Is there a way to track the range of how much a set/lot of NFTs have sold for? If not it might be a cool feature which would encourage trading NFTs on this platform the same way Chrono24 encourages trading in the watch market. I would personally feel more comfortable seeing what others have paid for similar work from the same/similar artists before committing to a purchase.
Smart investors go with their eye AND brain while buying art; if a lot/set has been confidently selling at over .2 ETH (let’s say between .22-.26 ETH), I wouldn’t want to be the trend setter buying it at a higher price. But at the same time I would know what kind of offer I would need to float to be a serious contender at auction.
Not having this data puts people into eBay mode, where people are buying relatively uninformed and only being able to go off of current bid price. This presents a challenge for people who are interested in buying NFTs as investments. In order to ensure you aren’t overbidding on an NFT you have to watch a few items sell in each lot until you have a rough idea of the range at which it sells.
Making this data more easily accessible would help inform buyers and make them more confident in the price of what is essentially an electronic security. It also DRAMATICALLY increases the trade-ability of each individual NFT.
I buy lots of watches, so I’m not new to investing in volatile securities which trade at range. My friend turned me onto rarible last week and I’m absolutely in love with this whole concept (no idea how I’d not heard of it) but this small feature would add so much. I feel like what chrono24 gives its users is an established history of trading ranges and in-so-doing protects the interests of potential buyers. It also increases the value of newly minted work as only TRULY quality works of art will breakout or runaway in value, because if someone really wants something they will pay for it.
On the other hand if someone over-pays they may still certainly think “idc I love this” but they’re just as likely to experience buyers remorse and become discouraged from coming back to the trading block.
What do you all think?
I’m still learning the platform so I might just not see the feature, any help would be appreciated haha