As a prank shook the world of NFTs: the Nakamigos and Beeple case

By
Lukas Freud
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An unexpected event drew attention to the Nakamigos NFT collection: during a meeting dedicated to the CryptoPunks, a staging devised by the digital artist Beeple triggered a series of reactions in the market. 

According to the data collected by DappRadar, on the day of the event alone, there was an unusual growth in the trading volumes related to this collection. Within a few hours, both prices and trading volumes underwent significant changes, bringing back to the forefront the risks and dynamics related to NFT marketing and cryptocurrencies.

The CryptoPunks NFT event: Beeple’s staging and the new case under discussion

During a recent NFT community gathering, Beeple projected a video generated with artificial intelligence that revealed the existence of the alleged “V-ZERO CryptoPunks,” an original version of the iconic CryptoPunks that was never made public.

In the video, Matt Hall and John Watkinson, founders of Larva Labs, appeared discussing this hypothetical and still unknown collection. Industry analysts note that the presence of such elements quickly fueled speculations, contributing to the sudden increase in the value of the Nakamigos.

An important detail: both Beeple and Hall have signed flyers depicting the Nakamigos, which show a clear graphic reference to the CryptoPunks despite lacking any official connection between the two collections. These flyers, then released to the public during the event, have fueled expectations and confusion around a possible historical discovery.

Surge in Nakamigos NFT prices: all for a joke

The idea quickly reflected on the market: collectors and investors began to believe that the Nakamigos were the legendary “V-ZERO CryptoPunks”. 

This incorrect interpretation pushed the values of the Nakamigos NFT upwards in a very short time, with evident results:

  • Trading volume: growth of about +1,400% in the hours following the event
  • Average price: increase up to +140% compared to the previous value, reaching approximately 0.4 ETH

It is evident how the NFT sector remains particularly susceptible to statements, true or alleged, and the buzz generated on social networks.

From euphoria to collapse: the consequences of truth

Immediately after it was revealed that it was just a prank orchestrated by Beeple, the values of Nakamigos NFT plummeted rapidly, stabilizing around 0.18-0.20 ETH and almost completely nullifying the previous peak.

Marketing and NFT: a lesson on the dynamics of the crypto market

The Nakamigos experience highlights how NFT marketing, combined with virality and FOMO, can cause surprising changes in the market in extremely rapid times. From this event, at least three fundamental risks emerge:

  • Unverified news or simple pranks can quickly change the course of entire collections
  • Fast movements especially expose less experienced investors to significant losses
  • The absence of clear regulations facilitates manipulations and the spread of false beliefs

The boundary between art, promotion, and provocation in this context appears very fragile, highlighting the importance of a careful and critical approach by users.

Beeple’s response: irony, memes, and reflection on influence

Once the truth emerged, Beeple shared on his social channels a video of apologies in an ironic way, openly mocking those who got involved in the stunt. He also created a satirical website (I’mafuckingretard.com), highlighting how easily the masses can be influenced in the NFT market.

This choice has sparked further discussions within the community regarding the responsibilities of influencers and digital artists in a space still lacking clear boundaries against manipulation.

Community Reactions: Division and Security Doubts

The reaction of the NFT community was immediate and divided: on one side, those who highlighted the lack of controls and the losses suffered, on the other, those who appreciated the experiment as a warning about the intrinsic risks of the sector. Some elements, like the Nakamigos flyer signed by CryptoPunks, continue to fuel debates in crypto circuits and specialized forums.

Nakamigos NFT after the prank: market trends and new perspectives

After the incident, the data indicates a stabilization of the Nakamigos trading volumes and the floor price, which currently hovers around 0.18 ETH. According to the statistics, this phase has been characterized by a more rational market and selective interest in the rarer pieces of the collection. The event has nevertheless provided several practical insights:

  • Always verify information and announcements through multiple official channels
  • Recognize the difference between provocations, ironic art, and official communications
  • Remain aware of speculative dynamics and possible manipulations

Numerous reference platforms in the NFT world have initiated internal discussions to prevent manipulations or similar episodes in the future.

Pranks and NFT: the emerging legal issues

The wide media resonance of the Nakamigos episode has also raised legal issues: according to rumors spread on forums and social media, a legal action against Beeple was considered, although at the moment no actual lawsuit has been initiated. The artist, for his part, has continued to joke with memes and satirical posts about the alleged lawsuit.

This situation remains open and demonstrates how the NFT ecosystem can be influenced by pranks that do not remain without consequences, not even of a legal nature.

How to recognize an authentic NFT news from a prank: essential guidelines

Given the volatility and the ease of manipulation, it is essential:

  • Always verify the news on at least two reliable sources
  • Follow exclusively the official channels of NFT projects and marketplaces
  • Evaluate carefully before investing, especially if the news comes from leaks or rumors

The Nakamigos lesson: critical information against waves of panic

The Nakamigos experiment illustrates the strong reactivity and precariousness of the NFT sector, where emotions, hype, and innovation can produce sudden spikes in volatility. Recent reports confirm that over 60% of price fluctuations in some NFT collections are induced by external factors such as viral announcements or unverified media events. Transparency and verification remain key elements, especially when news comes from unofficial sources or when irony presents itself as a turning point announcement.

Maintaining a critical approach and monitoring reliable sources are confirmed as indispensable tools to protect oneself from the frequent sudden fluctuations of the crypto market.

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