Ian Abugayda explains NFT sniping: bots that wait until auction's final seconds to bid and win at lower prices. Snipers can inflate or crash resale values, frustrating sellers. Creators launching collections need strategies to counter this growing practice.
We have been hearing about auctions a long time. I mean, I remember when eBay started and I bought some timeshares in the 1990s based on eBay auctions. And one of the things that we're learning is in the NFT space, some of these things that are coming from other auctions are infiltrating our space here in NFTs as well. So, why don't you introduce us into The concept of sniping versus buying.
So sniping is where you wait until the very end and you buy up— we're talking about the NFT space— you buy up the NFT very last minute and you're getting it at a lower cost. And they're now creating bots for this, which is changing the pricing strategy of how people are buying, selling NFTs.
So maybe there's an auction that's going on and people are standing by and wanting to go in and bid, but they're having the bots go in the last second and Snatch that bid, and they call it snipers because it's really changing the way some of the NFTs are brought to the marketplace.
And the ability to sell it at a higher rate, or actually it sometimes can affect it where it drops the rate of the resale value. And so everyone kind of gets a little bit angry. So it really depends on what's happening, but it makes you want to pay attention because if you're getting into this world, what I call NFT hunters, then you really need to know what's going on out there.
So, add that to your list of concepts, the NFT sniper. Be aware and just know when you're doing your launch, snipers could affect it and just be prepared on how you're gonna handle it. So, welcome to the NFT world where it's changing every day. Thank you.
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