EP45, The Economics of Betting on NFT | Polygon (MATIC) NFT Infrastructure
Economics Design
English - April 03, 2021 19:23 - 21 minutes - 29.3 MB - ★★★★★ - 9 ratingsEntrepreneurship Business Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
This month is on NFT. We chatted about the economics of NFT, and the economics of NFT flipping last week. A few days ago, an art piece was sold at $69 million by Beeple (https://onlineonly.christies.com/s/first-open-beeple/beeple-b-1981-1/112924)! Of which, $9m is in fees. My mistake, that $9m is to Christie and not the network's transaction.
In any case, transaction fees are still a problem. Not only is it expensive to buy an NFT (we mentioned this 2 weeks ago), but also expensive to MINT NFT. That might be causing the huge inflation in prices, since the fixed cost to mint the NFT is already high.
Hence, I want to talk about Polygon ($Matic) today. Up to now, when the bottlenecks of the Ethereum network have not been fully resolved, Layer 2 solutions are showing their remarkable advantages. Formerly #Matic Network, #Polygon has great ambitions to deploy all Layer 2 solutions on themselves.
NFTs are moving to Polygon because it is cheaper and faster. Also, the level of security on Layer 1 of Ethereum is good but not a necessary function. In this episode, we look at the 4 layers of Polygon and understand the quick dive into the token design!
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