The Buyer Paid More Than $ 70 K in Commission When Receiving The NFT

The user bought 10 TIME magazine non fungible tokens and paid 22 times their value for the transaction.

An unknown user received 10 non fungible tokens (NFT) that were issued by TIME magazine.

According to Etherscan , the user paid a commission of 22.5 ETH for the transaction (more than $ 70 thousand at the time of the transaction). At the same time, the transaction amount was 1 ETH ($ 3.1 thousand).

On September 23, TIME magazine announced the release of a new collection of NFT “TIMEPieces“, which consists of 4676 tokens.

Each NFT token from the collection has a value of 0.1 ETH ($ 290, taking into account the current rate at on September 24) and is tied to the works of more than 40 artists.

NFT sales started at 19:00 UTC on September 23rd. Holders of NFT tokens from the new TIME collection will have unlimited access to the site until 2023.

According to Dune Analytics , users spent almost four times more on commission fees than buying TIME NFT tokens.

NFT tokens are unique and not divisible. Such tokens are used to confirm ownership of an object; they cannot be replaced without the consent of the owner.

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