An Australian investor in the NFT space has managed to turn US$300 into a whopping US$5 million. Steve Morlando is the proud owner of Bored Ape #2177 (above), a particularly rare ape in the series, which he bought last year for what amounts to 0.01 percent of its current value.
Morlando acquired the Ape before NFTs took off. He says he won’t be selling it anytime soon, unless somebody quadruples their offer, and he freely admits the project could crash and be worth nothing. The Aussie is a seasoned online gambler and blogger and is a huge proponent of the emerging NFT market, to the point of launching his own collection.
Morlando is a long-term investor who seeks out projects to hold for a minimum of 10 years. He discovered the Bored Ape Yacht Club (BAYC) project with which he minted 10 apes and was lucky enough to get one of the rarest out there – a gold ape.
NFTs are Double-Sided
For Morlando, NFTs have two different sides. On one side, some NFTs are just beautiful art and on the other side are projects like BAYC, which is “like gambling squared”. He explains that you are gambling when you pick a project that does well, “then you are gambling if you are to get a rare one in the set, and then you gamble again if the project team can do what they say they’re going to do”.
Regulatory Clarity Needed in Australia
The NFT space in Australia is heating up with projects garnering a high degree of popularity in the country. As a result, more clarity needs to be offered regarding regulation for digital assets and artists. It has been noted that the country needs to implement policy specifically related to NFTs to stave off a potential “brain drain” on the Australian economy, according to NSW Liberal Senator and crypto proponent Andrew Bragg.
Regulatory clarity will offer greater protection to artists from Australia, such as those of the Yolngu nation in the Northern Territory who have started to digitise their work as NFTs in an effort to create a new stream of income and share their art with the global market.
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