When it comes to investing, everybody hopes they won’t blow it.
But what if that was precisely the way to make bank?
A film director in Brooklyn is truly pantsing the convention.
To understand how, let’s talk cryptocurrency.
Entrpreneur.com explains how NFT is nifty:
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 more from the New York Post:
In October 2020, Miami-based art collector Pablo Rodriguez-Fraile spent almost $67,000 on a 10-second video artwork that he could have watched for free online. Last week, he sold it for $6.6 million.
The video by digital artist Beeple, whose real name is Mike Winkelmann, was authenticated by blockchain, which serves as a digital signature to certify who owns it and that it is the original work.
It’s a new type of digital asset – known as a non-fungible token (NFT) – that has exploded in popularity during the pandemic as enthusiasts and investors scramble to spend enormous sums of money on items that only exist online.
Back to Brooklyn, 36-year-old Alex Ramírez-Mallis had an idea.
As told to the Post:
“If people are selling digital art and GIFs, why not sell farts?”
It’s a natural question.
Last March — at the beginning of the coronavirus lockdown — Alex and four of his friends began recording their musical manifestations of methane. The crew shared the audible excursions with one another via WhatsApp.
By the time the quarantine’s one-year anniversary came ’round, he says he could nearly identify each of his friends by their unique sound signature.
In commemoration of the bodacious bonding, Alex created his own NFT — “One Calendar Year of Recorded Farts.”
The man and his tight-knit group compiled their recordings into a 52-minute “Master Collection” audio file.
That audio was then auctioned — the top bid
shi sits at $183.
The bunch is also selling individual expulsions. They’re available for 0.05 Ethereum — roughly $85.
Have they sold one yet?
You’re darn tootin’.
“If the value increases,” Alex explains, “they could have an extremely valuable fart on their hands.”
Lest you think the move was motivated by guttural greed, the entire project began as a simple labor of love. Things just happen to have worked themselves out:
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.
And to hear Alex tell it, it almost seems a bit of performance
“The NFT craze is absurd — this idea of putting a value on something inherently intangible. These NFTs aren’t even farts, they’re just digital alphanumeric strings that represent ownership.”
The guy’s a true philosopher. And he’s not alone.
The trendiness of NFTs has made the concept of selling the idea of ownership somehow palatable and profitable to the very-online masses, he went on. Indeed, he’s not even the only person selling fart NFTs.
But don’t get it twisted — Alex is still hoping to blow up:
“I’m hoping these NFT farts can at once critique [the absurdity], make people laugh and make me rich.”
In a way, he points out, the concept’s nothing new:
“Buying and selling art purely as a commodity to store value in has been around for centuries, and NFTs are just a digital way of representing that transactional nature of art.”
Good luck to Alex.
Hopefully, as an investor, he’ll know just went to grip tight and when to let loose.
After all, this current craze might prove to be a bubble.
And it could — as many things can — at any point, pop.
See more pieces from me:
Find all my RedState work here.
Thank you for reading! Please sound off in the Comments section below.