another big fear of using something like solana is that bots will completely take over. i think happened with wax from what i have picked just listening to people bitch online. have done no research of my own on this so take it as hearsay. I am ignorant of what makes solana more inviting to bots, though. But i have seen that the solana drops are literally over in 1-2 minutes from what i have seen so not sure if they are getting botted as well. with no gas fees, bots can set a sale at a certain price, the when someone agrees to the purchase price can autocancel on the front end of the tx somehow. Then raise the price slightly and see if the fish bites again. also can do something similar when buying from someone by bidding below asking price, then autocanceling when user accepts. Then rebid at lower price and see if a frustrated user will bite.
but something will/has to bridge the gap between trust and lower gas fees. gas wars have been insane the last 2 nights. a project will cost .05 eth but when you account for gas needed to push your tx to the front of the line the avg cost will be .15 to .25 per nft. gas has been high af all day.
maybe it's confirmation bias that the market is pumping, but this happened Sunday night. Bored Apes had previously announced a free companion NFT for each ape holder (10K). Bored Apes is basically an NFT blue chip with a floor of 50eth (lowest asking price to sell) that was created all of 3.5 months ago. So then the devs also do a little money grab and do an unannounced public sale of another 10K of the same companion nft. the starting price of the public sale was 3ETH and it went down like .1 eth every 5 mins. not sure what it got down to, but I bought in at 2.9eth. 5 minutes after it had sold out fomo was rampant as people were caught off guard and were not liquid to buy right away and missed out. i waited 30 minutes then listed for 7.9 eth and it sold almost instantly. 5eth net.
- So the devs made 10K * 2.85eth = $91 million (ignoring the royalty fees which are 5% on each sale) in an hour. The avg sale was probably at 6eth for that first night, so everyone who either bought a public sale for 3eth or got one for free made a ton of money and there were buyers lining up left and right get in on this and paying $20K+ for the privilege.