Research Summary
The report discusses a series of events in the NFT community involving personalities such as ThreadGuy, BoredElonMusk, and Jack Butcher, and the Opepens project. The Opepens, created by Jack Butcher, started as a free mint, open edition, and has grown into a movement celebrating art and internet culture. BoredElonMusk, a large holder of Opepens, offered ThreadGuy a trade of an Opepen for a Mutant Ape, which ThreadGuy declined. This led to a series of offers and counter-offers, culminating in ThreadGuy changing his profile picture to an Opepen, leading to a surge in popularity and minting of the Opepen.
Actionable Insights
- Understanding the Attention Economy: The report highlights the importance of the attention economy in the world of NFTs. The value of an NFT can increase significantly based on who is paying attention to it and how much exposure it gets.
- Importance of Community Engagement: The events described in the report underscore the importance of community engagement in the NFT space. ThreadGuy’s decision to change his profile picture to an Opepen led to a significant increase in the popularity and value of the Opepen.
- Exploring Non-Scarce Models: The report suggests that there is value in exploring non-scarce models in the NFT space, as demonstrated by the success of the Opepen, which was an open edition.
