- MEME has introduced a new form of programmable art.
- It sells 12 identical NFTs and one holds a whole wrapped bitcoin.
- But as soon as someone reveals which NFT the Bitcoin holds, the value of the other NFTs could fall.
The team behind MEME, a DeFi project that started out as a joke in August but quickly grew into a $ 6 million meme empire. offers investors a 1:12 chance of earning a wrapped bitcoin.
On Monday, MEME will auction 12 identical NFTs depicting the painting by the film director by artist Simon Wan Alfred Hitchcock holds a magnifying glass.
However, embedded in the code of one of the NFTs is the key to a fully wrapped bitcoin (WBTC, an Ethereum-based bitcoin stand-in) valued at around $ 18,800. There is no way of knowing which NFT the Bitcoin contains until you buy your NFT and “unlock” it.
The theory is that if one of the buyers unlocks their NFT and reveals the WBTC, the value of other NFTs will crash. The work, which begins as a swirling, psychedelic mass, gives way to the Hitchcock painting as soon as it’s unlocked.
The project is called that Pulling the carpet (a nod to a ubiquitous scam tactic that can render tokens worthless), and the value of the NFT art itself, minus the bitcoin, is ultimately determined by the buyers at auction.
Even corners was a thing long before there was an actual coin called MEME. Dogecoin, one of the Doge meme, was first issued in 2013 and today has a market capitalization of over $ 400 million.
But the circular logic of twitter bits dictated that an engineer should develop a coin called MEME on the Ethereum blockchain this summer.
MEME is the third most popular of the meme coins with one after Monacoin and Dogecoin Market capitalization of nearly $ 7 million. (Disclosure: The coin’s creator Jordan Lyall is an employee of ConsenSys – an editorially independent contributor Decrypt is financed by ConsenSys).
Lyall told Decrypt that Robin Schmidt, a video producer at The Defiant, introduced him to the idea. “I thought it was a really inventive idea that would fit the MEME brand. So we decided to work together and expand the project,” he said.
He liked the way it challenged the buyer, “Open it up as the owner and take the chance at a BTC where you run the risk of pulling a rug yourself?”
The NFT room continues to heat up and people fall absurd amounts of money for digital art and collectibles.
And there is a parallel between NFTs and memes in terms of constructed value and social currency. They are only worth the attention people are willing to pay at any given point in time.
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