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Mongraal’s Golden Key NFT offered for US $3.7 million is struggling to attract buyers

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It is reported that Mongraal, the winner of the BAYC game Dookey Dash, has put its Golden Key NFT on the OpenSea at 2222ETH (about US $3.7 million). The highes…

Mongraal’s Golden Key NFT offered for US $3.7 million is struggling to attract buyers

It is reported that Mongraal, the winner of the BAYC game Dookey Dash, has put its Golden Key NFT on the OpenSea at 2222ETH (about US $3.7 million). The highest quotation on OpenSea is currently 10% of the recommended price, namely 222ETH.

The winner of the BAYC game Dookey Dash put his NFT on the OpenSea at the price of 2222ETH

Interpretation of the news:


Mongraal, the winner of the Blockchain-based collectible game Dookey Dash, recently offered his Golden Key NFT on OpenSea for an eye-watering price of US $3.7 million, which is equivalent to 2222 ETH. The NFT has been listed as the only one of its kind in the market, implying its high net worth. However, despite its high value, it seems that the NFT has failed to attract buyers as the highest quotation on OpenSea is currently only 10% of the recommended asking price, at 222 ETH.

The reason for the poor reception of Mongraal’s NFT could be due to several reasons. Firstly, there is the debate on the value of NFTs. Detractors of NFTs argue that their high prices are artificially inflated, and that their true worth is questionable, especially since they are created entirely online. Such skepticism has put potential buyers off from investing millions in digital assets whose uniqueness and value are based on mere sentiment and popularity.

Secondly, the lack of utility for the NFT may also be a factor in the unmotivated bidding. The Golden Key, as a collectible item, serves no practical purpose or functionality. Its value is purely sentimental, and this trait may not be a good enough reason for buyers to sink millions into the NFT.

Lastly, the high price of the NFT may also be a deterrent for potential buyers, especially since the market for NFTs is still relatively new and untested. There are no clear trends or patterns in the NFT market, so the success of an NFT’s sale is uncertain. Additionally, many buyers are likely to be wary of a market that is vulnerable to market manipulation and speculation.

In conclusion, Mongraal’s Golden Key NFT may have failed to attract buyers for several reasons, including but not limited to doubts on the value and legitimacy of NFTs, the lack of utility, and the high price point. Despite the hype surrounding NFTs, skepticism and caution are still prevalent in the market.

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