Remember when two strippers went to Tampa and it turned into a viral Twitter thread, multiple murders, and a movie? Well, this isn’t as exciting, and is probably even more fake. But it’s a lot more relevant to you — and pretty damn funny too.
A Twitter user named Cozomo ‘de Medici released their own epic thread earlier this month, telling ‘a tale of ego, envy, recklessness, & sleepless nights’ ending in known holdings worth ~$17m. Unfortunately, despite being a crypto heavyweight, Medici’s clearly a Merlot lightweight — the thread peters out by the bottom of the first glass.
The story is short, but there’s a lot to unpack. Basically, after missing a floor sweep of CryptoPunk apes, Medici managed to buy two zombies, Cozom and Rhino, shortly before they were repriced. Probably sounds like nonsense, but here’s the gist.
As with the regular art market, it’s rare to see an NFT resold for less than the buying price, especially from a flagship collection like the Punks. A ‘floor sweep’ is when buyers snatch up the lowest priced NFTs in a collection, raising the overall value, and leading sellers to reprice their old listings to fit the new demand.
Medici got the Punks for 850eth a piece — a whopping $2m each. But in the ape floor sweep, the prices went from 1600 to 2200eth in a matter of hours, so this buyer knew the timing would never be better, and snatched it up moments before repricing.
Of course, being the crypto sphere, it only gets weirder from there. Medici is also possibly literally Snoop Dogg, who’s well on his way to topping Kanye and Drake with a patently weird album rollout. Whatever the case, the thread is worth a read, if only to better understand the fervor and ‘cultural ponzi-nomics’ surrounding NFTs.