NFTs

Out of context: Reply #520

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  • _niko0

    My 12yo brought up a good point/question. What’s to stop people gaming the system by having friends bid outrageous amounts for an nft just to boost the values and increase the prestige of an artist and then just transfer back the funds to your friend?

    So all of a sudden people see that artist x has been selling pieces in the 100ks and all subsequent work will be valued as such.

    _niko 0Permalink
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    • Do you think galleries don’t do this already to make sure collections are sold out?shellie
    • This has basically been the raisin d'etre of NFTs since their inceptionNairn
    • Damien Hirst bought everything his first gallery show. So did Bonksy. Same shit different platform.PhanLo
    • Lol ok it’s so obvious when you think about it._niko
    • even brands do it to enter a market. I recall vitaminwater to tell it on record after they sold the brand to some bigger company.uan
    • I think Microsoft did this with their Zune too.monospaced
    • You mean what has been happening already? Just look at the $$ trail for that silly $69m piece. An absurd joke.formed
    • But damn good PR for everyone but the suckers.formed
    • Yes.

      https://www.highsnob…      grafician
    • See Damian Hirst and his diamond skull. His team automatically set the price for it with an astronomical first sale. Nothing new.BH26
    • nothing. but you can track some of the bigger players using analysis and wallet labelling tools like nansen.aishapesalad
    • beeple & metakovan ?neverscared
    • This is called a "Wash Trade" and it is illegal in regulated markets... in the unregulated crypto wild-west? why wouldn't you?monNom
    • Or rather, why wouldn't a criminal-minded person do this, because there is zero downside. Are the crypto-police gonna arrest you?monNom
    • Clever 12yo questioning the world! Well, people do this already. And it does get called out by the community. With wallets and transactions being ...microkorg
    • ...completely transparent, it's easy to follow trails. People are always watching out for this kind of activity. When buying, ALWAYS do research.microkorg
    • "shill bidding"pinkfloyd
    • I assumed this was how it worked.section_014
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