Today the “jpg stones” on EtherRock have been sold for 179 ETH and 187 ETH, setting a record of over 600,000 U.S. dollars. What kind of magic power do these sky-high “jpg stones” have? What is the sky-high price logic behind it? Let us use a set of tweets from Andrew Kang, the founding partner of Mechanism Capital, a blockchain investment institution, to get a glimpse of what he believes is the “Fat Rock” investment theory.
Written by: Andrew Kang, Founding Partner of Mechanism Capital, a blockchain investment institution
1. I want to discuss the investment theory of “Fat Rock” through this group of tweets.
2. So far, those of us who have explored the field of NFT understand that the value of the jpg images we spend money can be traced back to the desire of other people to own them, and this is different from traditional art, collectibles, and fashion lists. There is not much difference in terms of quality.
So why would people want to own NFT virtual stones?
3. For some NFTs, you can argue that they are aesthetically pleasing, they have amazing origin/generation stories, they can be used in games, etc., but these theories are not applicable to NFT virtual stones.
4. In fact, the stone jpg metadata is not even a meaningful ownership storage, and it is not even permanently bound to any visual representation .
5. But this (lack) design further increases the idea that it is useless, and this idea is precisely the reason why NFT stone images are so popular in the first place.
Having such a completely useless thing is a typical example of the trend of “flex” (rich is self-willed) .
6. The Flex culture is like this:
- Can your car accelerate to 100 kilometers in 2 seconds?
- Does your Gundam RM version have 100 parts?
- Does your yacht have a helipad?
This NFT stone will not even link to the stone image, we just like the stone .
7. Scarcity
- The stock of Patek Philippe watches is 800,000+
- Hermes platinum bag stock is 200,000+
- The stock of Picasso’s works is 50,000+
How many stone NFTs were issued in 2017?
100! There are only 100.
8. Owning a stone is not only a kind of “flex”, but also allows you to enter the exclusive community-StoneHenge.
It’s a bit like The Battery or SoHo house in Manhattan, New York. The rarer is more expensive, and it’s super cool .
9. As NFT stones become more and more expensive, this community has become more and more exclusive. Fewer and fewer people in the world can be so mentally disabled that they can spend sky-high U.S. dollars for a digital stone.
10. Among the NFT collections currently, only Autoglyps’s forced grid can outperform it (currently this is the case).
11. Given that the supply of cryptopunks/apes/penguins exceeds 10,000, it is easy for people to collect them, and in fact there is an oversupply.
In the collection of NFT virtual stones, although some collectors have more than one NFT virtual stone, the distribution of virtual stones is the best among all major NFT projects, and the number of holders is equivalent to more than 80% of the collection.
12. Then will my rubbish post become obsolete in 5 years, or will our NFT virtual stone become worthless?
Whichever result is OK, this is the flex culture.
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