NFTs can be a controversial topic depending on who you’re talking to. They exploded in the last bull market and made quite a few people a ton of money. They were the hottest topic of the second half of the 2021 bull market. The explosion of Cryptopunks and Bored Apes to the scene embodied Web3.0 culture and brought it mainstream.
You can’t even try to deny it, they were everywhere. BoredApe clothing was all the rage, soon ape branded water bottles began to appear and then came the ape themed restaurants. I’m in Medellin and just saw a giant Cryptopunk mural on the side of a house, these two projects were everywhere.
You can’t forget about NFT NYC, a sort of NFT conference of sorts. No, more like an in-person club event in the heart of the financial world. NFT NYC was an event filled with exclusive parties for NFT holders. To get into many parties one needed to show proof of NFT ownership. People flocked to the event from all over the world, and the stories from the event have become legendary.
Then came the bear market for NFTs, and if you thought crypto bear markets were bad, this was worse. So many people thought at the end of the last crypto bull market that NFTs could serve as a store of value for their crypto. Truth be told for the first few months of the crypto bear market it seemed like they might’ve been right. Eventually though the NFT valuations started dropping hard, not even Cryptopunks or Bored Apes were spared.
Of course, Cryptopunks and Bored Apes were just two of the many NFT projects that were born in the last cycle. Another very cool and interesting project was mfers by Sartoshi.
Sartoshi is now very well known in the NFT world, but when the project first launched he wasn’t nearly as widely known. The name Sartoshi obviously resembles Satoshi Nakamoto, the anonymous founder of Bitcoin, and Sartoshi is just as mysterious. He dropped mfers, an NFT project of just over 10,000 unique stick figure drawings.
However, the legend of Sartoshi took another turn when he deleted his twitter account and disappeared in 2022. He left his followers with a parting gift of an open edition NFT dubber “End of Sartoshi”, or eos. With that he vanished into the ether… at least for a while. Sartoshi ended up reappearing in 2023 and giving all eos holders the chance to mint new NFT projects from other artists.
Sartoshi and the mfers became somewhat notorious in Web3.0, so it is no surprise that he retained the ability to shake things up.
Unless you’ve been hiding under a rock you know that memecoins have been all the rage this cycle. Some have skyrocketed into multi-billion dollar valuations seemingly out of nowhere. From $Pepe to $wif, memecoins have been everywhere. It seems like most crypto traders have been focusing their time and attention on memecoins this cycle.
Prominent web3.0 figures have been dropping their own tokens left and right over the last few months. So it shouldn’t come as too much of a surprise that Sartoshi joined in on the trend. This past Friday, March 29th, Sartoshi released the whitepaper for mfercoin ($mfer), a token relating to the mfer NFT project. Not only did he release $mfer through a fair launch, where there was no pre-sale and no team allocation, but he also airdropped $mfer tokens to just about all of his previous collectors.
That means anybody that owned mfers, eos, or any of his other NFT collaborations received some tokens. That already would have been good enough for most, but $mfer was just getting started. Given Sartoshi’s track record and reputation, investors piled into $mfer sending the price of the token skyrocketing. In the first 24 hours $mfer climbed by over one million percent…
After hitting a peak of about $0.30 the price of the mfer token is now trading near $0.15. The total marketcap of the project peaked at just about $300 million in just hours. This rapid rise in the price of the token made some of Sartoshi’s biggest and most fervent collectors millionaires almost instantaneously. Some are waking up on Monday and just now realizing that they had been airdropped 6 and 7 figure allocations of mfercoin.
Talk about a good weekend. Of course, not everybody was so lucky. Some traders flipped their $mfer way too early with a case of the paper hands.
This just goes to show how crazy the world of crypto and NFTs can be. The volatility of traveling from bull market peak to bear market low can shake even the most steadfast investors. My takeaway from this story is that no matter how good or bad things can look at times, those who stay involved in this market for long enough are almost always rewarded in the end.
At the end of the day succeeding in crypto isn’t very complicated. The trend is your friend until the end. All you need is patience, discipline, a little luck, and eventualy your opportunity will come.
