niftytime
@niftytime.eth
Gut reaction: this feels like an extremely troubling precedent to set. Re-minting *the same exact asset* that was previously minted and sold is typically frowned upon from an art perspective, to put it lightly But let me recap the facts so folks can form their own opinions: - 2024-04-03: Jacob released a Zora mint (1155 NFT) of the horse titled !!! #2 at a cost of 11 $higher per mint at a cost of appx $0.17 that was minted 3871 times - 2025-03-12: Jacob minted the same image as a Zora coin with the ticker $horse (1B supply) —> Jacob airdropped 500M $horse across appx 667 current 1155 NFT holders at 16:11:29 UTC this morning at a rate of 133,346 $horse per 1155 worth appx $9.9 (coin value = $0.00007491 per coin at time of airdrop) —> value of coin at time of this cast (18:50 UTC) is $0.001 or appx $130
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jacob
@jacob
every single collector just got net *way* more value than if i had not done that? where is the issue here?
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niftytime
@niftytime.eth
yeah had to split my post. insane returns for primary minters no doubt still processing what this means, but couple open questions come to mind: - which token collection matters now (1155 or erc20 or both)? - what happens if this approach is copied but returns to existing collectors net out to being less what they originally paid? https://warpcast.com/niftytime.eth/0xcff14d7b
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jacob
@jacob
> what happens if this approach is copied but returns to existing collectors net out to being less what they originally paid? in this case they still got more value than they had otherwise. they still own the NFT and now they got some new tokens on top of that.
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niftytime
@niftytime.eth
you foresee no market recalibration on the value of the existing NFTs after introducing the 1B tokens tied to the same image?
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jacob
@jacob
if there was a recalibration it was imperceptible. there's been >10,000x more volume in coin form in just a few hours even though the NFT has been live and available on opensea for almost a year
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niftytime
@niftytime.eth
lmao this has barely started running. I imagine the coin will run up significantly more. will need to re-evaluate where $horse prices are in the days/weeks to come and check in on the NFT side too my questioning comes from thinking through the implications / potential outcomes of more artists running this approach back x10000 again, letting my opinion update based on all the new info that becomes available as this is developing crazy fast, but strikes me as something that carries pretty significant downstream effects
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