Why I paid $572 for the "Collectibles" launch cast by @dwr.eth:
Earlier today, I won a bidding war with @yes2crypto.eth, whose participation in the auction made me feel even better about bidding because I have found him to be a great judge of value in crypto.
As a result, I am now the sole owner of the "Collectibles" launch cast, pictured below.
I don’t usually spend hundreds of dollars on a single NFT, or any kind of collectible, physical or digital. In fact, I believe this is the 3rd most expensive NFT I have ever bought myself behind a milady and a mfer.
But I’ve made a lot more than $572 as a result of being on Farcaster these last few years, and this felt like a good opportunity to pay it forward.
@dwr.eth said he will donate 100% of his collectibles revenue, "probably to the protocol rewards", so it is safe to assume that my $572 will be going fully to farcasters as a part of Farcaster's initiatives intended to help grow the network.
That said, this was not a purely selfless or altruistic act.
This is Farcaster’s first and biggest bet on creator monetization.
If you paid attention to what people said about Zora's pivot to coins when they first did it, and if you're paying attention to what people are saying about Zora's model now, you'll know that initial consensus doesn't always reflect near-term consensus, let alone long-term success.
While most experiments carry a large probability of failure, there is also some probability that Farcaster Collectibles become far larger than most anyone can currently imagine, myself most certainly included.
If Farcaster Collectibles do indeed become valuable in the long run, this one would seem to be one of the most obviously valuable among them.
Don't get me wrong. I don’t expect to see that $572 back ever, let alone to make a profit. I'll probably just keep it. But the potential upside for its value on the secondary market is clearly multiples if not orders of magnitude higher than my winning bid. If I can make a bet with massive upside which I am completely content to lose in full, I'll generally do so.
Lastly, I like auctions and I like NFTs, as is demonstrated by the time and energy I've committed to $QR and @basecolors, respectively.
I'd be rooting for the success of Farcaster and Farcaster Collectibles regardless, but now I am one canonical collectible more incentivized to do so.
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