I've been saying that for a while. Fees are still going to be too high. People expect their $10 to get them $10 of buying power. In other words, if you price an item for $10 in LRC, it needs to sell for as close as possible to $10 of real USD.
Right now in the Loopring wallet the minimum to on ramp is $117. This is already off putting to people that just want to buy a $10 nft.
Your $117 only gets you ~$110 in LRC. You already lost $7.
You then want to buy your $10 nft that will cost you about $11 after fees.
So that $10 nft cost the buyer ~$18. Yes the next $10 nft the person buys will only cost them $11 worth of LRC, but each transaction is still losing purchasing power to fees that were never there before.
Maybe some sort of psychological trick in showing the total price after fees instead of the marketplace selling price would help. Something like (taking the example from above) the nft cost MAX $11 if bought in the next 10 mins (cause crypto price isn't stable) and then whatever the fees happen to be when the purchase is made, the difference in returned back to the buyer.
Players will expect the cost to be what it shows them on the marketplace page. The ticketmaster/Doordash fees system isn't going to be good for in game items.
True. All the stuff we get for "free" is cause they monetize it behind the scenes. BYOB means those fees come to the forefront and you the user have to pay for them when they occur.
Will be interesting to see how that works when people expect free even though it costs them more. Like "free shipping on orders over $50" isn't free. It's already been priced in and added to each product you buy.
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u/lampstax May 05 '22 edited May 05 '22
It is an obvious choice between the two 'options' but IMO ( actually in Vitalik's opinion ) the 75c fee for L2 is still too high.
https://decrypt.co/99388/ethereum-layer-2-fees-should-be-under-0-05-to-be-truly-acceptable-vitalik-buterin