Yes ETH gas is fixed per transaction so quickly becomes very cheap for large transactions; and the issue the small guys have is the whales are fine with it (the fees on the creator end like 200$ in gas just to mint a piece of art actually act like a quality control barrier as far as the whales are concerned). The small guys and the third world then get stuck on platforms with low fees for NFT creation and low fees for small transactions. Those platforms then try and cover themselves and make some revenue from lower price transactions; to do this they often charge higher blanket market % fees. But becomes catch 22 as fees makes large purchases out of the question for any whale to come here and buy something for $100k let alone $500k. And then people wonder why none of the massive NFT whales come across to platforms like Hive (when all they care about is liquidity for their investment which comes from depth of resale markets and market friction (fees as a % of value of sale)). Just my observation as someone who spends a lot of money on ETH gas but still does because that is where the market is at. The swap-hive issue complicates it further. People are used to dealing in WETH however so its not insurmountable but it needs to be more seamless. Like in ETH for example you can wrap ETH into WETH within the metamask wallet extension itself with a couple of clicks (or Opensea allow you to wrap within their interface). If Keychain had this functionality it would be amazing. Also the term swap not well known compared to wrap. All just little things but add to the barriers of entry.
You are viewing a single comment's thread from: