The cryptocurrency market was already off to a dismal start to 2022, but has fallen further in the last week, removing nearly $500 billion from the global market capitalization in the 24 hours between Friday (21) and Saturday (22).
Bitcoin (BTC) and ether (ETH) have plummeted to prices not recorded since the first half of 2021.
CryptoTwitter, as always, turned to humor and memes to deal with grief.
Of course, while pundits were focused on the price drop, it was far from the only conversation on CryptoTwitter, which directed its attention to poking fun at a decentralized autonomous organization (or DAO) confusion over intellectual property and the controversial Twitter initiative to verify profile pictures (or PFPs) of non-fungible tokens (or NFTs).
Market suffering… and memes
The cryptocurrency market has been depressing this year, but things have only gotten worse in the last week. HODLers dealt with the massacre with jokes and memes. Without further ado, here are some of my favorite memes. Decrypt:
– People don’t make fun of me via messages anymore. They send messages of comfort as if my life has been ruined.
– As far as my family knows, I am a very good cryptocurrency investor. Prices have hit record highs and are only going up.
– The absolute state of CryptoTwitter these days.
And not all tweets about the market crash were jokes. Many major crypto investors and entrepreneurs have resorted to the heartfelt, optimistic, encouraging mantra reminiscent of “let’s get our heads down and develop” from the last “crypto winter” in 2018.
– [Aqui vai] an elitist mindset of “we won’t make it” (or NGMI) in crypto, but the clever false explanations of why a copy project also has “we won’t make it” value. Let’s all watch as the shit in this industry goes down the toilet so authentic communities can really flourish.
The DAO Dune Bible fiasco
In December, the Decrypt reported on Spice DAO, another in the recent parade of DAOs formed for the purpose of buying a physical asset. The group guaranteed $3 million to acquire Alexander Jodorowsky’s “Dune Bible.”
The rare book is a screenplay for an unreleased film (not to be confused with “Duna”, de 1984, by David Lynch, or the adaptation “Danube,” de 2021, by Denis Villeneuve).
Last Saturday, Spice DAO unveiled its post-auction master plan: it plans to “make the book public” and “produce a limited original animated series inspired by the book and sell it on a streaming service.”
But getting a copy of the document is not the same as getting the commercial rights to the story. And the contents of the “Dune Bible” are already public, viewable in a drive do Google.
The group’s apparent confusion reiterated some of the flaws people identified in DAOs and their ambitious goals.
When Monday (17) rolled around, CryptoTwitter (and the general press) had a full day to poke fun at the group’s misconceptions.
Gary Brannan, from the webseries “Two of These People are Lying” he tweeted: “I actually spent ten minutes analyzing this but, no… it REALLY seems to be true that a group of ‘cryptoguys’ spent €2.6 MILLION – 100x the asking price – for a book up for auction in the erroneous belief that would get the copyright on it.”
Péter Szilágyi, leader of the Ethereum team, reacted to the DAO’s proposal to burn the original book with a serious accusation: “And we wonder why people hate crypto. I’m ashamed of [cripto] have allowed someone to at least consider doing so.”
On Thursday (20), Spice DAO published a series of tweets, addressing the “common misconceptions” about the project and confirmed how he understands he does not own the rights: “Yes. After two months of publicity, conversations with former business partners and consultations with legal counsel, we were unable to reach an agreement with any of the rights holders involved in creating the artist’s book content.”
Spice DAO also belittled the burning of the book, saying it was a proposal from an outsider, which surfaced on the Discord server, until the community flagged the post as inappropriate and removed it.
Despite major setbacks, Spice DAO tweeted that he will continue to push for an animated series based on Jodorowsky’s “Dune Bible.” The DAO placed Alex Garland, director of “Ex_Machina”, on your wish list for those who should adapt it…
Bukele mocks misinformation about Moody’s and buys more bitcoins during the crash
The president of El Salvador and bitcoin maximalist is a constant presence in this weekly roundup. This week, his Twitter account has been busier than usual.
On Monday (24), the finance website Investing.com tweeted the following headline in capital letters: “MOODY’S DOWNSDOWN EL SALVADOR SOVEREIGN CREDIT RATING FOR #BITCOIN TRADING ACCOUNT”.
That tweet also included a map of El Salvador, changing the country’s name to “El Hodlador.”
Bukele responded to the tweet also in capital letters: “URGENT: EL SALVADOR DOESN’T CARE ANYTHING.”
Looks like the Investing.com headline was wrong, according to the Bloomberg. Moody’s had lowered El Salvador’s credit rating in July 2021, but has not changed the rating since.
When Bukele isn’t angrily responding to criticism, he’s proudly declaring that he bought bitcoin in the fall and, on Friday, did it again.
He responded to one of his own tweets from the previous week when he complained about missing the moment of the fall and added: “No, I was wrong. I didn’t lose it. El Salvador just bought 410 #bitcoin for just $15 million.”
Budweiser, Burger King and Netflix are eyeing the crypto market
The big news from a CryptoTwitter brand in the last week was that Budweiser acquired its first NFT. The Bud Light Twitter account shared the news with a two glasses emoji to show that he had purchased an NFT from the Nouns collection.
The account also changed its profile picture to display the purchased avatar.
Nouns is a DAO that issues only one unique NFT per day. The avatars are low-res, in the style of CryptoPunks. The fascinating thing about Nouns is that the money for each NFT goes into the DAO treasury.
NFT holders vote on how the money will be spent. Each NFT equals one vote and holders choose projects and initiatives that will become open source intellectual property.
On Thursday, Burger King indicated that it is curious about NFTs or (was just trolling). The British entity of the giant fast-food company tweeted: “ok, we want to know… what is an NFT?”.
The bill “Netflix Engineering” asked for the same advice on NFTs from his followers: “What is your opinion on NFTs?”.
Twitter introduces verification for profile pictures with NFTs to “haters” displeasure
On Thursday (20), Twitter introduced verification with profile pictures with NFTs.
But there are a few caveats: the feature is only available to Twitter Blue subscribers, iOS only (although Android users can view NFTs), and only in the US, UK, Canada and New Zealand.
The new feature allows you to prove that you own an NFT (if it was issued on Ethereum and verified by OpenSea) and Twitter will reflect the verification with a hexagonal border.
But the hexagon soon became an object of ridicule and a target for people who hate NFTs.
– Twitter just asked me if I want to turn my profile picture into an NFT. I’m shaking, vomiting, crying. I just want to go back to the time before these nerds popularized this shit and made them stop. It’s all over the place. My god, they’re coming. Have mercy.
– The first to write a script that automatically locks everyone with a profile picture with hexagon will be supported.
Elon Musk, Tesla CEO and supporter of dogecoin (DOGE), was not thrilled with the feature. He tweeted, “This is annoying” before adding, “Twitter is spending engineering resources on this shit while crypto scammers are partying with spambots in every tweet!?”
The next few weeks will see whether NFT fanatics will welcome the hexagons despite the ridicule or surrender to the criticism and make the feature fail. But Musk is right about these spambots.
*Translated and edited by Daniela Pereira do Nascimento with permission from Decrypt.co.