Re:Shopify to lay off 10% of workers in broad shake-up
by and0 on Tuesday July 26, 2022 @11:36AM
(#32239759)
I think Shopify did an ICO (or the NFT equivalent) for their own little cheap blobby avatar art. They sold thousands, starting bids at around 20k. So that was the play.
Re:Shopify to lay off 10% of workers in broad shake-up
by jxf on Tuesday July 26, 2022 @12:15PM
(#32240250)
> There’s very little money in providing access to NFTs in the short term.
This isn't strictly true -- marketplaces take a cut of the fees, and there was a lot of ETH sloshing around at one point.
But even this means they fell for it. There’s very little money in providing access to NFTs in the short term. The money is made by dumping over hyped projects (ex: anything BAYC puts out).
What Shopify probably saw were the transaction amounts that OpenSea was doing, and thought they could jump on that business thinking it was any sort of long term model. They “fell” for it because they thought building a branch of their business out for NFTs was a good idea. Anyone could have seen this was a bad idea, and not a great way to make money, and also something that would die and fall apart in a few months.