All right, we have to talk about this infinite money cheat code because it’s crazy somebody figured out how to make themselves infinitely richer with the crypto nft space. So i’m talking about a couple things here. The first, of course, is this recent one right here, which is a kind of a video of a piece of real estate in the vr world. So it’s a video walkthrough. It’s definitely super cool, but this video right here recently sold for half a million dollars.
Okay, we’ll come back to that. The second thing i’m talking about, of course, is crypto kitties, which are worth several million dollars in some cases which i’ve talked about before, but the biggest story for this video, of course, is this most recent sale with beeple, which sold for 69 million dollars now. This is a collection of pieces of art by a famous artist named people, and this really begs the question for me: who are the people that are buying this and why are they spending so much money on what to normal people seems like a video on a Computer screen, or just like a jpeg and so long story, short the more research i did into this topic. The more i realized that not everything is as it seems as far as why the price is increasing so much but long story short. Somebody figured out a cheat code and they’re using a game shark code of up right up, left down, upright left right down.
I’M just kidding that was a duke nukem cheat code for all key items, but i’m super excited to talk about this one. So, let’s get into it when it comes to the markets, whether it’s investing in the stock market or the crypto market. It’s a lot like this playing card, which looks like an ordinary jack of clubs, but the reality is the closer you look, the more you start to notice that it’s not actually an ordinary playing card at all. In fact, it’s an illusion designed to get you to smash the like button. Thank you, rodney.
Let’s begin hi, my name is andre jack. Hope you’re doing well, come for the finance and stay for the infinite money glitch. So what is it exactly? So? Basically, somebody figured out a way to substantially increase their net worth for basically free using what are called crypto nfts now full disclosure – i personally own two nfts that i bought from nifty gateway, not sponsored from one of my favorite djs, who is steve aoki.
He put out a couple pieces and i bought both of them. Here’s what they look like. I just wanted to test out this space just to see what the hype is all about. Why is everyone talking about this stuff and now i’m broke no just kidding. I just wanted to test it out, but the reason i say that to you upfront is just to be transparent and honest with you and say that i have a stake in this and i’m just afraid that i’m going to hurt this space just by making this Video because in some sense of the word what’s going on in this space, is great and it’s going make a lot of people money.
But on the other hand, it’s also going to hurt a lot of people, and you should still know about it. So, just recently the washington post published their own article about what’s going on. I knew about this story earlier in the week, but i didn’t want to make a video about it until we know more facts, and now we do know a little bit more. So i can talk about it, but remember that 69 million dollar sale of people’s artwork. Let’s talk about that.
An artist by the name of beeple created an nft called every days, the first 5000 days and it sold for 69 million dollars. The buyer of that auction was somebody by the name of metacoven not related to me to kevin it’s just somebody who is obviously it’s a pseudonym, but he’s the main financier of something called metapurse. Now metapurse is sort of like a hedge fund, mutual fund that uses its money to exclusively invest in digital assets. So you can think of them as sort of like buying up all the most exclusive pieces of art and they own things like urban galaxy, f1 delta time three for supper. They own real estate and vr like decentraland.
The list goes on and on. If that meant nothing to you by the way, don’t worry you’re, not alone, just understand that they basically buy the most exclusive and expensive pieces of digital online art. But here’s where it gets interesting metapurse took this fund and fractionalized ownership of it sort of like buying fractional shares, because now anyone can buy just a sliver of it, so they create these b20 tokens which anyone can trade in the open market. There’s a maximum supply of 10 million coins. Each coin is supposed to represent 1 10 millionth ownership of whatever this fund buys and owns this way it can decentralize ownership of expensive luxury art because, let’s face it, who can actually afford tens of millions of dollars worth of art?
