The abundant wealth generated by the new Web3 experiment, Stealcam, has captured the interest of crypto enthusiasts everywhere. Although the platform began as a mere gamble in late March, it quickly developed into a high-stakes ecosystem involving artists, venture capitalists, and various other players. Despite its potentially short-lived lifespan, some users have netted thousands of dollars by uploading images that have traded between Stealcam’s enthusiasts.
The platform operates by allowing users to upload any image, which then becomes an NFT living on the Ethereum scaling network, Arbitrum. However, users can only view the image if they steal it. The catch is, each subsequent thief must pay 10% more than the last one did for the NFT. While the creators and previous owners obtain a portion of the profits, there’s a risk that those who purchase an image will be stuck with it if no one else steals it afterward, resulting in potentially losing a significant amount of money.
The success of the platform has surprised its creators, as prices for some images have gone well beyond their initial expectations. Stealcam has provided a more accessible platform for new artists who may struggle to gain attention on other, more established Web3 art platforms. As it currently stands, the top creator on the site, Shl0ms, has made nearly $10,000 in one month.
Precisely how big Stealcam can grow remains to be seen, but it has already caught the attention of venture capitalists, such as Li Jin from Variant Fund. Jin believes the platform’s potential success is tied to its focus on money, a powerful motivator in the world of crypto. However, she also highlights the crucial importance of fostering genuine connections between creators and their respective fan bases to prevent a collapse driven by profit alone.
As it stands, it seems that Stealcam may be experiencing a deflation of sorts, with the price of images declining. Some users, like D0unbug, have stopped posting on the platform altogether. With a mass launch planned for later this year, it remains to be seen if Stealcam can recapture its initial magic, or if the abundance of the platform’s potential riches is beginning to run dry. As with any investment opportunity, it’s crucial to approach this platform with a touch of skepticism and a healthy understanding of the risks involved.
Source: Decrypt
