Still Loving My ‘If It Went to Zero’ NFT

The 2021 NFT boom saw enthusiasts prioritizing community and meaning over profit, a countercultural stance. Burning money became a status symbol, signifying belonging to a group that viewed itself as opposing the speculative frenzy. However, the subsequent crypto winter significantly impacted the NFT market, with trading volume plummeting. This downturn raises the question: Do NFT holders still value their investments at rock bottom prices?

To truly love an NFT at its lowest point, its original cost must align with its ongoing value. Furthermore, its NFT status must provide a reason beyond its visual appeal; a simple JPEG wouldn’t necessitate NFT ownership. As McLuhan argued, the medium is the message. The NFT transforms the viewer into a participant, engaging with ownership, identity, and status tracked on the blockchain.

The author’s case study focuses on “Bert is Evil,” a 1997 internet meme minted as an NFT in 2022. Despite its historical significance as an early viral meme, the NFT project failed commercially. This failure, ironically, strengthens the author’s appreciation. The NFT serves as a historical artifact, a record of a failed translation between Web eras. It highlights the uncertainty of Web3 value and meaning.

The author purchased a “Bert is Evil” NFT, motivated initially by its historical context and undervaluation. A subsequent encounter with the creator, Dino Ignacio, revealed his struggles with Web3’s culture and admission requirements. Ignacio, despite his Web2 achievements, lacked Web3 credibility, highlighting the tribal nature of the community. His project’s failure stemmed from a lack of established Web3 presence and engagement.

Ironically, Ignacio was later scammed, losing ETH intended for charity. However, a surprising turn occurred when the Bureau of Internet Culture (BIC), a meme treasury, purchased another “Bert is Evil” NFT. This action validated the NFT’s worth, demonstrating that belief in value requires external validation through price, narrative, and community support. The author concludes that the NFT’s value, even at zero, is deeply tied to its historical and cultural significance.