A commonly cited success story of NFTs is CryptoPunks. They were 10,000 uniquely generated pixel art avatars released on the blockchain for free. They’ve since become a hugely sought after item with market prices greater than $7MM.
I didn’t understand what’s going on until hearing Kevin Rose and Aftab Hossain talk about collecting them—these are Star Wars action figure collectors sharing their passion for buying the digital equivalent of a Rocket Firing Boba Fett.
It’s far more endearing to think of NFT enthusiasts as Star Wars action figure collectors.
See also:
- CryptoPunks prove that NFTs provide digital scarcity because there is a market (buyers and sellers).
- Web3 as weaponized Star Wars action figure collectors is an interesting dystopian angle.
- Bitcoin and Ethereum use the same amount of electricity as the country of Austria whereas those tiny Star Wars action figures were a one time plastic. The difference in relative pollution curves might match the difference in price ($150,000 for the most rare Star Wars toy, $7MM for the most rare CryptoPunk).