Old ideas reshaped for the new digital economy
The Million Dollar Token Page is a self-proclaimed ‘Homepage For The Metaverse’ that gives users the chance to showcase their digital collectibles on a space they also own as an NFT. Inspired by the early 2000’s Million Dollar Homepage website, put together by then student Alex Tew. Consisting of a million pixels arranged in a 1000×1000 pixel grid which was then sold as image-based links for $1 per pixel, in 10×10 blocks. Launched on the 26th of August 2005, the website became an Internet phenomenon. Now, a new NFT version is hoping to capture the same attention.
The Million Dollar Token Page (MDTP) has 10,000 blocks on a 1000 x 1000 2D grid represented by 10,000 NFTs on the Ethereum blockchain. Each NFT can either be minted or bought second-hand from someone who’s already minted one. Once owned, users can put any image within that block, along with a title, description, and URL to another website. Effectively becoming a unique space for a user to curate a digital portfolio.
Like other dapps, the platform is accessible through a blockchain wallet such as Metamask or by using a web3 enabled browser like Brave. Which has its own native wallet. Once purchased and owned, an NFT space represents a block that users can edit simply by clicking it. In a nutshell, users simply buy blocks as NFTs then share their NFTs, projects, and creations in this digital content space. Like a showroom for all your digital assets.
Those that were paying attention may have spotted where the speculation aspect will arise. “Once purchased and owned, an NFT space represents a block that users can edit”. In the event MDTP blows up, these blocks become the starting point for any new user. Owning a number of blocks could arguably be a good speculative move. Before thinking about that, let’s review why MDTP has the potential to win.
Clicking on one of the blocks on the main map reveals some information about it. Such as who owns it, and the contract address for that NFT space. More options allow you to bid on the space and share it via social. A feature that seems to have attracted the eye of advertisers and NFT creators as they hawk their latest collections on the interactive board. Interestingly, we see that the blocks closest to the center are the ones being minted. Currently, there are 791 blocks left out of 2000 available, with a price of 0.01 ETH. The price increases by a further 0.01 with every further block sideways or up, and some people have gone big already. Taking 50 to 100 blocks. Later, prices will rise as supply becomes less and more allocations of blocks are released.
MDTP’s kicker comes in using the Ethereum blockchain to store data as NFTs. Simply put, investors have the ability to re-sell blocks easily. It also means that in the event of a massive failure on MDTP’s side, the NFTs will live forever on the Ethereum blockchain, and in a user’s wallet. This on-chain aspect points back to the earlier point about speculation.
As an owner of an MDTP NFT, you can use an external marketplace like OpenSea to resell that block for whatever price you like. So if you have a block that someone else finds particularly desirable, they can bid up prices to buy them off you, and an NFT you bought for say $100 could sell for $1000, or more depending on demand. At this stage, the premise of the dapp appears to be to keep it simple, with no extra gamified aspects to mention. Like its early 2000’s inspiration, the idea of MDTP is uncomplicated and seemingly will serve a purpose. Moreover, it has the potential to capture the imagination of creators, advertisers, and more.
As the world slowly marches toward a more digital-centric future we will need digital storage space for digital collectibles. However, it will be interesting to see who, or what buys up the spaces. WIll it be average joes looking to find a home in the metaverse, or big advertisers looking for prime real estate? Either way, the platform stands to benefit.
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