SAN FRANCISCO, April 1 – After an ocean of memes swept across social media, Will Smith’s Oscars slap in the face of Chris Rock on Sunday night has inspired a flurry of activity among cryptocurrency creators, who they 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 flood of memes, discussions, and analysis of Will Smith slapping Chris Rock at the Oscars, blockchain creators have jumped on the bandwagon to see if they can grab all the attention and turn a handsome 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 currency’s trading volume reached US$3.7 million (RM15.6 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, spoofs in the form of NFTs 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 actor Will Smith slaps comedian Chris Rock or his reaction to the joke about his wife’s condition with meme text (often cryptocurrency slang). ) and different border colors.
A highly speculative investment
While prices are unlikely to reach Bored Ape Yacht Club levels, over 2,000 digital items have been minted and volume continues to rise. At the time of this writing, the collective had sold 13.8 ethers, or approximately $47,000 at current prices. While these NFTs are currently still trading on OpenSea, the main marketplace, that 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 type of NFT may momentarily seem like a good investment, unless they are bought and then quickly resold at a high price, thus taking advantage of the craze, which often ends in an instant, it is better to invest in more worthy projects. Because once the hype wears off, these types of NFTs and cryptocurrencies are likely to lose all value. ―ETX study