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this post was submitted on 07 Sep 2024
195 points (100.0% liked)
Buttcoin
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I find it really impressive it is only 93%. This implies there are still people who buy this crap
Not necessarily, as I understand, the floor price is just theld buy one at. i could make a new nft, list it at 500 billion and that would be the floor price, even if no trade ever happens.
There's also some stuff where the nfts get used as collateral for loans without any intention to pay back the loan. The borrower defaults, keeps the money, the lender is stuck with a useless nft. No actual sale happened, so the floor price didn't move, even though the loan was likely for less than the floor price.
Crypto is full of this kind of misleading metrics, same as market cap