WEDNEWSDAY! Indonesian NFT Creator Strikes Again, Earning $1.8M with MemeCoin Project!
An Indonesian individual who previously made $1 million from selling his selfie-based non-fungible tokens (NFTs) on OpenSea has launched a new phase of his project, successfully raising $1.8 million through a memecoin presale. This Indonesian university student became famous in 2022 after making a fortune from his selfie NFTs and has now returned with an innovative venture, blending memecoins with NFTs, and garnering significant financial backing.
Sultan Gustaf Al Ghozali, while a student, created NFTs from daily selfies taken over five years, culminating in the “Ghozali Everyday” collection. This endeavor received substantial support within the cryptocurrency community, rewarding him with over $1 million.
Upon completing his college education in 2023, Ghozali announced on X his decision to cease taking selfies, attributing his financial success to what he considered his most ludicrous idea. After a period of silence on social media, Ghozali made a return amid a rising interest in memecoins. On March 24, he unveiled the sequel to his Ghozali Everyday project, a unique combination of a memecoin and NFT project on the Base blockchain.
The project quickly exceeded its funding goal of 400 Ether (ETH), with the presale wallet amassing 527 ETH, equivalent to approximately $1.8 million. Ghozali has pledged to refund contributions exceeding the set limit, as stated in his recent posts on X.
The resurgence of memecoins, particularly among Solana traders, coincides with an uptrend in Bitcoin (BTC) value. Remarkably, memecoin presale activities on Solana saw an influx of $100 million within just three days. This frenzy has been critiqued by some as reckless, with investors pouring Solana (SOL) tokens into projects without any assurance of returns. Meanwhile, the total value locked (TVL) on Coinbase’s layer-2 network, Base, has seen a significant increase, indicating a growing investor interest in it as a new hub for memecoin ventures.
On March 23, Base reported a TVL of $2.13 billion, suggesting a potential shift in focus following the Solana memecoin wave. Yet, skepticism remains, as highlighted in a recent investor note by Franklin Templeton, which cautioned against the speculative nature of memecoins, citing their lack of intrinsic value or utility. Despite this, there’s acknowledgment of the rapid financial gains memecoins can offer investors. That is all for this WedNewsDay! Are you excited for our next one? Anyway, thank you for reading!
