Non-Fungible Tokens (NFTs) are quickly becoming a topic among way too many novices these days. If you have money burning a hole in your pocket, it’s likely that going out and buying the latest mutated ape won’t yield you the riches you are in search of. You may, in fact, have better luck just burying that money in the backyard so at least you can always dig it up when you need it.
Bored Ape Yacht Club
The sign on the door says “A limited NFT collection where the token itself doubles as your membership to a swamp club for apes. The club is open! Ape in with us.”
Why is this important? Because just a couple months ago, the main selling point of the exclusive club that harvests apes into zombie currency was to just own an image of 9,000 to be part of a special club and post your image on your Twitter or Discord. This was all fun and games until the price of these inclusions ran into the hundreds of thousands of U.S. Dollars.
Surely, somebody was getting rich along the way and it wouldn’t be the last ones to the game. As a ponzi scheme works, new money is constantly required to suck in newbies. The problem is that the marketing buzz and “snake oil” effect must grow with each new phase. Bring on ApeCoin
ApeCoin is just the latest hook to come out of the crypto space since every dog got its own crypto, because obviously this solves all the world’s problems. Anyway, the coin itself is now a top 20 crypto and poses no real threat to the central banks unless you think they are dumb enough to believe the leaders of the BAYC aren’t already sitting pretty on a private island somewhere.
ApeCoin really serves no purpose in your future and unless you are fast enough to get in and make money on the “Pump” phase, then you will likely get “Dumped” on before you know it. Buyer beware, there be pirates in these seas.
Spencer Jakab and The Revolution That Wasn’t
The dumb money world out there and the “Ape Mentality” is part of what inspired Spencer Jakab to write his extremely insightful book The Revolution That Wasn’t. A quick peruse through this great book will show you why money can’t be manufactured out of thin air and “The Street” always ends up winning in the end.
NFTs and Bored Apes in general may be cool to look at, but really they don’t serve much of a purpose. That is, unless you can guarantee a greater fool will come along to pay you more than you paid for your prize. Since nobody can predict the future, this is a fool’s proposition.