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Elon Musk reposted 28-year-old’s meme, it sold as an NFT for $20,000

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Elon Musk reposted 28-year-old's meme, it sold as an NFT for $20,000



It’s no secret that billionaire Elon Musk loves memes. He frequently reposts them on Twitter, where he has 61 million followers.

Though some dislike his reposting, as he often neglects to give the original meme creators credit, others have profited from Musk’s practice, including self-proclaimed “hobby artist” Eva Beylin.

Beylin was thrilled when Musk reposted her meme on Wednesday. “The ultimate prize of memeology is for the ultimate meme lord to use your meme,” Beylin, 28, tells CNBC Make It.

Even though Musk didn’t give her any attribution, “I am over the moon,” she says, adding that she’s a big fan of Musk.

Beylin’s meme, which she named “Love in The Time of Web3,” depicts a cartoon couple admiring the prices of bitcoin and ether, which are $69,000 and $4,200, respectively, in the meme. While the price of bitcoin hasn’t hit $69,000, the numbers are an obvious nod to meme culture.

As the director of The Graph Foundation, which supports blockchain data protocol The Graph, Beylin is passionate about Web3, which is the decentralized iteration of the internet that powers blockchain-based applications like NFTs.

“Love in The Time of Web3” got a lot of attention following Musk’s tweet. That night, Beylin listed it as an NFT, or nonfungible token, on marketplace Zora, and two days later, it sold for five wrapped ether, which is about $19,800 at current pricing, to an anonymous buyer.

“It is surreal,” Beylin says.

Though it was Beylin’s idea to create the meme, she did not design the image of the cartoon couple or edit the prices of bitcoin and ether.

Beylin was inspired to create the meme after seeing a post by another Twitter user who edited the cryptocurrency prices and tweeted it as a joke.

To compensate the user, who is known as @shegenerates, Beylin gave her 20% of the proceeds from the NFT sale. Shegenerates was fine with Beylin using her edit, she tells CNBC Make It.

“Personally, I have [Musk] blocked on Twitter, so I only saw it after Eva [Beylin] posted about him sharing it. I wish I got all those likes myself because I can only imagine how much serotonin my brain would make with all that attention, but memes are permissionless, so it’s just cool to see things I shared around,” Shegenerates says.

Beylin doesn’t know the creator of the image depicting the cartoon couple. And because of the legal gray area that NFTs exist in, it’s not clear whether the use of this image infringes on any potential copyright laws.

With her cut of the sale, Beylin plans to reinvest in other artists by buying their NFTs.

“As a hobby artist, I’d never be able to reinvest in art or have my art paid for [without NFTs]. So, my thing has always been reinvesting back into NFTs,” she says.

The buyer of “Love in The Time of Web3” has already relisted the meme for 69.42 wrapped ether, or about $275,000. Though it’s less than the buyer’s asking price, a bidder already offered 6.94 wrapped ether, or about $27,500, for the meme.

If it resells, Beylin will earn a 15% royalty, she says.

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Don’t miss: This 12-year-old coder helped develop an NFT collection that made over $5 million in 3 weeks





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‘Dogecoin killer’ shiba inu is up–here’s what to know before investing

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'Dogecoin killer' shiba inu is up–here's what to know before investing



Another dog-inspired cryptocurrency called shiba inu, or SHIB, hit an all-time high of $0.0000594 on Wednesday.

Despite its price being below 1 cent, the “meme token” has garnered a lot of attention. Shiba inu now ranks No. 11 among the top cryptocurrencies by market value, according to CoinMarketCap. It is up more than 111% over the past seven says, as of 9:42 a.m. EST on Wednesday.

Shiba inu, dubbed the “dogecoin killer” by its supporters, is trailing closely behind dogecoin, which ranks No. 10.

Though shiba inu is cheap to buy and it may be tempting to jump in, experts say investors should do their research first.

“Before investing in any cryptocurrency, it’s important to understand what you’re investing in and the associated risks, not just hype around it,” Douglas Boneparth, certified financial planner and president of Bone Fide Wealth, tells CNBC Make It.

