An Indonesian university student, Sultan Gustaf Al Ghozali, has turned his self-portrait photography into a profitable endeavor by jumping into the world of NFTs and cryptocurrency. In 2022, he successfully generated over a million dollars from the sale of his five-year daily self-portrait collection as NFTs. The series, dubbed as “Ghozali Everyday,” quickly resonated with the crypto community, leading to a significant financial win for the then-student.
Ghozali’s Financial Windfall
Ghozali, who plans to conclude his selfie-taking ritual after his 2023 university graduation, has found fortune in what he initially thought was a trivial idea. The success of his NFTs not only brought him into the limelight but also paved the way for his next venture.
The Rise of Ghozali’s Memecoin
After a period away from the public eye, Ghozali returned with a new project announcement. On March 24th, he revealed the development of a memecoin and NFT hybrid initiative on the Base blockchain network, marking the second phase of “Ghozali Everyday.” The venture quickly gained traction, with the pre-sale surpassing the target of 400 Ethereum and reaching approximately 527 Ethereum, equivalent to $1.8 million. He has pledged to refund contributions that exceeded the pre-sale limit.
The memecoin trend continues to attract significant attention, with projects on blockchain networks like Solana securing $100 million within just a few days. Despite the enthusiasm, some community observers criticize the practice of sending funds to project founders without concrete plans for token issuance. Meanwhile, the Base blockchain network’s Total Value Locked (TVL) has doubled, hinting at its potential as a new center for memecoin ventures.
While the quick gains from memecoin investments are acknowledged by entities like Franklin Templeton, they also warn of the inherent risks due to the lack of underlying value in these assets. As the memecoin phenomenon persists, the financial industry watches with both interest and caution.