The Crypto Infinite Money Glitch Explained

The crypto infinite money glitch explained

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Someone figured out an infinite money glitch in the crypto space using NFTs. So what is the cheat code? It’s a way to substantially increase your net worth for free using non fungible tokens. Full disclosure: I own an 2 NFTs from DJ Steve Aoki – I put in $10,000 into 2 pieces of art just to play with it and see what the hype is all about. However, what’s going on in the crypto space with these NFTs is potentially going to hurt a lot of investors.

An artist by the name of Beeple sold an NFT – its called Everydays the first 5000 days. It sold for $69 million dollars which was paid in Ethereum. The buyer of that auction was someone by the name of MetaKovan – the main financier of something called Metapurse, a fund that exclusively buys NFTs and other digital assets – it’s supposed to the biggest NFT fund in the world. They own things like Urbit Galaxy, F1 Delta Time 3, First Supper and they even buy digital real estate in VR from Cryptovoxels and Decentraland. If that meant nothing to you – you’re not alone. If you don’t keep up with this stuff it’s basically the coolest and most valuable digital art. Here’s where it gets interesting.

MetaPurse took this fund and fractionalized ownership of it, almost like fractional shares in the stock market by creating their own tokens called B.20 tokens – a cryptocurrency (based on Ethereum) that is currently for sale on the open market with a limit of 10 million tokens. Each coin represents a fractional ownership of what the fund buys and owns. 1 coin is 1/10 millionth ownership. The goal of this fund is to make art decentralized and distributed for anyone to be able to own. Instead of spending millions of dollars on art, now you can spend a $100 and own a fraction of it instead. Here’s where the first part of the infinite money glitch comes in.

Metapurse bought a bunch of art from Beeple – (20 NFTs for about $2.2 million dollars). Then, he created tokens aka fractionalized the fund through the B.20 tokens. By doing that – it changed everything. As of right now, the combined estimated market cap value aka all the money of those fractionalized tokens are now worth something like $230 million dollars at the time of The Washington Post article. The catch is Metapurse and by extension MetaKovan owns 50% of the tokens (5 million coins) 25% are for the public so 2.5 million coins, and the other 25% – 2.5 million coins was reserved for friends and family. Of that money, 2% was given to Beeple, the creator of the art.

At some point, the peak of each token was worth $24, from a low of a $1.73. That makes MetaKovan’s share of money – at the peak – worth between $120 million to $180 million if you count the reserve for the high estimate. Even though, he technically spent much less on the art itself, he ended up with more money than he started with by splitting up the art into tokens. Boom. Now that is infinite money.

The question becomes, is the crypto NFT space a scam? Should you run or should you still invest in crypto NFTs? That’s what this video explores in detail.

*None of this is meant to be construed as investment advice, it’s for entertainment purposes only. Links above include affiliate commission or referrals. I’m part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.

The Crypto Infinite Money Glitch Explained

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