Numismatic and History Discussion Forums > Ancient Coin Forum

First Numismatic NFT Sold For Almost $21,000

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Virgil H:
I think it will be OK to post this Spink link: https://live.spink.com/live-auction/4-4KJC8U

A 'Non Fungible Penny'
A New Gold Penny of Henry III

The first Numismatic NFT Coin to be offered by an International Auction House, with proceeds being split over charities chosen by the vendor and Spink, specifically The Rodney Cook Memorial Fund and the Himal Foundation.

What was sold is a video of the rare coin:

Asset Name: Planta_genista_NFT_Ultra
File Format: mp4
Video Size: 76.7 Mb
Length: 00:00:08
Created by Spink design team

This lot is subject to 20% Buyer's Premium and applicable VAT.

It even comes with the buyer's fee. This is a digital asset only. The charity aspect is nice, but why anyone would by something like this is beyond me. Just donate to the charity and save the buyer's fee and VAT.

I have researched trying to sell NFTs as a fine art photographer. If people buy them, it is certainly easy money and a boon for artists and creators. But, my research revealed that this is a game for celebrities and rich folks. Not for regular plebes. The markets seem extremely speculative, and you don't even have tulip bulbs or worthless dot com stocks in hand. Seems like a way for rich folks to get richer, and celebrities to pad their incomes (Tiger Woods has gotten into it). I don't see a way for common folk to get in unless they get super lucky and that goes with both buying and selling. And I am bullish on crypto currencies like Bitcoin, but NFTs are a different ballgame.

Anyway, just my opinion, I know we have had a couple short discussions here about NFTs.

Regards,
Virgil

esnible:
I recently tried to buy an NFT.  I found one I liked on an NFT sales site.  The price was right: ETH 0.0003, the equivalent of US$0.61.

It cost an additional $6 to withdraw $9 from coinbase.org and put the money in a wallet for spending on the NFT sales site.

When buying an NFT you must pay a "network fee".  I was confident I could buy a $0.61 NFT with the $9 in my wallet.  I was wrong.

On my first attempt, I got a message saying "network fees are high right now" due to "congestion".  To pay for my $0.61 transaction I am liable for a network fee of $97.96 to $130.70.

I tried again later.  This time the "network fee" is $68.32 to $90.37.

I know people who complain about $50 fees for $3000 coins sent by air over an entire ocean.  $97.96 in fees on a $0.61 transaction is quite mercenary!

I am glad the charities got the money in the Spink auction.  It is time for more transparency about the fees.

Virgil H:
My understanding of the fees are they are called "gas fees" and not under the control of the specific marketplace. They go to the blockchain doing the transactions and I do know they vary based on network usage. For example, OpenSea is a marketplace. It is inexpensive to buy and sell there, except for the gas fees that they do not control. I can create an NFT, but I have to pay a first gas fee to do it and possibly another fee associated with moving the crypto coin into the wallet so it may be used. All the NFTs are using ETH, the coin of the Ethereum blockchain. Then I have to find a buyer. That is why celebrities are doing it, they have followings and fans and can get some hype going. In theory, it could be a great thing for artists and others. I am not sure where those gas fees are going, but there are costs for running the blockchains and, of course, the controllers are taking a cut. I don't understand it all for sure and am not ready to spend $100 to create an NFT of one of my photos that may or may not ever sell. And, obviously, my price would have to recoup the gas fees, which would drive up my price. Although, supposedly on OpenSea, the first gas fee is the only fee and it is not charged for further NFTs created. Somehow, these fees must be put under some kind of control. What you describe is a total turn off for buyers. Hopefully, my post made some sense, it is a new world and I am trying to figure it out like you are. I still wouldn't buy a coin NFT,  I might buy an avatar or something like that.

Regards,
Virgil

Molinari:
I find it totally ridiculous but I'm saying that about a lot of things these days.

SC:

--- Quote from: Molinari on January 24, 2022, 12:54:45 pm ---I find it totally ridiculous but I'm saying that about a lot of things these days.

--- End quote ---

A sign you are getting old.  Welcome to the club!

SC

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