guru

some thoughts about opensea defaulting nfts to USD prices, from my point of view which is probably different compared to most collectors: when we started exploring ordinals 3 years ago, one of the things we loved about them is that they’d force people to use BTC to buy them. and it worked! thousands of collectors got BTC for the first time just to participate in ordinals. that’s awesome. and i imagine may ethereum collectors feel the same way. BUT in retrospect i actually don’t think this was good for ordinals. people don’t want to spend their BTC. that’s a very real thing. if people could connect their existing wallets with USDC on solana or base, and use that to buy ordinals directly, ordinals would be more liquid. i’m sure of that. requiring that people use BTC only, and on a specific ordinals wallet, kills the psychology of buying something. it goes from a potential impulse buy, to a long and excruciating process of acquiring new bitcoin or transferring existing bitcoin (from cold storage??), with very slow transaction times, just to be able to press the buy button in the first place (and then wait a long time again for confirmation) if you want people to actually buy something, you don’t FORCE them to go through that process. you should let the do that if they want to, but you should give them choice. and most will choose USDC. now, some will say that with ETH or SOL it’s not as bad. people are more willing to spend ETH/SOL than BTC, and more people are already set up to do so, and even if they aren’t, it’s much quicker to get set up to spend ETH/SOL than it is with BTC. those things are all true. but the friction is still there even if it’s not as bad. when someone holds ETH or SOL in 2025 it’s because they want ETH/SOL exposure. if they spend some ETH out of their ETH position, they now need to replace it to maintain that exposure. it’s true that some OGs don’t think that way (because the have more ETH than they know what to do with), but most newcomers do view their holdings as a position they wish to maintain. it’s easier for them to just spend dollars on nfts, if they’d buy nfts at all and this isn’t unique to nfts. go back in time to 2015: all altcoins were priced in BTC. on most early CEXs if you wanted to buy ETH you’d see its price denominated in BTC and you had to get bitcoin first to trade it. but this isn’t convenient and limits the reach of altcoins so eventually they stopped doing that same goes for memecoins on solana: everyone used to hold SOL balances to trade memes directly but increasingly people don’t do that. internally, the liquidity pools for most memes are paired against SOL and have an internal price denominated in SOL. but almost nobody tracks the price of fartcoin against SOL. the only chart that matters is fart/usd. and tools like moonshot and fomo popularized trading memes with a USDC balance. that’s what people want. another issue with denominating nfts in BTC/ETH/SOL was that it created a false expectation that nfts would outperform BTC/ETH/SOL always. that might be the case for some nfts on some timeframes but expecting that it’ll always happen isn’t realistic. that’s not what people expect with altcoins for example. they know sometimes they’ll outperform btc and sometimes they won’t. denominating in dollars will imo readjust people’s brains over time to evaluate their nft purchases independently and to stop assuming that their nfts are “leveraged eth”, which they really aren’t tldr thanks for coming to my ted talk, i think it’s very natural to price nfts in dollars, i’m surprised it didn’t happen sooner. after all, any other crypto asset on any chain has switched to being priced in dollars years ago. it just makes sense people are upset right now, maybe because it makes their nfts look overvalued. maybe they are overvalued… but anyways after the dust settles, i think by the end of next year everyone will agree that this was an obviously good decision. btc to $400k btw

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