From the article: Via Matt Levine's column on Tuesday. It's in Bloomberg but here's an ungated version.
From the article:
“It’s a bit like being on eBay and listing something for sale,” said Tom Robinson, chief scientist and founder of Elliptic. “If you want to increase the price of this, you wouldn’t create a new listing and leave the old one going. You’d replace that listing. The problem here is that people aren’t cancelling the original listing.”
Sellers who want to cancel their listings on NFT platforms have to send messages over the blockchain, and that requires them to pay transaction or “gas” fees, Robinson said.
NFT users tend to have multiple wallets, and so to circumvent the fees, Robinson believes some users may have simply been transferring their NFTs to a different one. But if they transferred those NFTs back into the original wallets, that original listing – and its old sale price – becomes viable and can be used by buyers.
A spokesperson for the platform told Bloomberg the issue arises because “OpenSea cannot cancel listings on behalf of users. Instead, users must cancel their own listings.”
Via Matt Levine's column on Tuesday. It's in Bloomberg but here's an ungated version.
From the article:
Via Matt Levine's column on Tuesday. It's in Bloomberg but here's an ungated version.