He thought NFTs were cool way before you did.
Palm NFT Studio welcomes DC Investor, a prominent crypto investor and curator of one of the world’s greatest NFT portfolios of all-time. DC Investor also acts as an extensive advocate for Ethereum, the world’s second most valuable blockchain by market capitalization and the leading public blockchain for programmable, decentralized applications.
In this In My Wallet series, we’re exploring DC Investor’s ability to decipher the value of NFT collections within the vast world of digital art projects based in the crypto ecosystem.
His NFT journey started with an interest in early projects like Cryptokitties, a blockchain game infamous for clogging the Ethereum blockchain with exorbitant transaction capacity. DC Investor didn’t necessarily view NFTs from an art perspective back in 2017-2018, but still viewed projects like Cryptokitties and Axie Infinity as utilization of assets that can be used within a gaming ecosystem or digital metaverse.
As NFTs create this new asset class of value on decentralized networks, they’re also expanding the economic bandwidth of the blockchain networks at large. DC Investor also views NFTs as an immense value proposition for Ethereum and other decentralized network systems. The nature of ETH also enables the censorship-resistant value of ETH to be used as a collateral asset. In terms of NFTs, these new assets allow us to interact and transact with each other in economically important ways.
In this world, economic settlement & security become the primary value proposition of Ethereum L1, and L2 and centralized side chains are used as computational layers with those assets. – (Hossain, 2021)
In 2021, DC Investor started to truly see people who were immensely passionate about their NFT collections, specifically Cryptopunks. CryptoPunks, an Ethereum-based NFT collectible series created in 2017, currently exists as one of the earliest examples of crypto-collectibles that saw their prices explode as the market for NFTs became increasingly popular in 2021. This newfound intersection of identity within Web 3.0’s ecosystem enabled users to create an exciting new form of value around their favorite works of art.
The concept of the PFP collection—or profile picture collection—has inspired artists to share their artistry in a way that creates excitement around transferable identity and creating multiple identities that fit the space and time that a person is currently experiencing on the internet. PFPs have also gained steady traction in the physical world as these widely recognizable (or subcultural) NFTs create community and communion amongst internet users.
DC Investor first obtained Cryptopunk #294 for a sale of around 12 ETH in early 2021, while CryptoPunks now have a floor price—a term used to address the lowest price at which a piece from an NFT collection can be bought—of 100 ETH. Not only have NFTs created an entirely new asset class for the world, but they have also created important recognition over the types of people that are collecting these artworks from the crypto ecosystem.
Beyond NFT collectibles, 1/1 NFTs—a term used to describe an individual artwork that isn’t tied to a collection—also present the closest comparison to the traditional art world. Although DC Investor doesn’t dabble as much within 1/1 NFTs, he’s still managed to obtain a remarkable range of works from early NFT artists such as XCOPY, Anne Spalter, Coldie, and more.
NFTs are continuing to attract new players in the art world alongside more traditional institutions that are quickly warming up to the idea of non-fungible tokens as a legitimate art form. While these new tools continue to shape the next generation of art, collectors like DC Investor are curating this digital revolution along the way.