An NFT collection of 10,000 Wall Street bulls sold out in 32 minutes when it launched in October.
The collection has become a way for investors to mark their membership in a retail community.
Now the creators of the collection are adding a way for retail traders to add an extra layer of risk to their NFTs.
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Oil painter Cam Rackam watched in awe as his NFT 10,000 collection of Wall Street bulls sold out quickly in October of last year.
Within the first five minutes of the launch of the NFT collection targeting the retail traders behind the GameStop mania, a thousand colorful and creative bulls aboard rockets had already sold out. In about eight minutes, half of the collection was purchased.
At 32 minutes, it was full.
“I was popping champagne, smoking a cigar around the house, and I panicked, you know, I panicked,” Rackam said. “I was an artist for 20 years … and then in the blink of an eye all the planning and hard work paid off.”
The four founders of the Wall Street Memes Instagram account – which was inspired by the massively popular Wall Street Bets subreddit which is credited with launching the meme-stock phenomenon – made around $ 2.5 million from the initial sale and continue on. to collect royalties from NFT. collectors selling the bulls. The lowest price for one of the bulls is now around 0.2 ether, or around $ 638, according to OpenSea.
NFTs, digital works of art stored on the ethereum blockchain, are a cartoonish version of the iconic Wall Street bull statue. They are meant to represent the optimism of the stock market. Or, as retail traders like to say, “stocks just keep going up”.
“We’re just bulls,” said Boris, co-founder of the Wall Street Memes page, who asked that his identity not be disclosed. “We hate short sellers. We hate bears.”
The NFT Collection has become a way for traders to formally identify themselves as members of a retail investor community. Rackam said that bull holders have access to meetups and parties, and those with multiple bulls will soon earn a free NFT from a new collection of Wall Street interns.
But policymakers wanted to go beyond NFTs and community building and add what Wall Street Bets traders love: risk.
A new gamification feature will allow bull holders to try their luck in making their NFT even more valuable – or worthless. If NFT holders purchase the feature, a random generator will either explode their digital collectible or make it even rarer by adding new features to the bull.
“It’s kind of like trading options on the stock market,” Boris said. “Your option could go to zero or you could have a 100x option that you took a risk with. And that’s what we’re going to bring to the NFT world.”
Rackam and Boris see their collection as an extension of the retail revolution that began in January 2021 when millions of investors banded together on Reddit to generate massive gains on very short stocks like GameStop.
“It was a beautiful message showing that when people bond they can still control even something as big as the Wall Street market,” Boris said. “The message behind this NFT collection sort of sums up in a fun way everything that happened over the past year.”
Read the original article on Business Insider