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Crypto Culture

The Meme Coin Culture – Seriously Valuable Jokes

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CHRISTIE’S/BEEPLE

The crypto world is buzzing with a lot of projects with many different aims and flavors. But notorious amongst these projects are the ones that do not have an iota of serious minded business backing them. Yes. The memecoins, cryptocurrencies based on jokes, memes and levity. Never before in human history would jokes and satire come to have so much value. Creators of the various memecoins base them off of internet jokes or even other coins based on jokes. Wild it is truly. But for things that begin as a play on public market perception, things can get serious very quickly. 

The most popular memecoin would be Dogecoin. Launched in 2013 to make fun of wild speculation and volatility in the crypto space, Dogecoin has grown beyond those humble roots, having a market capitalization of $34 billion currently standing amongst the top ten crypto market capitalizations in the world. Apparently, even if the reasons for its creation lay in getting a laugh or two, the community has turned that on its head and essentially have redefined its purpose. Doge is considered by many to be a viable investing option, not minding its volatility and has become a trendsetter in the memecoin subset of altcoins.

Doge began a trend and following its success, driven in no small part by Tesla CEO, Elon Musk, other memecoins have risen as well. The Shiba Inu token (SHIB) is one of the more prominent examples and one which seems to have taken some inspiration from Dogecoin. For one, this token, created by an anonymous person known as Ryoshi, brands itself as the ‘Dogecoin killer’ and with the look of its market cap of around $30 billion, it does look like it could indeed surpass Doge. However, it would be unwise to make such a prediction with a strong degree of certainty as market volatility can still keep that goal at arm’s length.

Many others have risen as well, coming to associate themselves in some way with Doge and the animal that symbolizes the crypto currency, the Japanese hunting dog breed, the Shiba Inu. Obviously, this is the name used by SHIB. Others associate themselves with the man largely behind the growth of the memecoin space, Elon Musk. Floki Inu is one such token that’s named after the billionaire’s own pet Shiba Inu named Floki. Husky Coin is another dogecoin inspired project that calls itself the “little brother of Dogecoin.”

Of course, not all memecoins are based on Doge, or the Shiba Inu and certainly not all take inspiration from Elon Musk. But for commodities built off of jokes, they’ve come to possess serious pulling power in the crypto space. It’s one of the things that can only happen in private sector driven finance probably, as it would be funny (not in the laughing sense) to see a government develop a fiat currency based on a joke. Of course, governments can and do run economic and financial systems that seem derision worthy such as Zimbabwe’s infamous $100 trillion dollar note.

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Bitcoin

Satoshi Nakamoto, creator of Bitcoin now 15th richest man in the world

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Bitcoin is the most popular and noted cryptocurrency in the world. It paved the means for other cryptos being taken seriously, and after all, the one who created the currency is currently unbelievably wealthy.

Satoshi Nakamoto, the anonymous creator of bitcoin, is currently the fifteenth wealthiest person within the world when the cryptocurrency’s recent value rally.

Nakamoto’s web price is calculable to be up to $73 billion, with crypto holdings within the region of 750,000 to 1.1 million BTC. This ranks them higher than Walmart heirs Jim and Rob Walton, furthermore as Mexican entrepreneur Andres Martinez Slim.

The price of bitcoin hit a brand new incomparable high earlier this month higher than $68,000 following a rise of quite three hundred per cent over the last year. 

One outstanding prediction model has forecast it might rise higher than $100,000 before the tip of the year, which might see Nakamoto ascend to the highest ten of the world’s wealthiest, with a web price on a par with capitalist Warren Buffett.

Nakamoto represented their vision for a peer-to-peer digital currency in an exceedingly written report in 2008, before launching bitcoin many months later in Jan 2009. 

When collaborating with alternative developers on the project for nearly 2 years, Nakamoto withdrew and has not been active on-line for over a decade.

Several bitcoin wallets that are believed to belong to Nakamoto additionally stay untouched, with their contents rising in worth by quite ten million per cent since they were last used.

The mystery of Nakamoto’s true identity remains unresolved, although evidence points to many potential candidates.

Early crypto pioneer Hal Finney was the primary person to ever receive bitcoin through an on-line dealing and various attempts were created to link his online activity to Nakamoto’s. He denied being the cryptocurrency’s creator and refused to invest in the UN agency until his death from amyotrophic lateral pathology (ALS) in August 2014.

A high-profile Newsweek cowl story in March 2014 claimed to own “unmasked” the discoverer of bitcoin, claiming that Japanese-American man of science Dorian Satoshi Nakamoto was behind it. The article was widely debunked following its publication.

That same year, a book by money author Saint Dominic Frisby singled out Nick Szabo as bitcoin’s creator, informing his style and therefore the truth he designed a precursor to bitcoin’s electronic money system. Szabo denied the claims, tweeting: “Not Satoshi, however many thanks.”

In 2015, Australian applied scientist Craig Wright claimed to be Satoshi Nakamoto however, he was broadly greeted with disbelief from senior figures among the crypto business. Many days after proclaiming himself the discoverer of bitcoin, Wright backwarded his claims with an apology on his website.

“I believed that I might place the years of obscurity and concealment behind Pine Tree State,” he wrote. “But, as the events of the week unfolded and while I was ready to publish the proof of access to the earliest keys, I broke. I don’t have the spirit. I cannot.”

Mr Wright has since been sued by the estate of deceased David Keiman, whose family claim worked with Wright and together used the name Satoshi Nakamoto in 2008 to publish bitcoin’s written report.

Presently, Tesla and SpaceX founder and chief executive officer Elon Musk tops the list of the richest folks within the world with his net worth at $266.9 B, as listed by Forbes.