Very few people can so this way anyone can get started by investing as little as 1 10 millionth of the cost. So anyone can really do that. That’s the premise! But here’s where the infinite money glitch comes in metapurse comes in and buys a whole bunch of art from beeple 20 nfts for 2.2 million dollars, and then he fractionalizes this fund through these b20 tokens that anyone can buy, which remember, represents just a fractional piece of Ownership over these art pieces now that changes everything, because at the time of the washington post, article coming out the entire market cap or the overall value of all the b20 tokens combined in existence, was worth something like 230 million dollars.
Now. Here’s the catch, though this is how the supply is broken up. Fifty percent of that or five million was reserved for metapurse aka by extension medicoven. So he owns five million tokens. The other 25 or 2.
million tokens was given to the public to buy and sell, and trade and the rest of the 2.5 million tokens or 25 was just reserved, for you know, family friends, special occasions of which two percent was given to the artist himself. People now, at the height the token was worth something like 24 dollars from a low of a dollar. Seventy three: that’s a huge growth for medicoven that represents that that 50 ownership represented something like 120 million dollars to a high of 180 million dollars. If you count the reserves at the peak of that token’s value of 24, that means that even though metta kovan had spent less money on the art itself, he ended up with way more money than he started with by fractionalizing ownership over these pieces of art and That is the infinite money glitch now, if all of that sounded way too confusing, here’s a way easier way to explain it.
Imagine a deck of cards cringe. Let’s just picture that each one is worth a hundred dollars now wait a minute, andre 100 per deck of cards. That is way too expensive. Shouldn’t cards be worth like five bucks. Well!
Yes, but no, because my goal is to increase the perceived value of them as high as possible and the way that i’m going do that is really simple. I’m going buy all of them since there’s only five of them out there. It’s not that much money in the beginning, but then i’m going buy more and more and it’s going increase the value and get people really excited. And so you say to yourself i wan na buy in, but you can’t because i bought most of them. But of the ones that are rotating in and out of the market that still kind of exist well, they’re just way too expensive, so uh i’ll.
Do you a favor, i’m going put together my entire collection into one giant deck of cards? I’M not going sell you the entire thing, because remember they’re, just too expensive, so i’ll! Do you a solid i’m going allow you to buy each and every card individually, but i’m going make 10 million of these cards out there, and so anyone can buy it and you’re thinking yourself. Well, that plan sucks and you’re right, but that’s what i’m putting out and so because of that. You are making me very rich, because this is almost like.
I’M getting these decks of cards for free because by buying these pieces of art and owning all of them and cornering the market, i’ve artificially inflated their prices and, by extension, i’ve inflated the prices of the individual cards by you buying them and, by extension, i’m making Not only myself very rich, but my friends and my family and the artist and, of course, by extension, in a way the token holders as well. So then the big question becomes. Is it market manipulation it’s card manipulation? Is it market manipulation? Here’s what i think i think i spent way too long on this – take because that’s just you don’t want to know how long that was so smash the like button, and it just put me out of my misery on the surface.
It seems nefarious. It seems kind of wrong right, but let’s think about this critically, you and me you and i i don’t, but let’s think about this i’d love to hear your thoughts. Is it wrong to use your money to buy up all the assets of your favorite things? We like the stock, so what? If you used your money to gain control over the entire supply of something you truly loved just because you loved it?
Well, let’s think about this, because this happens in a lot of other industries without being stigmatized for it. For example, one of my friends gary the pokemon king owns the largest collection of the most valuable charizard cards in the world, worth tens of millions of dollars. Now it also happens to be his favorite card that he used his own money to buy into, but he’s also monopolized ownership of it, thus increasing the value of the card. Is that illegal, immoral? Or is it wrong?
Well, if he flooded the market with that charizard card, you can bet, the value would substantially decrease, because now one person doesn’t control the supply and therefore it’s a more fair market. But again he used his own money to invest in it and appreciate it in value. Is that wrong? I’D love to hear your thoughts, but okay, if it’s not that, then, let’s take a look at creating an investment fund based on what you bought. Is that wrong, illegal or immoral?
