Sometimes we have the most random ideas, but a 22-year old Indonesian student Ghozali Ghozalu decided to push through with it. Long story short, the idea paid off. It was simple – he took a photo of himself every day for 4 years (2017-2021), then minted the entire collection as a set of NFTs.
The entire thing blew up in value. He started off selling these selfies at 0.001 ETH, which at the time of writing is at Php 167. Well, it blew up in no time. Deals and transactions were being made with this collection, and at one point the floor price was at 0.9 ETH (Php 150,724) meaning that these selfies had ballooned to 900x their original value.
As of the moment, the average price per transaction is at 0.19 ETH (Php 31,819) while the total sales volume for the collection is at 314 ETH (Php 52,586,019). The floor price is still hovering at around 0.237 ETH (Php 39,690). Who would’ve thought.
Based on my own interpretation, the reason for this pump isn’t necessarily the quality of the art. Ghozali is an average-looking person like you and me. The real reason is that this collection continues to redefine what can be considered NFTs or not, even if there is no real utility behind it. This will help the field grow and expand, leading to more use-cases in the future.
Ghozali’s collection may be just an expensive meme today, but it may prove to be the catalyst to an avenue of possibilities. We’ll just have to wait and see.