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The DeFi Chronicle: I worked 473,333 hours and all I got was a Digital Alien Punk
Yesterday, news broke of Visa purchasing a Cryptopunk for $150K surprised most people in the crypto space. Are Cryptopunks Bitcoin 2.0 or a giant scam designed to suck more money out of traditional finance into a select group’s pockets? The future will answer this question for us, but in the meantime let’s take a closer look at this phenomenon.
I have some (a very small) experience in NFTs as I discussed in this March article. I bought an NFT of rapper Jay-Z for $60 and sold it a few months later for $1900. I parlayed the earnings into some digital real estate in OVRland and am hoping it increases in value on that platform.
With the explosive increase in NFT sales, I became compelled to learn more about the space. Unfortunately, I am left with more questions than answers.
What is an NFT?
NFT stands for non-fungible token meaning that it is unique (can be art, a tweet, virtual land, video game guns, pretty much anything) and can’t be replaced. It lives on the blockchain and the value resides with how much someone is willing to pay for it. The highest-priced NFT sale…
