Internet architecture lens.
When was the last time someone used those three words to explain NFTs instead of Non Fungible Tokens?
Never? Same here.
However this may be a grave mistake we are all committing.
At the deepest level this is what NFTs are all about.
NFTs are a tool, a technology, a way to build a community. They are a direct internet native way to own intangible assets (art, collectibles, IP, game objects, metaverse objects)
It is not a JPEG or a "product," even though we use the term daily to mean this.
So it is high time we correct this current nomenclature.
Hey, we're guilty, too.
And one of the most vociferous proponents of correcting this is Punk6529.
He is a top-tier collector and a mission-driven builder who has been championing the establishment of an open metaverse against the specter of centralized and corporate players for years.
And yes, his Meme Collection that he built on the ideals he outlined in an October 2021 Tweet storm has recently been gathering some momentum in terms of price and volume.
However, we never forget that our snarky readers want to be more practical with their finances than philosophical. We get it. And we aim to please.
So we also wanted to feature his collection because it is affordable and we were veering away from this lately.
I mean, how can one not get excited when multiple NFTs salvaged from the bankruptcy of the 3AC hedge fund surpassed all price expectations last week? This included $1 million for a Fidenza by Tyler Hobbs and $571,000 for Autoglyph by Larva Labs.
But while we were unfortunately unable to snag our favorite Fidenza, we did want to snag something.
Something that is aligned to the decline in both our wallets and our enthusiasm for frivolous acquisitions. And has a lot of potential upside in addition to helping support the entire NFT ecosystem.
That's why the Meme Collection is so intriguing.
It's not exactly cutting-edge for 2023, more like 2021 crypto-NFT vibes, but it's still worth exploring and revisiting.
Interestingly, one of the main points of the philosophy behind the Meme Collection is that Memes are greater than digital land.
And digital land has been in a headline grabbing disastrous decline i.e. Somnium Space, which commanded an impressive 6.05 ETH per plot at the beginning of 2022, is seeing a substantial -93.9% drop. Decentraland -87.8% to 5.24 ETH, The Sandbox -89.8%, and Voxels -93.8%. (January 1, 2022, to May 24, 2023)
So it's worth digging a little deeper in order to understand Punk 6529's technical idealism that fuels his wild web of interconnected projects and perhaps has even helped to take down digital land sales.
In brief, here's the sub-context that connects them all: basically, there are two ways to store NFTs, either in someone's centralized database or on an open standard. Punk 6529 strongly believes that if we let the FAANG corporations run amok with their fat tech stacks, they'll break everything.
"My view is that the default outcome of the metaverse will be centralized."
But the first thing to crumble will be the passion and principles behind Web3, where people finally get to own, trade, and make money from their digital creations. Remember how Web 1 transformed into the massive walled social media gardens of Web 2? Yeah, Facebook and Twitter, we're looking at you.
Now, we're witnessing similar patterns emerging in Web3. Big brands are circling, and everyone's all hyped to welcome them. It's cool to have more players, but they'll either mint their NFTs on some Web 2 giant's API or stick to open standards, depending on what is most commercially viable.
Punk 6529's brilliant idea is to onboard as many folks as possible to NFTs, so those corporations have an incentive to embrace open standards.
Imagine a metaverse built on ERC-1155, where competition and innovation flourish, without risking a "dystopian, Orwellian outcome for society" that has a single point of failure that can be co-opted by an autocrat.
So, Punk 6529 has cooked up six "initiatives" to try and onboard 100,000,000 people to an open metaverse.
Decentralization, community, and self-sovereignty are the goals.
The six consist of education, capital, the OM, an experimental bridge to IRL items, an eternal online museum for Punk 6529's personal collection, and last but not least, the Meme Collection!
Why memes, you ask? Well, there's a method to the madness. It's not just about having a blast (though that's important too, he stated).
Money, reach, talent, and even the almighty Federal Government all pale in comparison to shared myths or memes.
Memes elect politicians, drive consumption (and corporate earnings), and steer the course of society. And guess what? NFTs are the most potent meme-tech ever created. Anyone can now own a slice of a powerful meme. NFTs combine identity, social organization, and have zero membership criteria, going global in full force.
And memes trump mere metaverse land.
He gives an example of the Mona Lisa in the Louvre; if the Louvre burned down, we would all just go to the next place that had her on display. It is not location dependent.
So, the big question is, "How do we build this decentralized metaverse?" There are a million highly funded start ups and corporations trying to build the ultimate decentralized metaverse tech stack right now.
He doesn't see this as the right path.
Expensive endeavors just aren't the smartest way to gather a massive community and change the world.
Instead, he wants to create a "6529 Family" an abstract, inexpensive, decentralized path that he believes might work. It's a way for decentralization believers to take meaningful steps in that direction.
And the first step is onboarding people to the self sovereignty of owning NFT Memes.
Not (just) art but a tool for freedom of expression. Freedom to self organize.
He's justifiably worried that the powers-that-be (USA and EU) are on a path to ban NFTs before his mission even truly begins.
They need to see the bigger picture, and look at this through an internet architecture lens. To look at it as the best way to build on open standards.
In addition, at the moment, if you "seize the Memes of production" you are not only supporting the entire ecosystem, but you are also catching it on an upswing.
There are 104 unique items or "collabs" with famous artists, and 79.3K items total. Yes, you read that correctly! It is probably the largest collection we've ever seen.
But that is the point, tbh.
In addition to famous artists, there are many famous collectors in the mix, as well as everyone else who is early to NFTs. You have an opportunity to purchase any of the 104 JPEGs and I don't doubt that more will be produced.
But that is the point, too (or two?)
Onboarding the world to supporting an open internet architecture will take more than 79.3K items.
On the whole, the volume and sales are up in the last week, while the floor price fell slightly.
But this is a movement. And as more people buy in the entire NFT ecosystem will rise and people should start to value the most sought after pieces even more as their scarcity goes up with greater demand.
And if you step back a few weeks, you will see that in the last 30 days the floor price is up +36% to ~$112 USD / 0.0613 ETH for the entire collection.
And we have seen the price points rise even more dramatically on some of the more famous collabs.
For example, X-Copy's Glitching moving "Exit Strategy" has risen 2.2 to 3.09 ETH just during the month of May.
In addition, Haru Komoda's "GmGm" last sold for 0.150ETH but now sells for 0.2495 ETH.
So the timing seems to be right.
But if the piece you pick from the Meme Collection never gets a huge price spike, consider it a vote for an open metaverse.
Or the cost of doing business in a crypto friendly, NFT world.
Due to these NFTs helping buoy up the ecosystem, their low price points/potential upside, and the current momentum, most of the 6529 Memes Collection gets a Cecily Score of 7/10*
@Punk6529 has 454.2K Followers on Twitter and 37,167 on Discord
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*Feel free to connect with me for specific opinions on each of the 104.
Cecily Lough