Business Fundamentals in 2021: NFTs & EBCs 🪨 - Issue #24

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?

Nope.

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?

1. Someone just sold a jpg of a 🪨 for $1.3M.
2. It feels like another tulip mania.
3. 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 🙌

Art