However, things take a different turn when he finds out (from a pizza cat), that the NFT ‘craze’ is over.
This episode is gaining wide recognition from the NFT fans and sceptics for the Simpsons makers for creating a parody related to the crypto industry and how it peaked a few years ago but has since quieted down.
Are NFTs Really Dead?
According to an analysis of the issue, the famous Non-Fungible Token market witnessed its biggest low recently, with October being labelled as a “Floptober.”
According to researchers at Dapp Radar, the NFT value has hit its lowest since the NFT market peaked.
The overall amount of money sold in the sector, or trading volume, has decreased by 89% since the start of 2022.
It was $12.6 billion (£10.4 billion) in the first quarter of 2022, and as of the third quarter of 2023, it is only $1.39 billion.
Additionally, the sector is shrinking. The makers of the infamous Bored Ape NFTs, Yuga Labs, revealed an undisclosed number of layoffs last month.
Among its most well-known series is Bored Ape Yacht Club. Millions of dollars were once paid for NFTs, which were driven by wealthy customers such as talk show presenter Jimmy Fallon and media sensation Paris Hilton.
Since October 2022, Paris Hilton has not posted on X (formerly Twitter) about the NFTs, despite the fact she has posted almost daily from January and February 2022 to promote her collections.
The value of the cheapest NFT in the collection, Bored Ape NFTs, peaked in the beginning of May 2022 and cost approximately $268,000 (144 Ethereum tokens), according to the NFT Price Floor website. It is now only $56,000.
Due to increasingly poor bids, US collector and artist Taylor Whitley was compelled to sell six of his seven highly valued Bored Ape NFTs.
"I haven't really wanted to sell, but the market is really bad, so it's the smart thing for me to do. I think the NFT market could even go lower," states Taylor in a talk with BBC.
Taylor rejected many better offers for his most prized Bored Ape in the past, but last month he sold it for $212,000 dollars.
If he had sold at the peak, he could have received at least ten times more for his NFTs. Even though it hurt, he was an early investment and still made huge gains. He made 1,000 times more money on his most recent transaction than on his original $200 investment.
For every Bored Ape NFT, there are several other smaller brands and artists that are aiding the NFT industry.
Angie Taylor, a Scottish artist, used to receive up to $8,000 for every NFT piece, but these days she only makes about $600.
She was forced to return to her part-time tutoring work before to NFT.
She says, "I'm still selling bits and pieces here and there, but I am having to do a day job as well. I can't make a living off this anymore with nothing else."
However, she was aware that the bubble would eventually burst.
"I kind of budgeted for this to happen, because I thought, this is a boom and bust type of situation," she says.
Obviously, this is a buyers' market, and many contented purchasers are taking advantage of the slump.
Recently, Adam, also known online as Little Fish, made $663,000 for his crypto-punk artwork NFT.
Although the European full-time cryptocurrency investor recognizes that the sum is substantial, he believes he received a good deal on his CryptoPunk #36009./ After all, its seller turned down a $1.18 million offer a year ago.
"The downturn is exactly why I bought it. People are desperate. In the winter time you can buy summer clothes for cheap," he says.
Adam further says that he believes that summer will come again for NFTs, and he will “enjoy it,” whenever it does.
