Forbes India – Cryptocurrency: Tokens, NFTs: The Blockchain Universe Looks To Capitalise On Will Smith’s Oscars Slap

NFT



Blockchain creators couldn’t resist grabbing the attention surrounding Chris Rock’s slap in the face of Will Smith. Image: Robyn Beck/AFP

TOAfter an ocean of memes swept social media, Will Smith’s Oscars slap in the face of Chris Rock on Sunday night has inspired a flurry of activity among crypto creators, who seem to have no qualms when it comes to parody. But all jokes aside, would-be investors should beware, as this type of financial move looks downright dangerous.

It seems like a phenomenon that we will have to get used to. After the avalanche of memes, discussions and analysis of Will Smith slapping Chris Rock at the Oscars, block chain creators They have jumped on the bandwagon to see if they can grab all the attention and make a nice profit in the process. A few hours were enough for several initiatives to emerge. The day after the ceremony, a cryptocurrency and token, the “Will Smith Inu”, became available on various exchanges. The trading volume of the coin reached $3.7 million in 24 hours. Since then, the price of the coin has already dropped considerably, which is often the case for these types of meme-linked coins.

Of course, parodies in the form of NFT they are an integral part of the blockchain world. A DAO (decentralized autonomous organization) is already hosting an NFT sale at this event. The digital works, collected under the name Will Smith Slap DAO, show the moment the actor Will Smith slaps comedian Chris Rock or your reaction to the joke about your wife’s condition with meme text (often crypto slang) and different border colors.

A highly speculative investment

While prices are unlikely to reach Bored Monkeys Yacht Club levels, over 2,000 digital items have been minted and the volume just keeps going up. At the time of this writing, the collective had sold 13.8 ethers, or approximately $47,000 at current prices. while these NFT currently they are still trading on OpenSea, the main market, which may not last as OpenSea has very strict policies regarding such projects, which very often turn out to be scams.

And that’s what any potential investor needs to keep in mind. Because while this kind of NFT may momentarily seem like a good investment, unless they are bought and then quickly resold at a high price; therefore, taking advantage of the madness, which often ends in an instant, it is better to invest in more valuable projects. Because once the hype dies down, this kind of NFTs and cryptocurrencies they are likely to lose all their value.

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