Reddit CryptoSnoo #4 Auction Failed to Meet Reserve - Possible Reasons Why
I don't know what the reserve was set at. Is it possible to see it in the OpenSea contract? I couldn't find it. Top bid was 35 ETH, which is significantly below the first 3, which sold for 105, 115 and 175 ETH.
Some possible reasons:
* #4 ended on a Monday vs a Wednesday
* #4 ended with ETH at $3300 vs $2200 for 1-3
* At the time, 1-3 were thought to be the entirety of "First Ever Drop"
* #4 was announced 2 months after FED 1-3 sold, said to be included in FED, along with "approximately" 8 more snoos
* possibly more marketing/awareness around the 1-3 auction
* synergies/cross-selling realized by selling several items at once
I think that the uncertainty around the project could be a major factor. Throwing "approximately" 9 new items in to what was thought to be an edition of 3, after the first 3 had sold should be troubling to collectors & investors. What happens if those 9 sell and another 90 are added? What's the price floor? How do I value the scarcity and exclusivity? What's the hard quantity limit? How does anyone know that this Legendary #4 won't be aesthetically inferior to the next 8 released? Should they save their money? All should have been released at the same time to avoid this. I think some basic tokenomics/pumpamentals were ignored with this expansion from 3 to ~12. Reddit should consult some serious collectors before making further releases.
Posted Aug 24, 2021, 12:44 AM UTC
I don't know if this is controversial or not...
But why on earth would someone buy a Crypto Snoo?
For like $5-$20 I might be in for one. It gives your comments a glowy effect!
For $50,000? I'd rather support literally any charity than give money to a for profit company for digital art.
Yep if it was cheap I'd consider. But 50k is so unbelievably absurd
Exactly this, imagine how much good that money could do. I'd find it hard to put that much money into such a little thing.
because "HAHA REDDIT NFT I LOVE REDDIT", I imagine at least.
Ew.
Because it might be worth more in the future is my only guess
But if there's no need for something now, why would there be a need for it in the future?
There was never a need for baseball cards, many appreciated in value tremendously over the years. Collectors gonna collect
There was, because there was no internet or video games, or anything to do back then.
people dumb, yo
Sometimes you have to do something just because you can
At least it's better than buying a picture of a rock.
Because they want them and have the means…it’s that simple.
Another episode of Bankrupt by SnuSnu
Sometimes you just gotta flex.