This article is excerpted from Tom Yeung’s Moonshot Investor newsletter. To make sure you don’t miss any of Tom’s potential 100x picks, subscribe to his mailing list here.
Source: Shutterstock
The Flying NFT Circus
When a 22-year-old Indonesian student uploaded 993 images of himself onto NFT platform OpenSea, he didn’t expect much to happen.
“I never thought anybody would want to buy the selfies, which is why I only priced them at $3,” Mr. Sultan Gustaf Al Ghozali later told France24 in an interview.
This being 2022, the plot would play out like a Monty Python script.
The images would quickly gain social media notoriety after a celebrity chef bought several pieces. Since then, speculators have spent millions trading the selfies.
NFT mania, it seems, will need its own British Ministry.
But, Mr. Ghozali isn’t alone in his bewilderment. As corporations have muscled in on NFTs, the mood on social media has decidedly shifted from infatuation to indignation.
“NFTs F***ing Suck,” went a Tweet that co-worker Joanna Makris sent me. “You spent a month’s wages on an ugly picrew. Has it made your life any better?”
But love them or hate them, NFTs are still turning the world of digital art and collectibles on its head. For the first time, people are finding it possible to sell their digital trinkets as well as buy. So even though most NFT projects aren’t the holy grail people seek, some NFTs are still worth it.
Source: Catalyst Labs /…
