In retrospect, it was just a matter of time before I started speculating on the sock market. Do you mean the ‘stock market,’ the red squiggly thread underlining the word ‘sock’ suggests? Of course not! It’s the sock market, stupid.
Here’s how it works:
Last week the team behind decentralized exchange, Uniswap, minted 500 SOCKS tokens, with each token representing a claim to a pair of limited edition, haute couture, Uniswap-branded socks. These tokens were then deposited into a Uniswap market alongside 35 ETH, valued somewhere on the order of $7,000. At this ratio, this sets a price floor of $14 per pair.