Memecoins are a not a rare thing now, and this was confirmed in the last 24 hours with the creation of a new token known as the Will Smith Inu. As you might expect, it was inspired by the slap heard around the world.
The NFT debuted due to Will Smith’s slap on Chris Rock during this year’s 94th Academy Awards ceremony. The Will Smith Slap DAO has 721 owners on NFT marketplace OpenSea, earning $45k in one day, and it feels like a new low point for meme NFTs.
You might be wondering what an NFT is. Non-fungible tokens, or the opportunity to register digital and physical goods on a blockchain to reflect scarcity, have grown in popularity in recent years.
The Will Smith Slap DAO (decentralised autonomous organisation) sold 721 NFTs and created 1,999. These were initially offered for 0.003 ETH or $10 / £7. Therefore the Will Smith Slap NFTs aren’t pricey and aren’t selling in large quantities.
The minute-and-a-half sequence – the moment actor Will Smith strikes comedian Chris Rock and their reactions – is edited into selected screengrabs with meme-friendly but nonsensical text placed on top in this NFT collection.
The NFT was also traded on certain DEXes, including Uniswap, and its price had risen by 10,000% at one time. According to CoinMarketCap, it has retraced yesterday’s high but is still trading at around $0.00000045. The total supply is set at one billion billion dollars.
However, multiple Twitter calls outs have claimed that this is the next big rug pull and that people should be mindful of investing.
The Will Smith Slap DAO is a trashy meme popularised by Nyan Cat, a $590,000 animated pop tart rainbow cat. Even if the famous NFT joke sold for a hefty price, we wouldn’t suggest investing in hype event-driven collections like the Will Smith Slap DOA.