Hi Pals !
Tough weekend for me,
Was sick for 3 days 🤢
Unable to write your favorite newsletter ( right ? 😁)
But you know me, I'll never leave you hanging !
I'm BACK ! 💪
Today let's talk about Why you can't price NFTs in US 🇺🇸 Dollar (yet)
If you missed my latest NFT collection, check it out at highlight.xyz/zima (still minting)
Pricing NFTs is hard
Imagine this: A month ago you decided to sell an NFT for $100
You head to your favorite platform and list your NFT for 0.0416ETH ($100 at the time)
A month later ? Well...
Trump got elected, and as a result ETH went up (+$1000) ! 🚀 Amazing right ?
But so did your listing !
It's fixed at 0.0416ETH, which is now $131 (+$31) !
How most Platforms solve this
Well, they don't.
On most platforms you can accept payments in any coin you want (USDC included)
But you can't index the price in USD (and keep payments in ETH)
Why it doesn't work
Most collectors want to pay with ETH (or BTC, etc.)
But you might want to sell in USD (or DOGE, etc.)
This is a VERY discussed subject on Twitter (here's a great post by @pablorfraile)
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As always (especially in the crypto space),
the solution is to leave options open.
How it should be
Artists and Collectors should be able to price NFTs as they prefer.
Whether the amount is paid in ETH, USDC, etc.
Whether the amount is indexed on ETH, USDC, etc.
Whether the amount is received in ETH, USDC, etc.
This is a call to NFT Platforms,
I know this isn't easy to implement (Oracles, disputes, legal stuff etc.),
But I believe in you ❤
See you next week ! ✌
Nahiko
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