315 pairs of socks have a marketcap of $28 million dollars

in LeoFinance2 months ago

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We all have a pair of socks we love, but would you pay $92,000 for them?

Back on May 9th, 2019 UniSwap created 500 SOCKS tokens that were backed by, well socks and paired against 35 Ethereum.

These SOCKS tokens can be turned in for a custom pair of UniSwap socks, burning that token forever.

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These SOCKS were available for $12.5 USD, but there was a catch!
Any time a SOCKS token is sold, the price goes up.

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The amount it goes up is actually quite significant and the reason behind the recent spike to $92,000.



As of right now, 185 people have traded in their SOCKS token for a pair of limited edition UniSwap socks. This leaves 315 SOCKS tokens on the market.



Actually, it is only 315 SOCKS available that had a marketcap of over $28M dollars just two days ago.

While this seems absolutely ridiculous (yes, it is in fact) there are valid use cases for this type of market (based on Bonding Curves). This would be an interesting mechanism to sell limited edition items and collectables.

You can check out the exchange and even buy your own pair here.



Crypto is truly the new Wild West.

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 2 months ago 

FFS I feel like the worlds gone nuts and I'm the only one not selling useless digital nothings for life changing wealth

Exactly

I'm willing to knit socks if someone will be my tech partner and create a token for them! That's a better price than I'd get on etsy.

interesting mechanism to sell limited edition items and collectables

Ya, After all the rich are tired of not being able to spend their money. So high priced items will lessen their effort and give some comfort.

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Dang...UniSwap got this craze figured out.

Yikes 😱

No way! lol sounds like mothballs to me! Never! haha

Probably the least most comfortable socks on the planet.

315 sock pairs or 315 individual socks? 😀

This information is incredible, although no information related to cryptography surprises me
I really appreciate that you let us know this information
have a splendid weekend

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Oh gosh, this isn't what I was thinking this post was going to be about at all. I mean it kind of is. I was going to buy some of those Bombas socks the other day because I thought they looked pretty cool and I liked the idea that they donate a pair for every pair you buy. Then I saw the price and I was like no thanks. It was like $50 for three pairs of socks. That seemed ridiculous to me.

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Wild West is right. Dan this is funny and mind blowing at the same time. Uni the Unicorn is full of surprises.

This sounds fun! Can’t we do things like that as well, now on the new Hive-Engine?

I wonder where the socks are made, do they come with a certificate of authenticity, a unique number on each sock, Like 333R and 333L, is there a guarantee of loss replacement for when you washing machine or drier eats one? What are the color choices? only pink on white or can you get shaded grey on black?

Still a nice marketing tool. How long til a fork and the new coin kidsocks?

hahaha what else will i see :P

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Things are getting crazy.
The Wild West for sure, with regular people like ourselves locked and loaded with our arsenal of weapons (crypto) pointed right at the big banks.
Yesterday I heard on the news that once again Jamie Diamond saying that BTC was headed for a crash as he expects the bubble to burst.
This guy is a lying dog, with his intentions to scare people into selling their holdings so that JP Morgan Chase can come in and scoop up some more BTC .
It was not too long ago that he went on CNN and said that if he ever found out that anyone at Chase were ever to do any trading of BTC they would be fired on the spot. At the time the price of BTC was around $5,000 and within hours after his interview it lost almost 50% in value.
Within the next 24 hours he filled the necessary paper work be able to get involved with BTC.
He is a fraud and sees the writing on the wall, as he tries to wrangle us out of our crypto.

Good information