Be”ore we deep dive into the story, we’ll lay out the context for you. Reddit Investors coined the term “paper hands” to describe someone who sells a stock too early. On Reddit, traders with “paper hands” exit a stock position too early, usually because they feel that the risk of losing money is too high. Basically, they panic sell. So the platform paperhands.gg attempts to calculate and assign a metric to these “missed opportunities.”
Pranksy’s Reaction Over “Paper Hands” Claim
Pranksy brushed off the findings of the platforms and offered an alternative perspective. He tweeted: “Some would see these numbers as a failure, I see them as a success and a commentary on how ridiculous the rise of the NFT has been.”
Other NFT enthusiasts also chimed in the discussion and defended Pranksy. User @ronniemould pointed out that “if people didn’t ‘paper hands’ their early purchases, they’d never have been able to buy the subsequent pieces.” He compared flipping NFTs to purchasing a house. “It’s like looking at someone’s house purchase history and saying if you hadn’t paper handed every house you owned, you’d be worth x now. You can’t upscale to the 2nd without selling the 1st.”
The platform is actually quite easy to follow. It will calculate the total value of the NFTs you’ve paperhanded based on every NFT you’ve ever owned. Additionally, it will show your biggest loss by taking the price of an NFT you bought and your selling price then comparing it to the current floor price.
Pranksy has a solid and organic following on Twitter. 168, 3000 to be precise. So his tweet inspired others to try out the platform. It is worth noting that the accuracy and snapshot remain unconfirmed. For example, it doesn’t track OG Collectible CryptoPunks and some NFTs are mispriced.