NFTs, Investing, Warnings

Careful Buying NFTs Via Collection Offers on LooksRare and Probably Other Marketplaces

A $130 lesson learned from an earlier article I wrote.

Well, $130 or so isn’t the end of the world, right? In the NFT space, that’s pretty much chump change. But, it still pisses me off to lose out on any amount of cash — especially when the whole system is so messed up. Here’s a quick cautionary tale for you to hopefully help you avoid the issue I experienced.

And btw, it’s all so weird because, just one year ago, I had no idea that OpenSea would account for about half of my working life. As the largest NFT marketplace, OpenSea is simply where most of the action lives. But it’s also not perfect, not by a long shot.

Back in May I ran an article looking into lowballing NFTs (making below-floor offers to see if bargains could be scooped up that way). I’d written the whole thing off as a failure (although also a learning experience). Here’s the piece:

Anyway, one thing I’d done as a part of that experiment was to try out the feature on LooksRare (now also a feature on OpenSea) to make a “Collection Offer.” I’d poppped some sub-floor offers into the system, had no initial responses, and then just went on with life.

A month or so passed and, one day, I was looking in my wallet on OpenSea and saw this NFT — #4558 from the Flower Girls set:

At first, I hadn’t put the story together. I had actually owned some Flower Girls NFTs back during their mint. My wife’s a huge fan of theirs, and so I’d transferred my mints (or rather my floor purchases during their prereveal) to her back at that time, as she wanted to build out a larger collection of this set. And from there, I’d pretty much moved on from that set.