Shiba inu is typically considered an altcoin, which refers to the multitude of cryptocurrencies aside from bitcoin. Cryptocurrency can be a very volatile and speculative investment in general, but experts say altcoins can be even more so.

Here’s what you should know.

What’s SHIB?

Shiba inu was created in August 2020 by a pseudonymous founder called Ryoshi. As its name suggests, the token is inspired by shiba inu dogs.

Shiba inu is an Ethereum-based ERC-20 token, which means it is created on and hosted by the Ethereum blockchain, rather than its own blockchain.

Ryoshi decided to launch shiba inu on Ethereum because it’s “already secure and well-established,” according to the shiba inu white paper, or, as its community calls it, “woof paper.”

However, experts warn that the ease of launching a project on the Ethereum blockchain means that underdeveloped cryptocurrencies can be launched into circulation at a low cost to a developer.

Shiba inu has a total supply of 1 quadrillion. Ryoshi claims they do not hold any shiba inu coins and nearly half of its supply is locked in a liquidity pool on decentralized exchange Uniswap. The rest was sent to Ethereum co-founder Vitalik Buterin.

According to shiba inu’s white paper, Ryoshi sent tokens to Buterin with hopes that he’d keep the tokens. However, Buterin did not. He burned a majority, taking them out of circulation, and donated a significant amount to the India Covid Relief Fund and other charities.

What are the risks?

“Altcoins like SHIB are primarily community-based, meaning their success is largely dependent on the success and growth of its community instead of its utility,” says Boneparth, who has invested in bitcoin since 2014. Indeed, Ryoshi calls shiba inu an “experiment in decentralized spontaneous community building” in its white paper.

Experts warn that any cryptocurrency investment can result in the loss of your entire investment. They generally recommend that you only invest what you can afford to lose, regardless of which cryptocurrency you choose.

But altcoins may require additional caution due to their differences from something like bitcoin, including their structure, supply and utility.

Bitcoin, for example, launched in 2009 with the intent to have utility as a peer-to-peer financial system. Its blockchain was carefully created, with a well-thought-out ecosystem. Bitcoin also has a limited supply, which allows for built-in scarcity by design. Because of that, it’s seen as a store of value by its holders, who also hope it becomes a prominent decentralized digital currency.

Most altcoins lack these characteristics.

Shiba inu supporters argue that its ecosystem, which includes smart contract capabilities; NFTs, or nonfungible tokens; and opportunities for liquidity mining, to name a few, offer utility beyond community.

But nonetheless, “many altcoins can be extremely risky and may not have any inherent investment value, and retail investors should not trade these assets without research and due diligence,” says Brett Harrison, president of cryptocurrency exchange FTX US.

Rather than investing in a surging cryptocurrency based on hype, Harrison looks for crypto assets with specific utility.

“There are a number of crypto assets that can be suitable for retail users, whose investment prospects can be tied to their ability to provide a store of value, to facilitate an efficient mechanism for payment transfers, or to power a protocol used to build blockchain-based applications,” he says.

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Don’t miss: Elon Musk continues to tweet about altcoins like baby dogecoin—but investors should tread very carefully



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Photoshop will get a ‘prepare as NFT’ option soon

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Photoshop will get a ‘prepare as NFT’ option soon



Adobe is launching a system built into Photoshop that can, among other things, help prove that the person selling an NFT is the person who made it. It’s called Content Credentials, and NFT sellers will be able to link the Adobe ID with their crypto wallet, allowing compatible NFT marketplaces to show a sort of verified certificate proving the art’s source is authentic.

According to a Decoder interview with Adobe’s chief product officer Scott Belsky, this functionality will be built into Photoshop with a “prepare as NFT” option, launching in preview by the end of this month. Belsky says attribution data created by the Content Credentials will live on an IPFS system. IPFS (InterPlanetary File System) is a decentralized way to host files where a network of people are responsible for keeping data safe and available, rather than a single company (somewhat similar to how torrent systems work). Adobe says that NFT marketplaces like OpenSea, Rarible, KnownOrigin, and SuperRare will be able to integrate with Content Credentials to show Adobe’s attribution information.

