09.12.2021

The most useless NFT token in the world – what is it?

FTX, a major cryptocurrency exchange, joins the hype around unique tokens. On the eve of its CEO Sam Bankman-Freed announced the launch of a platform for selling NFT.

The launch of the site was remembered for another interesting event – the auction of a unique token with the painted word Test from Bankman-Fried himself. Hundreds of thousands of dollars are offered for NFT, and this token clearly claims to be the most meaningless. Let’s talk about the situation in more detail.

Recall that NFTs are unique tokens in the blockchain of a certain cryptocurrency, which are assigned various works such as drawings or songs. Since blockchains are transparent, anyone can see the owner. The same applies to the number of tokens that guarantee the limitedness of the work or even its uniqueness.

The industry attracts a huge amount of investor funds. And this even applies to those cases when the work is obviously unattractive.

Test NFT token for hundreds of thousands of dollars

Earlier this year, unique tokens caused a huge hype around them – artists, musicians and just famous personalities joined the new trend, who managed to earn millions of dollars on hype in just a few weeks. During the first wave of popularity, the most expensive NFT in history was sold, the author of which was the artist Beeple. The work called EVERYDAYS for 69.3 million dollars looks like this.

NFT token art

EVERYDAYS: THE FIRST 5000 DAYS

The second wave came in August, during that month the OpenSea trading platform processed $ 1.14 billion of NFT trades. It looks like FTX is looking to grab a significant chunk of this new space. Its own platform for the issuance and sale of unique tokens was announced back in June. Then Bankman-Freed noted that NFTs on FTX will work on different blockchains – Ethereum and Solana.

As a result, before the launch of the trading platform, NFT appeared on it directly from Sam, who wrote the word “Test”. There is nothing else in the picture, in addition, the letters themselves turned out to be uneven and resemble the paint editor. Despite this, 250 thousand dollars have already been offered for this work – this was the record rate among the auction participants at the time of this writing on Tuesday morning.

nft token cryptocurrency blockchain

Test NFT from Sam Bankman-Fried

And although the work seems comic and meaningless, you can also consider the meaning in it. First, the release of the NFT essentially heralded the launch of the trading platform from the FTX exchange. Secondly, the author of the inscription is billionaire Sam Bankman-Fried, who is widely known even outside the cryptocurrency community. In fact, the word “Test” in the form of an NFT token can be perceived as an autograph of a celebrity – and in a single copy.

Against the backdrop of these events, the price of Solana jumped up sharply: this morning the altcoin already managed to overcome the level of $ 189, although almost two months ago it was trading around $ 30 .

solana sol course

Solana daily chart

At the same time, in the first eight hours, users of the FTX platform created over a thousand NFT tokens. And this is an obvious success for such a start, which once again confirms the seriousness of the hype around the niche.

As you can see, things that are popular at a certain moment can do a lot for the projects associated with them. A year ago, decentralized finance was in trend, but now NFT is in the spotlight.

We believe that in this case, the NFT token from Sam Bankman-Freed is the best possible way to emphasize the scale of the hype around this area. And although any person could in fact make a similar inscription, in this case it was created by a famous billionaire, and this is confirmed by information in the blockchain. Accordingly, from the usual word “Test” it has already turned into an object of desire for collectors who see value in the inscription because of its uniqueness. It looks like the NFT industry is still waiting for new records.

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