Warren Buffet is hierarchic at the tenth range whereas Facebook founder and chief executive officer Mark Zuckerberg stands at range seven.

If Bitcoin continues to rise, it will come as no surprise that Satoshi Nakamoto may soon eclipse them.

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Crypto Culture

NFTs: Davido’s call for donation can open more doors for African creatives

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You were probably awe-struck last week when Davido began a call for a donation for his birthday. If you weren’t, or you probably don’t know the full details of what happened, let’s wind back the tide of time. Last week Wednesday, November 17th, David Adeleke (aka Davido) playfully called on his friends, well-wishers and associates to donate 1 Million Naira each into his Wema bank account. He stated that he hoped to make 100 Million Naira in total to clear his Rolls Royce from port to celebrate his 29th birthday. 

Like a bee to honey, his friends swarmed around him and began to make donations which totalled 200 hundred million Naira. In his appreciation post, Davido stated that the action arose playfully and he had no intention of raising such a huge amount. He later announced that the money raised, with the addition of 50 Million Naira from his pocket, will be distributed to all Orphanages in Nigeria. This article delves into how Davido’s action will pave a new way in the music industry through the mechanics of NFTs. 

What are NFTs?

Let’s assume you buy a phone, laptop, or any other electronics or object, you get a receipt that vests the ownership of the object in you, that is, it belongs to you. You can only transfer the ownership of the object to another by giving the object and its receipt to the other person. Thus, anyone with the object and receipt owns it. Consider this as NFT 101 because it is the easiest way to explain NFT. 

Non-Fungible Tokens (NFTs) are digital methods of proving ownership of assets that are either physical or digital. The object can be a piece of artwork, music, or design with a certificate of authenticity and history of ownership (consider this as the receipt in the above analysis). NFTs use blockchain technology to record and track ownership making it secure for the purpose. Almost anything can e sold as NFTs in millions of Dollars. A tweet can be given an NFT and sold as the same. A right to music or picture can be sold. This brings us to how Davido’s action can create a new lane for Nigerian artists in NFT. 

How Davido’s action can impact the growth of NFT in the music industry

As stated earlier, music remains one of the assets that can be sold as NFT. No doubt, those that donated money for Davido did it out of their free will. However, to show his appreciation by releasing an album, exclusively for those that donated to him. He may decide to issue a certificate of original ownership to these categories of people. Such action qualifies as NFT as the ‘certificate of original ownership’ will have an intrinsic value that may rise and fall and can be sold by holders later. Since music can be sold as NFT, a musician may create an album, with a limited edition of the album which will be sold to a certain number of people at a fixed price. These people, in turn, get a certificate of ownership which is kept securely on the blockchain network. The popularity of the artist as time goes on will determine the value of the certificate and holders can sell at high prices. With this innovation, the activities of directors and music promoters are eliminated and musicians tend to earn more. This is the future of the music industry as well as other forms of content creation. 

Selling music as NFTs doesn’t mean that it won’t be available online for streaming, however, the feeling of ownership resides with certificate holders. 

The sale of music as NFTs is not new to the music industry. Kings of Leon and Steve Aboki have sold NFTs for millions of Dollars. Even unpopular artists like Zack Fox have made thousands of Dollars selling NFTs. Young and Sick, had just 27.000 followers on Instagram when he sold an NFT for $865,000

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Crypto Assets

The unruliness of the crypto world

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What is the underlying philosophy behind decentralized cryptocurrencies? In a word, democratization of finances, hence their being decentralized. Cryptocurrencies came to remove, in a sense, the middle man of the finance world, banks, and place the power over finances in the hands of the individual. The second point would be to usurp the reach and influence of government backed fiat money, effectively becoming the medium of value exchange for most.

Cryptocurrencies have been called the currencies of the future for many of their innovative qualities.

Evidently, the crypto world is still quite in its infancy, relatively speaking, and this is the time that’ll essentially chart the course it would take, whether to remain true to the core philosophies underlying the creation of the very first one, Bitcoin, or whether it’ll deviate. And so far, a lot of deviation is what’s been happening in the crypto world. The unprecedented rise of cryptocurrencies has opened an era of private-sector controlled finance in a way never seen before. Of course, private banks and money houses have always existed but this is on a different level entirely. For one, private conventional banks use the accepted legal tender created and backed by a government whereas with cryptocurrencies, well, entire currencies are created. And there are quite a number of them.

While bitcoin and it’s copycats may have aimed to achieve democratization of finance, not all have that goal in mind. For many altcoins, the idea can be fairly simple or sometimes oddly specific such as building a currency off a joke or trend and having people trade on it as in the case of memecoins. While the argument for and against crypto use an adoption roars on, with the way the markets look and behave, one would wonder if cryptocurrencies are really money in the actual sense of the word. They could be viewed as a commodity and money, fiat money, is certainly a commodity. However, it  feels odd to think that the systems that hope to revolutionize our methods of exchanging value, hold or get their value from the very systems they wish to replace.

But of course, it can’t be helped. Even fiat currencies have their values pegged to some arbitrary thing or another fiat currency even. And today, with numerous coins in the space and the numerous philosophies and use cases backing them, as well as volatility, use for illegal activity and so many other issues, one can’t help but feel that the space is in many ways, confused. Many are in it to get a laugh, others to scam people of their money, while many are genuinely invested in seeing the tech grow.

And so, the space is unruly in some ways, amazing in others. Evidently, as adoption increases beyond interest for profit making in the trading sense, world governments are going to have to step in and really regulate the space which is probably what many crypto enthusiasts do not want. However, it can’t be helped especially seeing that there’s no consortium of sorts or standards laid down across board to really drive some sort of cohesion in the marketplace.

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