Re:Ethereum Isn't Fun Anymore
by ChainOfFools on Monday February 22, 2021 @01:37PM
(#26228440)
How does anyone know that they aren't already connected to the seller, and just passing 10,000 dollars from one wallet address they own, to another they also own, to create the appearance of a sale?
You get the same veblen bragging rights, the artist (assuming they are not simply your own alter ego) gets a visibility boost and nobody is going to be motivated enough to go digging around the custody trail to prove this was a sham.
This sleight of hand (in a slightly modified form) is standard operating procedure for inflating the value of ICO offerings (and by extension, crypto as a whole); I don't see why people wouldn't do it for NFTs, with the same motivations at work.
If that's the case, why hide behind a pseudonym that seems like it was created purely for buying crypto art? I'm looking at one right now -- their Twitter says they're a "rare digital art collector", and links to their pages on SuperRare and MakersPlace, but doesn't have any tweets, and there's otherwise no identifiable information.
They've succeeded in demonstrating their wealth, but no one has any idea who they are, which seems to poke a hole in that theory.
A lot of people buy art not because they like looking at it, but because they want everyone to know that they have lots of money to drop on worthless art purchases. This motivation is reinforced if a.) everybody knows how much money they're dropping on art purchases and b.) the price keeps going up, yet they still win the bid. They want the price to go up, since a higher price just signifies how baller they are.