How NFT Traders Use Polymarket to Bet Against NFTs

Buying and selling NFT’s is big business, but how do you bet against NFT prices? You can’t on Opensea, but here’s how to do it on Polymarket.

Betting on NFT floor prices with Polymarket

For any given NFT collection, the ‘floor price’ is the lowest recorded sale price for any individual NFT from the collection. Certain NFTs in a collection with rare or desired features might fetch higher prices-for example, Bored Ape #2087, the most valuable Bored Ape of all time, sold at one point for 769 ETH, equivalent to $2.3 million USD. By comparison, the floor price of Bored Apes has never risen above 154 ETH, equivalent to $420,000 at the time of the all (May 1st). As of June 13th, the floor price for Bored Apes was around 74 ETH or $93,000.

Bored Ape #2087
goblintown market on Polymarket

Why can’t you bet against NFTs on OpenSea?

OpenSea, the most popular NFT marketplace, saw its trading volume plummet by nearly half between April and May, according to data from decentralized applications tracker DappRadar. With no end to the current slump in sight, interest in novel methods for turning a profit from NFTs continues to grow among web3 enthusiasts, frustrated by the sight of their plunging portfolios.

Emerging protocols for betting on NFT markets

In the absence of the option to execute an old-fashioned short-sell on NFT marketplaces like OpenSea, a handful of new protocols have been devised in order to address the demand among traders to place NFT price predictions through secondary markets.



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