How @IGotSilver sold a meme for 1.1ETH (about $ 2,500)
IGotSilver on Instagram / YouTube
How much would you pay to own this meme video below? If you said anything below 1.1 Ethereum (around $ 2,500) you would have been outbid.
What does it even mean to “own” a meme?
Nobody can really own a meme, can they? Yes, viewing, saving, sharing, and taking screenshots of a meme is free and always will be free. But to buy and have the meme’s original image / video file and metadata, the real value is found. Just like in art, as there are millions of Picasso replicas but only original works hold the money, NFTs are a new artist’s digital signature that provides indisputable evidence that that file or meme, in this case, is indeed the original is. That evidence is what has value.
How are memes valuable?
When a lot of people make a meme or use a meme generator, they think it’s pretty easy – and often it is. But as memes have evolved, they have come so far as to be classified as art. Meme artists and digital creatives have recently benefited from selling their work online as non-fungible tokens or NFTs.
With large Instagram accounts continuing to struggle to generate stable revenue directly on the platform, it seemed like the next attempt to sell their original digital creations elsewhere. Meme accounts are always looking for the latest trends and it makes sense that they try to make some money off of what they are already doing for free. To learn how this process works, it was easier to speak to someone who already figured it out. So I sat down with one of the best original meme creators on Instagram, @IGotSilver. IGotSilver, real name Andy, has an Instagram following of over 468,000 followers and is a partner of NeverThink.
Jackson Weimer: How / why did you start making memes?
Andy IGotSilver: I started making memes very randomly. I think the first “meme” I ever made was slapping a friend of mine on a can of ravioli. Sure it looked like trash, but when the rest of my friends in the friend group saw it, they loved it! Their reactions got me into editing first, and as I edited more, I accidentally found myself making memes.
Weimer: How did you first hear about NFTs?
IGotSilver: I first heard about NFTs when my friend @Toucher_of_cancer put on his story “Meme NFTs” and the first thing I asked him was “What is an NFT?”. After that, we had a group chat with sites interested in the area, and @Lushsux really was the person who answered the question “What is an NFT?” for me and many other creators.
Weimer: What inspired you to shape Boy’s Locker Room 2 against other memes that made you an NFT?
IGotSilver: “Boy’s Locker Room” is an icon in the meme world. I published the original almost 2 years ago and during those years I was always bombarded with the same news. “Waiting for Part 2” “Where is Part 2?” “We want Boy’s Locker Room 2 !!” People got so impatient that they even made their own versions of it. I probably did the video three times, but I scrapped them because they didn’t seem good enough. With NFTs on the rise and seeing how well people benefit from them, it gave me the motivation to finally get the video ready.
Weimer: Where did you advertise your NFT listing in a different location than your Instagram?
IGotSilver: Well, I’m still pretty nooby when it comes to promoting my NFTs. The best places to get into the community seem to be Twitter and Clubhouse, but I really haven’t had any luck on those platforms.
Weimer: Are you still generating constant income with your meme page? Partnerships / advertisements / processing orders?
IGotSilver: It might be consistent, but I just choose to make money from my account whenever I need to. I make most of my money on commissions and artist / record labels are always willing to pay for a meme commission.
Weimer: What about your meme that you thought was worth thousands of dollars?
IGotSilver: The real value of an NFT is really determined by the owner, but if I had to choose what created the value of the NFT it would be a lot of different things. Maybe it was the hype built for almost two years for this video to fall off. It could also have been the fact that it was one of the first meme NFTs to be dropped. At the moment there aren’t many meme sites that are interested in this area. Perhaps, as one of the first meme creators, I could have increased the value of the piece too.
Weimer: What do you know about the person who bought your NFT? Are you around now?
IGotSilver: I don’t know much about who bought my NFT. I’m not even sure he followed me before he bought the NFT. He just seems like a major NFT collector and is looking at some of the pieces in his collection. He has a lot of meme-related NFTs that might explain why he liked the piece. After the piece was sold, I congratulated them and thanked them for publicly purchasing the piece as a post on my site. We don’t really talk a lot, but he bought my NFT which makes her a cool person in my book.
Weimer: Did you spend more time with this meme than anyone who knew you would sell it as an NFT?
IGotSilver: YES!!! I think this video was the longest video I’ve made and I know it took the longest. The video itself seems like a simple concept, but it took a long time to get it right. The reason I scraped off the other versions of Boy’s Locker Room was because I didn’t like them at all. I wasn’t happy with how they came out. I can’t exactly calculate how many hours I put into editing, but basically my life has been waking up, editing, eating (occasionally) and passing out for 1-2 weeks. I say occasionally because I was so interested in making this video that sometimes I forget to eat.
Weimer: What do you want to use the money for?
IGotSilver: Right now I’m saving it, but as my NFTs get more popular, I plan to spend it on things that will improve my job like a new graphics card, plug-ins, programs, etc.
Weimer: What do you think of environmental issues related to NFTs? Did you find out about this before or after the sale?
IGotSilver: I found out about it on my first NFT. I’m sure every NFT artist knows about it by now that his followers will remind him a thousand times, but it’s not the artist’s fault. I’m 200% sure that any NFT artist would love for NFTs to run a green system, but right now we are working on a Proof of Work system and we are pushing for Proof of Stake, the greener way for NFT artists shape their works of art.
Weimer: What would you recommend to someone looking to sell their 1st NFT?
IGotSilver: I’m still fairly new to this field so I don’t have a lot of advice to offer. The two best things I can recommend are: First, let the market evaluate your work. Yes, there are a lot of people who sell random junk for a lot, but that’s just luck. Start low. Don’t just list your Genesis piece for a large quantity. Second, create your own style. This is one that I am still struggling with, but am creating something that the watermarked people can look at and know it is you. A style is what sets you apart from everyone else.
The conversation has been edited and condensed for the sake of clarity.