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Comment by disruptalot | Hacker News Reader

The conceptions of what happened is so completely removed from reality and it's disheartening to see commenters blinded by the hate for crypto stuff to the extent that they don't even bother to concern the details

Let's look at some facts.

The _first_ *Offer* made on this NFT was $280

The current top bid for this $29,000

It is not sold, so to say that its value has actually dropped is just silly.

If you imagine this in the context of a bid/offer market, this is like when market opens and a price hasn't been established because there wasn't a taker yet.

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Are you sure your account is accurate? According to the Forbes article below, bidding at the end of the auction closed with a high bid of approx. $270. Since the auction closed people have made additional offers, the highest so far is $29k (which is a 99% drop in value).

I think I found the Open Seas page (lots of scam looking clones of the page, so I'm not sure this is the real one), but unfortunately the interface doesn't give much information on what activities around the NFT have occurred. At least to a lay person like myself.

https://opensea.io/assets/matic/0x28009881f0ffe85c90725b8b02...

The difference is a 99% drop in value, or a 99.99% drop in value. I don't follow the NFT scene closely, so apologies if I'm wrong here.

Forbes article: https://www.forbes.com/sites/ronshevlin/2022/04/14/jack-dors...

Sorry I actually meant to link that Opensea page but then forgot.

If you look at the bottom of that page [1], you'll see the events recorded by opensea. Also enable "Listing" in the filter. You'll see that there is a transfer 13 days ago and then it is listed. This is when the auction begins. Since then there was no sale, only bids. You can add the "Bids" filter as well to verify the timeline.

[1] https://opensea.io/assets/matic/0x28009881f0ffe85c90725b8b02...

If Sotheby’s put a Picasso on the market and the bids were less than 1 percent of the asking price, many would say, wtf is going on.

Idk, at this point it seems pretty safe to say that the value has dropped.

okay so whats the cutoff that we can establish a price? a month with no high offer?

at the very least it shows how illiquid the market is

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