Honoring @punk6529, worst investor of the cycle.
BTC +450%, NFTs down bad
We learn from his crashout in the form of one of his smug, unbearable threads:
1/ Anyone raising money pseudonymously is a charlatan.
1a/ Soliciting investment behind an avatar doesn't make you a visionary.
It makes you a con-man with plausible deniability.
This should’ve been obvious in hindsight.
2/ When someone's pitch is “thing worth $1B is going to $10T” (and yes, this was his pitch)
...just assume they’re going to vaporize your capital.
Sure, $1B things occasionally go to $10T.
No, the chart never goes diagonally upwards in a straight line.
3/ Collectibles are uninvestable at scale.
Institutional capital can’t deploy size into subcultures.
And no one on earth can curate thousands of micro-collections with any real edge.
4/ Taste is not a strategy.
Curating JPEGs isn’t portfolio construction, it's a museum job.
If your fund thesis is “we have taste” your risk model is a mood board.
5/ A 6529 Insufferably Smug Socratic Moment™:
“But what is down?
Can down be up if viewed across civilizational time?
This is only the beginning of the beginning, you'll see!”
This is cope disguised as philosophy. Just admit that your NFT bags are totally F'd.
6/ The Saudis.
Institutional scams often involve a Saudi angle.
6529 solemnly proclaimed they’d build NFT museums in the desert.
Grand cathedrals of JPEG worship, funded by oil.
If you ever hear “the Saudis will buy it,” run.
This happens so frequently it's a meme.
7/ Then came the “open metaverse.”
A grand vision of a digital civilization.
It looked like Wolfenstein 3D on a thrift-store laptop.
But the 1990s shooter had more users, better graphics, and a clearer road map.
No one used OM. Even the bots left.
People still play Wolfenstein
8/ Narrative premium is not intrinsic value.
When the narrative evaporates, so does the bid.
This is exactly what happened.
9/ After the collapse came the pivot.
Metaverse dead?
NFT fund nuked?
Solution: rebrand yourself as an AI macro-philosophical thinker. Start writing 40-tweet epics about “freedom to transact" and "civilizational architecture." 🤡
10/ NFTs didn’t fail.
The people who thought they were running a Millennium-style fund containing "Rare Pepes" (LOL) failed.
Important distinction.
11/ Meanwhile, back in reality:
BTC +450% from the 6529 fundraise.
NFTs down catastrophic percentages.
The supposed uncorrelated asset class turned out to be perfectly correlated… to zero.
12/ There’s nothing wrong with being wrong.
Great investors blow calls all the time. The difference is they’re doxxed, accountable, and they eat their Ls in public.
6529? Nope - endless pontification and a strategic blackout on everything that went sideways.
13/ This is a shitpost.
If you don’t like it, or if NFTs eventually rally one day, let the record show that I own the following ultra-rare 1/1 NFT video:
22,16 тыс.
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