2/ first, some might view this as being "too greedy" and detracting from the art or game
imo, this could be mitigated with an agreement to donate some proceeds to charity
i'd still rather the artists or a charity get it than flippers, some paying 0.5 ETH to make many multiples
3/ second, pricing in this way upfront would likely hurt secondary market liquidity, velocity and perhaps "hype"
though a "benefit" is that people who paid to mint might actually be more inclined to keep their art, rather than flip it immediately for profit
4/ third, some people will feel like they got "cheated."
they'll put in a high bid to get in on the drop, get their piece, and think it sucks
with current fixed cost minting models, not a big deal if the cost is low, but could become one if cost goes up
5/ i don't have many answers, but given the returns some are earning out there and the increasing quality of work, you can expect the bots to just get better
a problem we all need to think through much, much more deeply in the on-chain art and collectibles community
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1/ we have new participants entering #Ethereum, first from #DeFi, but increasingly from #NFTs
many highlight concerns on energy consumption from Proof of Work blockchains like #Ethereum & #Bitcoin
let's talk about it, and how we'll move past it in #Ethereum Proof of Stake 🌳👇
2/ first, it takes a tremendous amount of energy to secure a Proof of Work (PoW) blockchain
PoW blockchains are secured by computers (mostly graphics cards and specialized hardware known as "ASICS") from "miners," solving a work-intensive math problem for every block produced
3/ the total "miner" contribution of this energy/computational power is known as "hashrate"
the "winning" miner who solves each new math problem first gets to produce the next block, and receives a block reward (in ETH, BTC, etc.) and any fees paid by users within that block
1/ yes, the celeb #NFT thing will be a huge bubble, and at some point, people may start to *hate* new releases and become jaded by them
the near-term benefit for the adoption of #Ethereum is many of their fans may be compelled to buy $ETH and use Ethereum for the first time ever
2/ but some celebs won't be able to resist the low-effort cash grab
some firms are making it easy for them- doing all of the work for them and just sending them a check for their licensed work
would you buy a SouljaBoy lunch box? no?
but some would buy the NFT apparently
3/ this will be free money for these folks while it lasts, and in truth, it could last for a while
but keep in mind that if the creator is too prolific with low quality work, then expect all pieces from that creator to plummet in value one day (esp if B-list celeb)
DO NOT FOMO INTO NFTS WITH MONEY YOU CANNOT AFFORD TO LOSE
buy to collect for the long-term. imo, some of these will become priceless pieces of history, and most of you will sell them way too early b/c you're overextended