If there is one thing we learned in this new century is that people will invest in anything from collecting tradable cards like Pokemon, or baseball cards. To even rare coins, medals, dinosaur bones, or even meteorites. It seems ever since the dawn of the golden age people have enjoyed collecting, and putting price tags on things that they consider rare. But things have taken a really weird turn since the dawn of the internet, and something that is fairly new-age, cryptocurrency.
Let’s talk cryptocurrency and the new token that has caught the market with its pants down.
Courtesy of Entrpreneur.com:
An NFT is a non-fungible token existing on a blockchain. A token is the sign of ownership of an asset. For example, a concert ticket is a sign of ownership of one space for a concert. A Bitcoin is the title of ownership to the underlying value of the Bitcoin. A token is a digital asset, stored on the blockchain. As the blockchain is transparent, it is easy for all to see who is the owner of what token.
Fungible refers to an asset that is easily exchangeable. A dollar is very fungible, you can give me a dollar in exchange for some good and I can then re-exchange it for another service. A neighbor could borrow a pound of sugar to bake a cake and buy me another one in a few days when he goes to the supermarket. It doesn’t matter that the sugar is different, it is easily replaceable and exchangeable.
A non-fungible token is a unique token that isn’t easily exchangeable with another. The foremost use case is artworks. Artworks have been selling on the blockchain for millions of dollars (or in this case a blockchain native currency, Ethereum). Examples abound but the most famous NFT artist so far is Beeple who first sold 21 pieces of artwork on digital marketplace Nifty Gateway for a total of $3.5 million. He then went on to sell his masterpiece “EVERYDAYS: THE FIRST 5000 DAYS” at Christie’s for $6.5 million. Beeple is Mike Winkelmann, previously a graphic designer from Charleston, South Carolina.
Here’s another excerpt from the New York Post on NFTs:
It’s a new type of digital asset…that has [surged] in popularity during the pandemic as enthusiasts and investors scramble to spend enormous sums of money on items that only exist online.
Now back to Brooklyn, imagine being a 36-year-old with a group of friends. One of them, Alex Ramierez-Mallis, comes up with an idea as told to the Post:
“If people are selling digital art and GIFs, why not sell farts?”
Now that could be a million dollar question? Even though it is so absurd to say the least. So after convincing four of his friends to record their flatulence over the next year. Alex created his own NFT in commemoration of their friendship: “One Calendar Year of Recorded Farts.”
Ramírez-Mallis and his friends did not begin recording their farts with profit in mind, but the recent NFT madness — which has seen the ownership of abstract assets be sold for seven– and eight-digit price tags — provided the “perfect outlet to share” their large back catalog of farts.
Alex compiled his, and his close group of friends into a 52-minute musical collection of flatulence which was then auctioned off. The “Master Collection” of farts sold for a top bid of $183.
“If the value increases,” Alex explains on the reason why something like this could have sold, “they could have an extremely valuable fart on their hands.”
The crew of friends also offered individual flatulence if an unique sound caught the attention of any investors at 0.05 Ethereum which is roughly $90 at the time of writing.
In a way, he points out, the concept’s nothing new:
“Buying and selling art purely as a commodity to store value has been around for centuries, and NFTs are just a digital way of representing that transactional nature of art.”
Despite Alex’s commentary on the cryptocurrency craziness, he’s still hoping for a huge payout:
“I’m hoping these NFT farts can at once critique [the absurdity], make people laugh and make me rich.”
All I can say is Good Luck Alex.