Business Fundamentals in 2021: NFTs & EBCs ๐ชจ - Issue #24
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Hi yโall ๐
Greetings from Crete - the island of a million goats ๐
This week Iโm on vacation but I didnโt want to skip another issue unannounced, hence here we go :)
NFT Mania: Tulips, Rocks, and Apes ๐ฆง
A dude just sold a jpg of a rock for $1.3M
JPG as in the image file.
$1.3M as in 1,300,000.00 US dollars.
๐คทโโ๏ธ
He bought the JPG initially for $5. That was ~3 weeks ago.
Sounds crazy? It definitely is.
If you are interested in his side of the story just follow him on twitter ๐
1.7 ETH to 400 ETH in 19 days.
โ Tom Osman (@tomosman) August 23, 2021
Think this goes down as my best trade ๐ https://t.co/vrgsOuD7ch
Some of you might already understand crypto & NFTs. If so, feel free to skip to the next section.
For the rest, hereโs a breakdown of my current best understanding ๐
Mona Lisa Overdrive
NFTs (non-fungible tokens) are digital files (jpg; mp3; etc.) with one additional property: you can objectively verify which version of the file is the original.
- ๐พ A regular jpg can have infinite copies = Abundance.
- ๐ผ An NFT jpg can have limited copies = Scarcity.
In the crypto community the logic goes as follows:
- Old world: I buy the Mona Lisa (painting) and an art specialist can verify that it is the original version
- New world: I buy the Mona Lisa (jpg/NFT) and a set of servers can verify that it is the original version
This is why NFTs are currently considered as a new version of a collectible (aka โartโ).
People assign a subjective value to the NFT - similarly how people have assigned value to a canvas with a bunch of paint on it.
Do I own an NFT?
Nope.
To me it still feels like a slightly-rebranded gambling game.
I donโt play slots. I donโt play NFTs.
So why am I writing about this?
- Someone just sold a jpg of a ๐ชจ for $1.3M.
- It feels like another tulip mania.
- Itโs interesting to watch.
Thereโs another application for NFTs: Settlement of overdue invoices ๐
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Read the full story here.
Anyway, if you want to riff on this topic just reply via email.
[EBC News] First Revenue & Different Ways to Earn Money on the Internet ๐
Business Fundamentals in 2021 (on crypto twitter): Flipping JPGs for fun and profit.
Business Fundamentals in 2021 (in my head): Selling online courses, which transform peopleโs understanding about remote from so-so to o-ho!
The good news: I made my first sale tonight ๐
Massive shoutout to Spencer who took the plunge and pre-bought the full sequence of my EBC โThe 80/20 of Remote Team Leadershipโ ๐
Earned my first โฌโฌโฌ with a text-based online course.
โ Art Lapinsch ๐ ๐ณ ๐ก (@artlapinsch) August 25, 2021
๐ง The course is 'work in progress' (1 out of ~20 emails written)
๐ง I'm offering the only 'finalized' email as a free sample
๐ป Validate interest before building the product (upsell after sample) h/t @hammer_mt pic.twitter.com/4ayNAPwGPm
If you want to see the first email of the sequence, just sign up here and you will receive it directly to your inbox for free.
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I mean, why try build a business and create economic value if we can just trade pictures of apes?
โ Pe:p Laja ๐บ๐ฆ (@peeplaja) August 24, 2021
โฆ
Thanks for reading!
Hope youโre enjoying your summer. Iโd love to hear where you are right now. Please send me a quick reply.
As always: Stay happy, stay healthy ๐
Art