Broke Artist gets freedom from NFT Sale

GM Friends. Today is launch day for the viral Crypto Boy song by Salem Ilese on music NFT platform sound.xyz. Mint here.

We feel this collection will launch a Music NFT summer. Also Salem is gonna be a star. Young, charismatic, sings, and attractive. Killer combo that always wins. If we are wrong, forget you read this.

Today's Topics:

• @jmw327 on Twitter went from Broke to Baller in one NFT

• Coinbase wants employees to 1984 each other

• The Rich ruin climate flying to discuss climate change

• Quick Links

Jmw went from Broke to Baller in one NFT

Image Credit: JMW

Story time. A pixel artist known as @jmw327 on Twitter built up a strong following over many years. There was one problem. They were making peanuts for their work selling the occasional print or doing some commissions. Fast forward to 2022 and the world of NFTs.

@jmw327 tweeted out the following on May 13, 2022

Some people were provoked and others were supportive. Jmw claimed to make less than 10K a year from their work which is way below the poverty line.

The Federal poverty line is $12,880. You can make more working at McDonald's. We are guessing this person is young and lives at home with their parents. Otherwise they would be on a cardboard box in the street.

A tweet 2 hours later:

Corner sold for 20.90 ETH or $41,344.17 USD at time of sale. For someone who has never made over 10K a year this is a life changing amount of money. Lambo next?

The formula is similar to artist Beeple's rise :

1/ Create art you love for years and build an audience.

2/ People will notice your work but you will barely make any money.

3/ With the power of NFTs you can now monetize your audience.

4/ Deep pockets patrons will buy to build their collections or as an investment.

This type of behavior would take even longer in the traditional art world. Artists often get famous after they die. NFTs have given value to digital art that would have been overlooked in the past. Social media allows artists to amplify their reach faster than ever before.

Cozomo de’ Medici, a well known NFT collector on Twitter recently purchased @deekaymotion’s ‘Life and Death’ for $1M USD or 310 ETH.

Investing in 1 of 1s is a smart strategy vs going after 10K PFP projects. Why? Automatic scarcity. If these artists do get involved in the PFP space expect their original 1:1 artwork to blast off in price.

What is the average investor to do? Our strategy is to follow animators and artists we like on twitter before they blow up and buy their early NFTs. Follow people who have less than 10K in followers. See if they launch early NFTs. Buy and hold for the long term.

Our Prediction: Fishing Hole will go for over 10ETH. Bid here on Foundation.

Coinbase wants employees to 1984 each other

Ray Dalio the hedge fund manager who founded Bridgewater coined the term ‘Radical Transparency’ in his management philosophy. As cool as the term sounds it stands for being open about performance among coworkers, salary transparency, meeting notes, and sensitive company information. The thought is more info helps foster discussion and better decision making.

Coinbase is going to adopt this via an app where employees can rate and review interactions with each other. We like Ray Dalio too but we are not gonna implement an app rating system on our team. Mainly because we are all awesome and pressing a perfect 10 every time gets annoying.

Experts have cautioned this approach can lead to people clamming up and sharing less. We just call it the 1984 effect.

Our take: The workplace is not Yelp. Our novel suggestion is, talk to your coworkers in person about any issues you have vs go ninja on them in an app.

The Rich ruin climate flying to discuss climate change

This was followed by a helicopter ride of course. Do as we say but not as we do?

Crypto was well represented even in a bear market. Attendees focused on adoption and regulation.

Quick Headlines

The Fed says 12% of Americans used or held crypto in 2021 - 13% of the people using crypto for payments are unbanked. Guess the dudes at Bankless can be happy now.

Pharma Bro getting out of prison to become Crypto Bro? - He is bullish on Uniswap and ETH. We second that.

Magic Johnson launched NFTs on Top Shot - We love MJ but this has to be called a top on NFTs. June 7 drop if you are desperate.

Ebay dropping Wayne Gretzky NFTs - Can’t say we are fans of hockey but we love this Gretzky quote: “I skate to where the puck is going to be, not where it has been.”

Balenciaga accepting crypto - Now you can pay for those ugly shoes with Bitcoin and ETH.

GameStop launched a ETH wallet - If you are planning to use this you got 99 problems and a wallet ain’t one of them.

Hit Reply to let us know how we are doing! We would love to hear from you.

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Disclosure: We are a newsletter for information only. We are not financial advisors nor do we claim to be. Consult your legal, investment or tax advisor. Crypto is risky. Do you own research.