The Tricky Relationship Between the Meme Economy and NFTs

With this context in mind, the overnight success of Nakamigos, a 20,000-edition NFT project featuring pixelated avatars, has bewildered some analysts and traders. Launched last month, the project taps into the name of Bitcoin’s pseudonymous creator, Satoshi Nakamoto, and added the Spanish word for friend “amigo” to create Nakamigos, and leveraged art for the collection that nods at the pixelated profile picture (PFP) collection CryptoPunks. Nakamigos quickly gained popularity and reportedly outpaced Bored Ape Yacht Club in the number of lifetime trades within days of its mint. At the time of writing, the project has done 21,035 ether (ETH) in trading, or about $39 million, and has a floor price of 0.5 ETH, or about $930.