Fred Wilson: Swapping NFT's (startup idea) | Hacker News Reader

Fred Wilson: Swapping NFT's (startup idea)

avc.com

16 pointsrmason27 comments

There already exist many services for this: https://sudoswap.xyz/#/ https://nfttrader.io https://swap.kiwi/your-nfts

I don't understand how the author didn't run into these.

Kind of alarming and a little embarrassing considering the author is a partner in a VC firm heavily invested in blockchain.

Woah. I find it odd someone like that would talk openly about their “Rare Pepe”s, given their strong association with alt right/racism/nazism.

The original author of Pepe hates that his character was used in this way and has sued alt-right groups.

Twitch, Discord, and various other neutral- to left-leaning companies have user bases that use Pepe in a non-political manner.

There are strong attempts to take Pepe back. The same is happening to Moon Man.

Groups can't appropriate copyrighted works they don't own.

nfttrador.io cost 0.005 Eth + gas for a trade.

As a crypto laymen, is it fair to convert the Eth to USD (~$20), or is that not correct, as traders would have a supply of Eth already, which they would pull from, and not need to purchase.

Yes it indeed costs that. Actually doing anything on the ethereum network has been very expensive the last few weeks/months unfortunately.

I'm going to start calling ETH non-fungible (it is fungible but you can't afford to)

Another cool startup idea would be a search engine for websites, where you type in keywords or phrases and the search engine returns relevant sites. I really hope someone implements this.

Some NFTs have a smart contract which takes a cut for the originator on ownership transfer. To get around that problem, those NFTs need to be owned by another smart contract without that feature, so they can be freely traded. So far, nobody seems to have done that.

Imagine throwing money away on gas fees just to shuffle around ledger pointers between jpegs.

I assume there would be tax issues and liabilities for these swaps if it was done through and exchange or broker. So maybe just better to hold or hodl as they say.

100%, swapping assets, e.g. bartering, does not remove any tax liabilities on the gains received. But Fred is a smart guy and must know that.

Maybe the idea is that swapping NFTs may theoretically allow one to avoid a valuation event, thus avoid any tax liabilities? That is the key idea behind this?

FYI: https://sharonperry.ca/blog/why-barter-transactions-are-taxa...

https://www.genie.xyz/

I wish Fred Wilson would use his influence and widely read blog for something more important than this constant NFT/blockchain talk.

Another cool variation on this would be the ability to swap NFTs for stakes in DAOs with the potential to acquire other NFTs.

Here's ours: https://app.aspenft.io/

Oh, that's funny. Look at their order book.[1] All items have zero bids. Is there a list of completed transactions?

I said this was going to be like Beanie Babies on eBay, and I was right. Long lists of items for sale at high asking prices with zero bids. eBay lets you look at the completed transactions, where you see prices maybe 1% of the asking prices.

The supply of greater fools with money is limited.

[1] https://app.aspenft.io/orderbook

That sounds like a great way to steal royalties from the original seller.

Bubble is here

genie.xyz has nft swaps, not exactly like you've outlined but in the right direction.

So trading pogs?

I don't understand why anyone gives a shit about NFTs. It is just the absolute biggest waste of time and resources that I can possibly think of.

They give people the feeling of being "cool, rich, smart, part of an exclusive club" with the click of a button while they sit on their couch doing nothing of importance.

Yes, this space which could not have been invented to better harbor get rich quick schemes, tax evasion, money laundering, and high volatility speculation during the biggest bull market ever -- a space which quickly converts attention into dollars in the age of social media influencers -- is definitely mostly popular because of the revolutionary tech, and "im cool im part of something" motivations. Definitely.

Agreed, it's a waste of resources and capital which could be invested in something that have real value, I.e you have a real stake in a company, property etc, not ownership of a URL which will rot.

Ok, but please don't post generic/unsubstantive comments to HN, especially not generic/indignant ones.

https://news.ycombinator.com/newsguidelines.html

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