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Explain it like I'm 5, please.... wtf is "NFT mining"?
"NFT" is an abbreviation for "non-fungible token" which is perhaps the worst name for a piece of technology ever invented
An NFT is just a rare digital good
More
"NFT" is an abbreviation for "non-fungible token" which is perhaps the worst name for a piece of technology ever invented
An NFT is just a rare digital good
More
Example: I bought an insurance policy that was an NFT recently. No one else can own that policy but me.
I've bought NFT art.
I also own NFT collectibles (i.e. digital packs of Garbage Pail Kids @GeePeeKay issued by @ToppsDigital on @WAX_io).
2/x
I've bought NFT art.
I also own NFT collectibles (i.e. digital packs of Garbage Pail Kids @GeePeeKay issued by @ToppsDigital on @WAX_io).
2/x
But back to the original Q: what is #NFT mining?
A:
It's a way of fairly distributing rare NFTs into the world. Instead of selling them to the highest bidder, you give them to people who do things for your platform.
$MEME is leading the charge NFT mining.
3/x
A:
It's a way of fairly distributing rare NFTs into the world. Instead of selling them to the highest bidder, you give them to people who do things for your platform.
$MEME is leading the charge NFT mining.
3/x
Here's how it works:
you buy $MEME tokens
you stake $MEME tokens on the @DontBuyMeme platform
while staking $MEME, you earn pineapples
There is no other way to earn pineapples
You gotta stake $MEME
4/x
you buy $MEME tokens
you stake $MEME tokens on the @DontBuyMeme platform
while staking $MEME, you earn pineapples
There is no other way to earn pineapples
You gotta stake $MEME
4/x
And the maximum number of $MEME that any one $ETH address can stake = 5 (that's the dagger through the heart of you blubbery 
s!)
Once you have a fat bag of pineapples, you can trade them for NFTs that are only issued on the $MEME platform
5/x
s!)Once you have a fat bag of pineapples, you can trade them for NFTs that are only issued on the $MEME platform
5/x
In effect, you spend pineapples to "mint" NFTs
So that's the basics. That's NFT mining.
Once you've minted a new piece of artwork, it's yours for all time. Or you can sell it on $RARI @rariblecom or @opensea or wherever you want.
6/x
So that's the basics. That's NFT mining.
Once you've minted a new piece of artwork, it's yours for all time. Or you can sell it on $RARI @rariblecom or @opensea or wherever you want.
6/x
Over time, $MEME releases new pieces of art... here are some badass examples (both of coding legend, @AndreCronjeTech)
Love the crypto cards... but here's what really has me excited about $MEME: their artist series.
7/x
Love the crypto cards... but here's what really has me excited about $MEME: their artist series.
7/x
Their first artist is @sven_eberwein
He's put out 4 pineapple-themed, animated NFTs so far. This is my favorite. It's titled "Crashtest (Because it will)".
Me want to roll around w/ you pineapple
8/x
He's put out 4 pineapple-themed, animated NFTs so far. This is my favorite. It's titled "Crashtest (Because it will)".
Me want to roll around w/ you pineapple
8/x
There are 10 copies of "Crashtest" in existence. That's all there will ever be. The cheapest one is listed for 23+ $ETH on @opensea right now. The last one sold for just under 10 $ETH.
9/x
9/x
Here are the names and quantities of all the pieces @sven_eberwein has released on the $MEME platform so far:
1) Don't Buy Meme (500 copies)
2) Volatile Pineapples (250 copies)
3) The Meme Shitcoin Cycle (100 copies)
4) Crashtest (Because it will) (10 copies)
10/x
1) Don't Buy Meme (500 copies)
2) Volatile Pineapples (250 copies)
3) The Meme Shitcoin Cycle (100 copies)
4) Crashtest (Because it will) (10 copies)
10/x
Now, ladies and gentlemen...
@sven_eberwein's fifth and final piece will... of course... be one of a kind. It's titled Pineapple Ponzi.
I likey it.
I likey a lot.
11/x
@sven_eberwein's fifth and final piece will... of course... be one of a kind. It's titled Pineapple Ponzi.
I likey it.
I likey a lot.
11/x
A lot of work by @sven_eberwein reminds me of @jeffkoons. Reference the alluring, blank-faced massive balloon dog below...
Current bid for Pineapple Ponzi = 22 $MEME (about $7,000)
Bidding will last 5 days + payment must be made in $MEME.
How high could bidding go?
