETH.
But what should a rational $ESSAY holder do?
3/ Since there is a total of 13,481.775 $ESSAY minted, 1 $ESSAY entitles you to 0.00025961 ETH (about $0.45) in the treasury.
But, 1 $ESSAY is currently trading for ~$21.26 on Uniswap, almost a 50x premium! Clearly, $ESSAY holders shouldn't redeem yet.
https://www.dharma.io/token/0x517bab7661c315c63c6465eed1b4248e6f7fe183
But, 1 $ESSAY is currently trading for ~$21.26 on Uniswap, almost a 50x premium! Clearly, $ESSAY holders shouldn't redeem yet.
https://www.dharma.io/token/0x517bab7661c315c63c6465eed1b4248e6f7fe183
4/ The liquidity of $ESSAY is very low, so take these prices with a grain of salt.
Most importantly, holding $ESSAY entitles you to 10% of all future sales of the NFT, specified in the creator share of the zNFT.
$ESSAY holders that hold have exposure to the potential upside.
Most importantly, holding $ESSAY entitles you to 10% of all future sales of the NFT, specified in the creator share of the zNFT.
$ESSAY holders that hold have exposure to the potential upside.
5/ $ESSAY also represents an option on the underlying ETH. In a rational market, as ETH price fluctuates, $ESSAY prices should correlate.
$ESSAY also represents a bet on the future price of the underlying ETH.
$ESSAY also represents a bet on the future price of the underlying ETH.
6/ There is much more economic analysis to be done, but the early potential of this new money lego for creators is extremely exciting!
7/ @M4T_NFT also received extremely cool prizes for winning the NFT, which will be delivered shortly.
On paper, the loot box is worth $3,651, significantly offsetting their winning bid (3.5 ETH or ~$6,300). https://twitter.com/viamirror/status/1359990786985766918
On paper, the loot box is worth $3,651, significantly offsetting their winning bid (3.5 ETH or ~$6,300). https://twitter.com/viamirror/status/1359990786985766918
8/ @M4T_NFT also revealed their Twitter identity and linked it to their Ethereum address.
Linking social identity to economic activity on-chain will be very important to catalyze the future adoption of NFT marketplaces. https://twitter.com/M4T_NFT/status/1361279474139074562
Linking social identity to economic activity on-chain will be very important to catalyze the future adoption of NFT marketplaces. https://twitter.com/M4T_NFT/status/1361279474139074562
9/ Sign up here to be notified when the Mirror crowdfund widget will be launched to the public! https://mirror.xyz
