Popular precious metals investment group Wall Street Silver made a post over a week ago talking about Paul’s major profit loss, insinuating that this is a reason why people should invest in hard assets and not a volatile NFT.
However this isn’t anything new per se, as Paul admitted that he took the massive hit in July of this year.
A year ago, I spent $623,000 on an NFT. Today, it’s worth essentially nothing. I’ve immortalized this mistake in 99 Originals with an exact replica helmet & outfit.
However, this is not a huge loss for Paul by any stretch, as his net worth is currently estimated to be around $45 million.
As explained by Watcher.Guru, a popular cryptocurrency and NFT outlet, explained that this NFT in particular is called “Bumblebee,” made by the artist known as ‘Azuki.’ This Bumblebee NFT is one of 10,000 unique illustrations in the entire collection. When Paul made the purchase, he actually paid for it with 188 Ethereum coins, the second largest crypto behind Bitcoin.
The outlet wrote, ‘The development shows that the markets are strongly under the bearish grips and the NFT hype is fizzling out. In addition, the Metaverse is facing challenges as Delphi Digital published a report that shows trading volume for Metaverse fell 98%.’
Interest in the ‘Metaverse’ was kickstarted by a set of bullish announcements in Q4 of last year from companies including Meta, Grayscale, and Citibank. After its peak in 2021, trading volume for virtual land has dropped as much as 98%.
Delphi Digital explained
But it seems not everyone associated with Paul has learned the lesson about the volatility of NFTs. Paul’s co-host for his podcast “Impaulsive,” Mike Majlak several months ago purchased a $4.1 million home in Los Angeles with an NFT as a down payment – a “Bored Ape” NFT worth around $715,000 at the time.
AUTHOR COMMENTARY
Charge them that are rich in this world, that they be not highminded, nor trust in uncertain riches, but in the living God, who giveth us richly all things to enjoy;
1 Timothy 6:17
I am not here to mock Paul and company, but rather make a teaching lesson out of it. Lesson learned: don’t invest in “uncertain riches.”
Regulars know that I have been quite skeptical and pessimistic about cryptos and NFTs in general, as so many of the industry’s prognosticators are just slimy and shady, pushing classic Ponzi, pyramid, pump & dump schemes. NFTs especially are hilarious. There is a little function on your mouse called copy and paste. When people boast about their NFT purchases, I can literally just copy and download the jpg file and make it my own for free. It’s silly indeed. Of course, a lot of this is predicated on the metaverse function, as these files can then be ported over to those worlds via the blockchain. And even then they are still not secure.
Nevertheless, as noted in this report, this is congruent with the bearish market cryptos and NFTs have been in for a while now. And with nations around the world looking to finally regulate them, their value will presumably really shrink in value from where it already is now.
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
The WinePress needs your support! If God has laid it on your heart to want to contribute, please prayerfully consider donating to this ministry. If you cannot gift a monetary donation, then please donate your fervent prayers to keep this ministry going! Thank you and may God bless you.
I can’t even figure out what NFT means, let alone sink money into it. Just more ephermal, wispy, nothingburger ventures that lead to nowhere as far as I’m concerned. Much like the goals and ambitions of plenty of today’s young people.
Non fungible token
What’s a non fungible token? Never mind, I really do not want to know. I stay away from stuff that is as clear as mud, lol
These are tokens immune to fungus infections.
But seriously, it’s good to know about these things. To know the enemy’s devices. I didn’t know exactly what NFTs are before this article, except the idea that it is related to the technological system Satan’s and his minions are working to implement.
2 Corinthians 2:11
lest Satan should get an advantage of us: for we are not ignorant of his devices.
Thanks for the link, kddlporter.
I didn’t know what it was either! Though I had a vague memory of it having something to do with all the fantasy digital reality stuff, virtual….that Jacob reported on earlier. After being told what it was, it took all of 10 seconds max to type it into the search bar and find out more if I wanted to. In less than a minute I had the definition. No biggie. Insanity in my book….but a reality. https://www.investopedia.com/non-fungible-tokens-nft-5115211