12/x
Current bid for Pineapple Ponzi = 22 $MEME (about $7,000)
Bidding will last 5 days + payment must be made in $MEME.
How high could bidding go?
12/x
Well, let's look at the "book value" on the four pieces @sven_eberwein has already released on $MEME.
1) Don't Buy Meme (500 copies)... 7-day avg. price on @opensea = $17.83. Multipy that by 500 to get a market cap of $8,915.
13/x
1) Don't Buy Meme (500 copies)... 7-day avg. price on @opensea = $17.83. Multipy that by 500 to get a market cap of $8,915.
13/x
2) Volatile Pineapples (250 copies).... 7-day avg. price = $83.15. Multipy that by 250 to get a market cap of $20,788.
3) The Meme Shitcoin Cycle (100 copies)... 7-day avg. price = $187. Multiply that by 100 to get a market cap of $18,702.
14/x
3) The Meme Shitcoin Cycle (100 copies)... 7-day avg. price = $187. Multiply that by 100 to get a market cap of $18,702.
14/x
4) Crashtest (Because it will) (10 copies)... 7-day avg. price = $2,932. Multipy that by 10 to get a market cap of $29,320.
Average MC of an @sven_eberwein piece = $17,931.25.
(Keep in mind, we've been in a shitty bear market over the past 7 days)
15/x
Average MC of an @sven_eberwein piece = $17,931.25.
(Keep in mind, we've been in a shitty bear market over the past 7 days)
15/x
So maybe this new piece, Pineapple Ponzi, will bring in $18,000 or so...
But wait. That seems low.
We've seen a piece's rarity impacts its valuation.
Piece No. 3 is 10x more common than Piece No. 4. So Piece No. 4 trades at a premium to Piece No. 3.
16/x
But wait. That seems low.
We've seen a piece's rarity impacts its valuation.
Piece No. 3 is 10x more common than Piece No. 4. So Piece No. 4 trades at a premium to Piece No. 3.
16/x
In fact, Piece No. 3 trades for about 1/15 the price of Piece No. 4.
OK then. If Pineapple Ponzi commands a 15x premium over Piece No. 4 (since it's 10x rarer), it could potentially go for as much as $270,000. That's about 4% of MEME's market cap or 850 $MEME tokens!
17/x
OK then. If Pineapple Ponzi commands a 15x premium over Piece No. 4 (since it's 10x rarer), it could potentially go for as much as $270,000. That's about 4% of MEME's market cap or 850 $MEME tokens!
17/x
Sounds insane, and it could obvious be a ludicrously high estimate... In fact, I'd discount that number by 50% to be safe, and guess it will go for ~$135,000.
10% of bids will go to charity. 10% of bids will go to $MEME. And 80% of bids will go right where it should...
18/x
10% of bids will go to charity. 10% of bids will go to $MEME. And 80% of bids will go right where it should...
18/x
...directly to @sven_eberwein.
$MEME is scarce. Only 28k tokens. Currently, the single largest $MEME wallet is "only" holding 470 MEME (~$150,000)
So, I expect this single auction to noticeably push $MEME prices up... esp. since bidders must lock up their $MEME to bid
19/x
$MEME is scarce. Only 28k tokens. Currently, the single largest $MEME wallet is "only" holding 470 MEME (~$150,000)
So, I expect this single auction to noticeably push $MEME prices up... esp. since bidders must lock up their $MEME to bid
19/x
Final takeaway: $MEME looks like fun and games, but NFTs are going to be so legit, they'll not only melt faces, they'll melt thoraxes and pelvises, too
20/x
20/x
There's a worn-out meme in the $BTC community that "institutions are coming"... meaning big banks and hedge funds will soon pour trillions into the old gray-haired mayor $BTC.
In NFTs, the meme should be "artists are coming."
21/x
In NFTs, the meme should be "artists are coming."
21/x
Wait until we see a Damien Hirst NFT... or a @JeffKoons... or, the fucking anon king himself, Banksy
NFTs are not merely an offshoot of "crypto", they're an asset class
Please con't to ignore them while I accumulate the good ones + the tokens like $MEME that enable them...
NFTs are not merely an offshoot of "crypto", they're an asset class
Please con't to ignore them while I accumulate the good ones + the tokens like $MEME that enable them...
Want more? Read this and learn how to bid on Pineapple Ponzi... https://twitter.com/DontBuyMeme/status/1313962010288123905?s=20
Love the debate...
