For what’s happening right now, as we all know, I think It will drive most of user away, Only few whales & botters are on bidding and this will aggravate as the time goes by… This is bad for mass adoption or at least drive away a normal user (a real buyer can’t buy easily)
I know as long as we live in digital world, ‘bot thing’ is inevitable, It’ll coexist forever… but to say that there’s no way to do anything about it is also irresponsible? because it can be mitigated & prevented (given that issue is really perceived as a problem)
Good post! Let me share some of my thoughts on this problem.
First of all, you are correct that the liquidity game will be dominated by whales. In my opinion, this is unavoidable in a free market, but it is not really bad for the market. If you want to buy certain NFT, you can always bid at the reasonable price you think, and you will get it if your analysis is right. If you look at defi protocols, they are somewhat dominated by whales. Whales can provide much more liquidity, so they will have the power to impact the liquidity.
Secondly, it is not true that only whales and bots are doing it. I myself, a small player, is able to participate and make some decent points by my strategies, and my friends too. It is the value that you provide to liquidity that determines the points you get. More money = more liquidity = more rewards.
Thirdly, you are absolutely correct that bot is harmful to this, because they are farming points without providing any real liquidity. So Blur needs to work on transparency and stricter punishment on those that use bot, or place restriction on time limit when a bid can be cancelled.
i think the answer to this is to somehow also stimulate market for rare items, keep the rarity spectrum but also have a liqdui market for floors (for which bots are necessary).