Key Takeaways
- Litecoin creator Charlie Lee has created an NFT primarily based on his social media avatar, the Litecoin “chikun.”
- The Ethereum-based artwork token has attracted bids as much as $1,834.
- Lee goals to indicate the cryptocurrency neighborhood {that a} flood of generic artwork tokens is just not fascinating.
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Litecoin creator Charlie Lee has created a customized artwork NFT and attracted bids of practically $2,000, regardless of his intentions to show to the crypto neighborhood that generic digital artwork lacks worth.
Lee Creates Chikun NFT
Lee noted on Twitter earlier immediately that non-fungible tokens (NFTs) that include digital artwork have an financial downside. There’s a “close to zero” value to creating these blockchain tokens, he argued, which can result in artists attempting to “money in on the craze.”
Lee drew consideration to a current NFT from Rick and Morty creator Justin Roiland, which sold for $1 million final month. He famous that Simpsons creator Matt Groening or King of the Hill creator Mike Decide might create comparable tokens for revenue—and so might another creator of a recognizable cartoon character.
To exhibit, Lee minted his personal custom NFT, a token that contained his “Litecoin chikun” avatar. He acknowledged that the illustration within the token has no inherent worth, then invited the neighborhood to show him improper by bidding on the token.
Highest Bid Reaches $1,834
As of Feb. 15, the best bid on the token is 1 ETH ($1,834) from a person with the deal with “khalo.” Bidding will finish in 4 days, that means that the NFT might improve in worth within the coming days.
Lee foresaw that this may occur: “know that if that is worthwhile, nothing stops me from flooding the market with different Chikun tokens,” he warned on Twitter. “Purchaser beware!”
Although Lee is hesistant to embrace NFTs, he apparently owns at the very least two different comparable tokens. Lee additionally created an Ethereum-based area satoshilite.crypto final month and owns a digital portray titled “Come up Chikun,” in accordance with OpenSea records.
Litecoin vs. Ethereum
Competitors between blockchain platforms is price contemplating. Charlie Lee’s personal blockchain, Litecoin, doesn’t help NFTs. He created immediately’s token on Ethereum. Naturally, the Ethereum neighborhood is extra prone to take Lee’s invitation to show him improper with regards to the worth of crypto artwork tokens.
On the identical time, the Ethereum neighborhood has itself drawn attention to problems with originality. Whereas NFTs have a built-in cryptographic assure that every token is exclusive, that’s solely true when put next in opposition to different tokens. There isn’t any mechanism to forestall token creators from plagiarizing artwork that originates elsewhere.
In gentle of that, Lee’s token proves that the standing of an NFT creator can create appeal to traders no matter originality.
On the time of scripting this creator held lower than $50 of Bitcoin, Ethereum, and altcoins.
