This is a guest post from one of Twitter’s most popular finance parody accounts: @ParikPatelCFA (you can read more of his work at Bullish Studios)
Hey everyone, I’m Dr. Parik Patel, BA, CFA, ACCA, Esq.
For those of you who don’t know me, I’m a Chartered Fin-meme Analyst (CFA) and Twitter’s most qualified fintwit account.
Anyways, I’ve been told that I have a particular insight into the world of finance, memes and everything in between.
The Hustle has asked me to round up the best tweets I see and — for this issue — it’s all about NFTs.
Remember a few weeks ago when this Forbes headline about a 16-year old entrepreneur crushing crypto made the rounds? (For real though, mad respect on that Elton John “blue suit” get-up).
A few weeks after that doozy of a headline, CNBC published the story of a — wait for it — 12-year old kid on pace to make $400k trading non-fungible token (NFT) art. I’m shook.
Imagine being that 16-year old. You’re the belle of the ball then — BOOM! — someone much younger than you steals the shine virtually overnight.
Not only that, he does it trading the hottest asset of the moment: NFTs (as a CFA, I’m obligated to say “not even remotely close to investment advice”).
Anyways, here are some NFT-related tweets that caught my eye.
(PS. If you don’t know what NFTs are, read this great primer from The Hustle: “Why NFTs are suddenly selling for millions of dollars”).
OpenSea is booming
For the uninitiated, OpenSea is the NFT-trading platform where most of the crazy NFT (aka JPEG) sales are happening. Half way through August, the platform broke past $1B in trading volume in one month for the first time.
Here’s an even crazier stat courtesy of Web Smith, “In 2020, OpenSea, the world’s biggest NFT marketplace, recorded $21 million in transaction volume. On August 8, 2021 alone, it transacted $79 million.”
This tweet from Litquidity captures it perfectly:
The rock heard around the world
Among the most noteworthy NFT deals in the past few weeks was the sale of an Ether Rock (literally, a JPEG of a rock) for $1.3m. This crypto collectible was founded in 2017 and only 100 of them exist.
Even crazier: since that sale on August 23, the floor price — aka minimum amount for one of these digital pieces — is already $2m+.
Visa enters the chat
Payments giant Visa dropped $150k on a Cryptopunk NFT. A lot of people were making “oh look at this dinosaur finally getting into crypto” jokes. But, let’s be honest, Visa got a whole lot more than $150k worth of earned media from everyone losing their sh*t on Twitter.
Why are NFT prices going insane?
This gorgeous meme from Raoul Pal explains it all:
We have no idea, but maybe Paris Hilton interviewing Bill Gates?