Cozomo de’ Medici, the supposed alter ego of American rapper Snoop Dogg, had a rough awakening in the volatile world of Non-Fungible Tokens (NFTs). The artist shared on Twitter that the $7 million digital artifact he had acquired in 2021 received an offer of $0.00, underlining the market’s capricious nature.
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From hero to zero
The story began when Medici acquired an NFT named “Right-click and Save As Guy”, created by anonymous digital artist XCOPY, in late 2021. When Medici made the purchase, the NFT was worth a whopping $7 million, equivalent to 1600 Ether (ETH) at the time.
The specific NFT, listed on SuperRare, was initially minted on December 6, 2018. Following its inception, it witnessed a mere two sales, initially fetching a price of $90 (1 ETH), followed by a substantial leap to $174,195 (99 ETH) in its next transaction. The art piece transcended into stardom when Medici’s acquisition showcased a staggering 3,500% increase in its value.
NFT hype in full force
Back in 2021, the crypto sphere was going through one of its most bullish periods. The NFT hype was in full swing and taking mainstream culture by storm.
The ripple effect of Beeple’s Everydays auction and its feature on BBC World News was palpable. It marked a paradigm shift in how the mainstream perceived NFTs, portraying them as lucrative investment opportunities. Medici’s purchase post this event was a testimony to the immense appetite for digital collectibles.
Fast forward to the present day and the narrative looks quite different, as a recent report shows that 95% of NFT collections are dead. The NFT influencer and collector disclosed on Twitter that he received a $0 bid for the “Right-click and Save As Guy” piece. This reveal, albeit shocking, cast a shadow of reality on the speculative nature of NFT investments.
Medici’s tweet goes viral
The plot thickened shortly after the tweet went viral. An offer of 0.069 ETH ($109) came in for the debated NFT. Shortly after, another offer of 0.123 ETH ($194) came through. Although minuscule, these offers highlighted the fickle social dynamics that govern the NFT space.
Medici’s saga with the Right-click and Save As Guy NFT is emblematic of the broader NFT market’s whimsical tendencies. From riding the crest of a multi-million dollar wave to receiving an offer of zero, this episode underscores the speculative bubble surrounding digital assets.