Hi y’all 👋
Greetings from Crete - the island of a million goats 🐐
This week I’m on vacation but I didn’t want to skip another issue unannounced, hence here we go :)
NFT Mania: Tulips, Rocks, and Apes 🦧
A dude just sold a jpg of a rock for $1.3M
JPG as in the image file.
$1.3M as in 1,300,000.00 US dollars.
He bought the JPG initially for $5. That was ~3 weeks ago.
Sounds crazy? It definitely is.
If you are interested in his side of the story just follow him on twitter 👇
Some of you might already understand crypto & NFTs. If so, feel free to skip to the next section.
For the rest, here’s a breakdown of my current best understanding 👇
Mona Lisa Overdrive
NFTs (non-fungible tokens) are digital files (jpg; mp3; etc.) with one additional property: you can objectively verify which version of the file is the original.
- 💾 A regular jpg can have infinite copies = Abundance.
- 🖼 An NFT jpg can have limited copies = Scarcity.
In the crypto community the logic goes as follows:
- Old world: I buy the Mona Lisa (painting) and an art specialist can verify that it is the original version
- New world: I buy the Mona Lisa (jpg/NFT) and a set of servers can verify that it is the original version
This is why NFTs are currently considered as a new version of a collectible (aka “art”).
People assign a subjective value to the NFT - similarly how people have assigned value to a canvas with a bunch of paint on it.
Do I own an NFT?
To me it still feels like a slightly-rebranded gambling game.
I don’t play slots. I don’t play NFTs.
So why am I writing about this?
- Someone just sold a jpg of a 🪨 for $1.3M.
- It feels like another tulip mania.
- It’s interesting to watch.
There’s another application for NFTs: Settlement of overdue invoices 😂
Read the full story here.
Anyway, if you want to riff on this topic just reply via email.
[EBC News] First Revenue & Different Ways to Earn Money on the Internet 🎊
Business Fundamentals in 2021 (on crypto twitter): Flipping JPGs for fun and profit.
Business Fundamentals in 2021 (in my head): Selling online courses, which transform people’s understanding about remote from so-so to o-ho!
The good news: I made my first sale tonight 🎊
Massive shoutout to Spencer who took the plunge and pre-bought the full sequence of my EBC “The 80/20 of Remote Team Leadership” 🙏
If you want to see the first email of the sequence, just sign up here and you will receive it directly to your inbox for free.
Thanks for reading!
Hope you’re enjoying your summer. I’d love to hear where you are right now. Please send me a quick reply.
As always: Stay happy, stay healthy 🙌