- The NFT’s batch of 10,000 Wall Street bulls sold out in 32 minutes when it launched in October.
- The group has become a way for investors to instrument their membership in the retail trading community.
- Now, the group’s creators are adding a way for retailers to add an extra layer of risk to their NFTs.
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Oil painter Cam Rackham watched in awe his collection of 10,000 Wall Street NFTs bulls sell quickly in October of last year.
In the first five minutes of the launch of the NFT kit targeting the retailers behind GameStop mania, thousands of innovative rocket ships with colorful bulls were already sold out. About eight minutes later, half of the set was purchased.
In 32 minutes, it was sold out.
“I was popping champagne, smoking a cigar in the house, and I freaked out, you know, I freaked out,” Rackham said. “I went from being an artist for 20 years…then in the blink of an eye, all of the planning and hard work paid off in a big way.”
The founders of the four Wall Street Memes Instagram account — inspired by the hugely popular Wall Street Beats novels credited with launching the memes stock phenomenon — made about $2.5 million from the initial sale, and continue to receive royalties from NFT bull-trading collectors. The lowest price for one bull right now is 0.2 ether, or roughly $638, according to OpenSea.
NFTs, digital art pieces stored on the Ethereum blockchain, are a cartoon on the famous bull statue on Wall Street. They are supposed to represent stock market optimism. Or as retail traders like to say, “stocks just go up.”
“We’re just bulls,” said Boris, one of the founders of the Wall Street Memes page, who asked not to be identified. “We hate short sellers. We hate bears.”
The NFT Group has become a way for traders to formally establish themselves as members of the retail investor community. Rackam said bull holders have access to meetups and parties, and those with multiple bulls will soon win a free NFT for a new group of Wall Street apprentices.
But the makers wanted to go beyond the NFTs, build the community, and add what Wall Street Bets traders love: taking risks.
The new gamification feature will allow bull owners to seize the opportunity to make the NFT more valuable – or worthless. If NFT holders purchase the feature, the random generator will either blow up their digital holdings or make them even rarer by adding new features to the bull.
“It’s kind of trading like options in the stock market,” Boris said. “Your choice could go to zero or you could have a 100x choice that you risked. That’s what we’re going to bring into the world of NFT.”
Rackam and Boris see their group as an extension of the retail revolution that began in January 2021 when millions of investors banded together on Reddit to make massive gains in ultra-low stocks like GameStop.
“It was a beautiful message showing that when people bond together, they can still control even something as big as the Wall Street market,” Boris said. “The message behind this NFT kit sums up, in a funny way, everything that has happened in the past year.”