In 2022, an Indonesian university student made a significant comeback by earning a million dollars selling NFTs of his own photographs and then collecting $1.8 million in a memecoin pre-sale. In January 2022, Sultan Gustaf Al Ghozali offered his daily self-portraits of five years as NFTs for sale. The collection, named Ghozali Everyday, garnered the support of the crypto community and earned Ghozali, still a student, over a million dollars.
Ghozali Shares Remarkable Update
Ghozali shared that he would finally stop taking selfies upon graduating from university in 2023, feeling fortunate to have made money from what he considered the silliest idea.
After months of absence from the spotlight, Ghozali re-emerged amid growing interest in memecoin projects. On March 24th, he announced the second venture of Ghozali Everyday, a memecoin and NFT hybrid project on the Base blockchain network.
Since its launch, Ghozali’s pre-sale has surpassed the 400 Ethereum limit. At the time of writing, the pre-sale address had reached 527 Ethereum, approximately $1.8 million. However, Ghozali wrote that he would refund those who sent more Ethereum after the limit was reached.
Memecoin Frenzy Persists
Amid Bitcoin‘s rise, interest in memecoin projects resurfaced, particularly driven by Solana investors. Data showed that pre-sale projects on Solana collected $100 million in just three days between March 15-18.
Community members described the Solana memecoin frenzy as the “highest corruption,” due to investors blindly sending Solana to founders who announced pre-sales without any guarantee of token redemption. In addition to the Solana network, the total value locked (TVL) on Coinbase’s Layer-2 network Base doubled as investors began to see the blockchain network as the next hub for memecoin projects. On March 23rd, Base’s TVL reached $2.13 billion. Some industry experts believe that attention may gradually shift from Solana to Base after the memecoin season, potentially leading to new frenzies on the Layer-2 network.
However, on March 14th, asset manager Franklin Templeton issued an investor note warning that memecoin projects inherently lack value or utility. Nevertheless, the asset manager acknowledged the potential for memecoin projects to provide investors with quick gains.
