This is fascinating. Here is the link to the site that is hosting the Sotheby’s NFT auction that ends today (Nifty Gateway is owned by the Winklevoss twins according to a close friend that follows crypto).
It’s a bit of a head scratcher at first blush on what the actual offer is, but if you read through, the first offering is “The Fungible Open Edition” It goes on sale today from 1:00-1:15pm ET for the last day. It was for sale previously from 1:00-1:15pm ET on Monday and Tuesday and as of yesterday, sold 22,913 units @ $1,500.00 each = $34,369,500.00 through yesterday. The person that buys the most units by 1:15 PM today gets a “one-of-one” NFT. The next 100 people receive one NFT each from a NFT collection of 100, think of an artist limited edition print, 1 of 100, 2 of 100, etc. That limited edition is distributed based on those that buy the most open edition items (2 through 101) @ $1,500.00 each. Keep in mind that it’s blind on how many people are buying and how much each person has spent.
Additionally for sale: there are a couple of give-a-ways based on what the artist wants to do to spread some wealth around, there are 2 additional single edition NFTs that are offered continuously for sale until 1:15 PM today. So far it looks like 38 million in sales. All the money seems to be going towards “The Fungible Open Edition” right now. Fascinating!!!!
For Coinbase, apparently since it is a Direct Public Offering (DPO) instead of a more traditional Initial Public Offering (IPO), which are orchestrated by investment banks, there are at least 2 things that make it different:
1) The first publicly traded share may not actually take place until this afternoon.
2) The actual opening price is still being worked out.
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