Taking a cue from others, crypto enthusiasts do not want to be left behind after memes, parodies began to flood the social networks during the infamous Will Smith’s Oscar slap of Chris Rock that went viral. The bizarre incident has become a sort of inspiration among cryptocurrency creators, who are letting their imaginations run wild wilfully.
Jokes apart, the question here is- Is it worth it? Should investors think twice before capitalizing on such incidents?
The day after the episode that sent shockwaves across the film fraternity and media alike, reports of a token by the name “Will Smith Inu,” became available on several exchange platforms. The exchange volume of the currency reached astonishingly high as $3.7 million in a span of 24 hours.
And true to its character, the price of the coin has since dropped considerably. Often such cash grab tokens either fade away or the creators abandon them in a rug pull while walking away with thousands, or millions, of dollars. A good example is the Squid Game token, from last year.
The Crypto Interest Doesn’t End With Tokens Either
A DAO [decentralized autonomous organization] minted NFTs under the name Will Smith Slap DAO, showing the moment actor Will Smith hit comedian Chris Rock or his reaction to the joke about his wife’s condition with meme text [often cryptocurrency slang] and different border colors.
While prices aren’t anywhere near the levels of Bored Ape Yacht Club, there have been more than 2,000 of these digital items created as the volume kept increasing. As per sources, the collective had sold 13.8 ethers or roughly $47,000 at current prices.
That said, memes parodies and comments might look harmless, when someone monetizes such projects, there’s always the chance for fraud. Hence, a potential investor needs to exercise caution.
Because these kinds of NFTs may seem like a good investment for a moment when they are purchased and quickly resold at a high price. But the craze is often short-lived, so it is better to invest in more worthy projects. Once the brouhaha evaporates, these types of NFTs and cryptocurrencies are likely to lose all their value.