Art theft has been a Big Deal in the NFT world. There have been many examples of people minting art they didn’t create or don’t have the rights to on the blockchain. The reason is that anyone can mint an NFT, even if they don’t own the copyright to the content, and there’s not really anything the blockchain can do to stop that. Worse, the minting is enshrined on the blockchain, making the NFT’s creation seem authentic if you’re unaware of the original work.

In other words, I could right-click on an existing image of an NFT and mint it again myself, potentially fooling unaware buyers. While Adobe’s system won’t prevent art theft, it does offer a way to prove that the NFT you’re selling isn’t stolen — past that, it’s up to buyers to decide how much value they place on that.

Even Banksy, who gets a mention in Decoder, has been caught up by NFT scammers. One NFT collector (ironically named Pranksy) paid $300K for an NFT attributed to the famous street artist, which was almost definitely fake. He ended up getting the money back, but there wouldn’t have been as much of a fuss if Banksy had digitally signed the NFT. As Adobe’s Belsky points out, Banksy probably wouldn’t want to link his name and Adobe ID to a crypto wallet, but the system is meant to be open-source — it’s possible the anonymous artist could figure out some way to provide Content Credentials verified by the company in charge of authenticating his work.

NFTs aren’t the only thing that will benefit from Adobe’s Content Credentials, which are a result of its Content Authenticity Initiative. The company is launching the system as a beta, and users can use it to show what edits were made to a file in Photoshop, tag their stock images on Adobe’s system, and more.

To hear more about Adobe’s view on NFTs, the impact of certified attribution on art and NFTs, and Photoshop on the web, check out this week’s episode of Decoder and the rest of our coverage from Adobe’s Max conference.



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Twitter is working on blockchain-linked Collectibles tab

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Twitter is working on blockchain-linked Collectibles tab



Twitter is working on a tab that shows off a user’s NFT collection, and it’s beginning to look a lot more complete. The platform first began working on the feature in September — a tweet from Mada Aflak, a software engineer for Twitter, first showed off the early stages of its experiment in late September.

The tweet’s video demonstrates how you can connect your crypto wallet from popular providers like Coinbase, Metamask, and Crypto.com and then choose one of your NFTs to use as your profile picture. Your full collection of NFTs will be stored in a tab on your profile, labeled Collectibles.

Once selected, your profile picture will have a small badge that verifies that it’s a real NFT. Twitter hinted at letting users verify the NFTs they tweet back in September, so that detail doesn’t come as much of a surprise.

These were the earlier stages of the feature, and reverse engineer Jane Manchun Wong just showed off how it has changed since then. She sent out a tweet showing a slightly more detailed version than the glimpse we got originally.

In addition to the Collectibles tab, Wong revealed that Twitter is working on a view that lets you get a close-up look at an NFT. You’ll also be able to tap through to a page that shows detailed information about the NFT, including a description, its creator, any properties, as well as some information about the collection. One change to note about the Collectibles tab is that it looks like it’ll take the place of the Likes tab on your profile — Wong notes that you’ll have to scroll horizontally to reach it.

A feature dedicated to NFTs is definitely nice to have, but it also shows Twitter’s disregard for more pressing issues on the platform. As developer Nathan Lawrence points out, Twitter could be using its resources to add better features dedicated to fighting misinformation.

Lawrence also noted something even more concerning: Twitter appears to have integrated NFTs into its interface, while misinformation prevention tool Birdwatch remains hidden on a dedicated portion of the site. Twitter launched Birdwatch, a crowdsourced misinformation tool that empowers the community to identify and flag questionable content, in January. Since its launch, we really haven’t heard much about it besides the fact that Birdwatch notes now appear in tweets. Overall, it’s not a great look for Twitter.





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