Loot (for Adventurers): The future or a return to the past?

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4 years ago
5

Every day, every block, new Ethereum coins are produced. There is no theoretical maximum to the number that can be produced. At least not at the moment. 117,437,242 of them at the time of writing this script. If you’re a Bitcoin maxi, this is probably your most dependable stick for beating on Eth devotees. Inflation. But September 3rd, Eth went and forked Bitcoin’s memeable idea. It deflated. Under the EIP1559 update base fees are burned. For the first time, the burn outstripped the issuance. It was brief but it was real. It happened. Ultra sound money yo.

But why? What drove this massive consumption of base fees? NFTs. That’s what. $3bn in NFT sales on Opensea alone in August. JPEGS, hundreds of thousands of them pouring into the market, jet-fuelled by hype-messiahs, over-subscribed discord channels and alpha traders with MEV smarts and a swag bag of EDEN. We have hit peak NFT, barely a soul has any clue what they’re buying, why they’re buying it, it’s just important that they expose their eyeballs to as many pixels as they possibly can. Eyeballs meet art. All the art. Give it to me. Gimme Gimme Gimme. Gimme the pixels, I want the pixels, I MUST HAVE PIXELS. A global Hypercolour post rational, post national, post punk, post APE, NFT, OPEN SEA, ORGEEEEEEEEEEE.

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Links
https://u.today/ethereum-recently-had-its-first-deflationary-day-heres-what-it-means
https://bitinfocharts.com/ethereum/
https://twitter.com/jacksondame/status/1432832394810249218?s=20
https://twitter.com/zoink/status/1432197069809217537
https://twitter.com/dhof/status/1433110412187287560?s=20

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