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When you create an NFT Pedrobull, you have to pay gas fees in Eth. When I last watched a youtube vid on doing that I think Eth was $1200ish and the fee was about $60.
That is a one-off.
About Beeple etc selling, yup they get the price less the exchange fee, but when when you sell the NFT on again, they also get a % of that depending on the % they set into the NFT at creation, and they get that at each and every sale.
Other than those costs ie. one off creation cost, the exchange fee and the makers % and exchange fee on subsequent resales , I don’t think there are other costs.
Thanks tumtum,
yes the exchange takes a fee, is that the NFT or is that another fee?
I get that Beeple or celebrity's/Sport people or even Paris Hilton selling stuff for silly numbers like $1M but presumably they get the bulk of that being the owner or creator.
Then Christies or whatever exchange takes a 10%+ cut.
What does the NFT itself cost and is that related to the selling price of the item?
Hi Pedrobull, I see it this way , but am happy to be corrected if wrong.
Like anything sold via an exchange, the buyer pays the seller and the exchange takes a fee, possibly a spread, or a % or both.
The significant difference with NFTs is that the creator can stipulate a % of the sale price that they will receive each time the NFT changes hands
Okay so I understand commission the likes of Christies and any auction house/reseller charges a listing fee and percentage of sale value, what happens when art moves or anything is sold via NFT is what I want to know.
Who pays whom for what when?
How much, is it a percentage or fixed?
And how often?
Also noted on the website that Peter Wall is one of the blockchain advisers.
Haven’t seen that interview
The one I watched with Katie he knew exactly what he wanted to spend the money on and seemed very excited that they can now execute their three point strategy
Very strong advisory team, I am sure they have a ton of plans
Hahaha
No mate he said they were going to try and sell the same crap everyone else Was going to try and palm off as NFT viable
As I read it, we are just a competitor in a space that is being invented as it rolls along
Be interested to see what the money gets spent on
You must have been watching the wrong video because he said that there will be lots of news due soon and that he is ready to press the button (on investments) as they don’t waste time.
I can see this being 10p+ within a month.
Watching the interview with Katie, it was fairly obvious that he (Bixby) didn’t really know what they were going to spend the money on, as they don’t have a product
- Just loads of cash!!
Anyone any idea what the short term share price will be?
Going to huge in the future NFT
Real estate, commercial markets, online gaming, exchanges/transfers, new digital art and collectibles, so much potential
£35m war chest let’s hope we invest it right, fantastic advisory board
GLA