Well, in the case of the nft, what if i created a 10 earnings token, where you can invest in 10 or up to 10 of my potential, so you’re, basically investing in me as a creator and my future potential earnings. So i issue a bunch of tokens and, however many you have is whatever the percent i pay you is that wrong. I don’t think so. I think that would be a super cool way to collaborate and invest in other people, and i think that’s a wonderful thing to do. But, okay.
Well, let’s assume that it’s neither of those things. Then it’s not wrong to buy everything and it’s not wrong to create an investment fund. So why does it still feel like something’s off? Here are two reasons why i think it still feels wrong. The first reason is because you can argue and say: hey, mr medicoven or metapurse.
Why are you fractionalizing ownership of these pieces of art? If you find it such a valuable investment, i mean. If you bought a gold mine, you wouldn’t fractionalize ownership of it. You would dig for the gold if there was gold to be dug, otherwise you would sell it off bit by bit, and so it seems a little bit off, but in their fund overview it does say that they’re not as much profit driven as much as they Want to democratize ownership of art – and i love that idea i can get behind that, but to some people it sounds a little bit disingenuous when there’s clearly a lot of money to be made. That’s the first reason – and i can totally see that point, but the second reason that it feels wrong to us is because it sort of lacks transparency.
When there’s no transparency, people won’t understand how something works and when they don’t understand how something works, they create their own explanation. That tends to be wrong. I know this exclusively well when i used to do card tricks for people, because most people don’t understand how card tricks work and they certainly don’t understand how the physics of magnets work, so magic must be magnets. Can you make my wife disappear? I’M so original.
That’s not how magic works. People don’t understand in this example how the blockchain works, how nfts actually work and so rumors get spread, especially when they find out the artist owns something like two percent of the tokens, and so people whisper things like what. If the fund manager came up to the artist and was like i’ll buy your heart for 70 million, we split the profits now before you dismiss the entire crypto nft space as a scam. That shouldn’t be touched. Just remember that right now, nfts are helping real world artists today get paid and earn passive income dividends and royalties anytime.
Somebody buys their art, that’s not really possible in the real world because think about it. If you bought a piece of art from me and somebody buys it from you, i don’t really earn any money from that transaction, but nfts. Allow me to earn a small commission and that’s great it’s an awesome way of supporting your favorite artists. Another great reason for why nfts exist is because it allows people to create open markets where people can trade valuable, in-game items from you know. Real estate from the vr world to the possibilities is just endless.
We just started exploring that space, but arguably the best reason for why nfts exist is because it democratizes our ability to convert something that we own in real life into an actual asset like this little mask right here that somebody sent me and made for me. It’s super cool, look like a ninja, thank you, but this allows me to create it into a digital token that allows people to trade and invest in it. 24. 7. All around the world.
All of those things are awesome and the reason i talk about that is because long term, i believe in the nft space, which is why i would love to invite people or medicoven to come on my youtube channel and maybe explain something that either the media is Missing or maybe something i’ve missed in my video, because at the end of the day, i believe this space is great. It’S going to do more good in the long term than in the short term, but i also want to inform people that perhaps might be way too excited on hopium that this new investment class is going to take them to the moon and make them wealthy. Because maybe there is more to that story, but either way i don’t want to harm anybody because of my own ignorance or bad research, which is why i’d rather go directly to the source. But in the meantime, if you’re on the fence about this, my opinion is to remember that the people with the infinite money cheat code for now are the ones creating the game, not the ones playing it. In the meantime, don’t forget to grab up to 250 dollars worth of free bitcoin, using this block file link right here, blockfy.
om forward, slash, andre and once you’ve done that go get two free stocks with weibull by depositing 100 you’ll get two free stocks. Both can be valued up to one thousand eight hundred fifty dollars and once you’ve got the two free stocks, keep tracking them automatically. With my spreadsheet, linked down below in my patreon love you thank you so much for watching this video. I will see you back here on monday and friday, sometimes a wednesday and seriously. I would love to hear your thoughts about.
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