Indonesian NFT Pioneer Nets $1.8M in Memecoin Revival

An Indonesian individual who previously earned $1 million through selling nonfungible token (NFT) selfies on OpenSea has returned with a new venture, raising $1.8 million in a memecoin presale.

Sultan Gustaf Al Ghozali, a college student from Indonesia, gained widespread attention in January 2022 for minting NFTs featuring his daily selfies, collectively known as “Ghozali Everyday,” which earned him over $1 million from the crypto community.

After graduating from college in 2023, Ghozali announced his departure from the selfie project, expressing gratitude for the unexpected success of what he considered a “silly idea.”

However, Ghozali resurfaced amid a renewed interest in memecoins. On March 24, he unveiled the second phase of Ghozali Everyday, a hybrid project combining memecoins and NFTs on the Base blockchain.

The presale of Ghozali’s project has surpassed its initial 400 Ether cap, reaching 527 ETH, equivalent to approximately $1.8 million at the time of reporting. Ghozali stated his intention to refund any excess ETH sent after reaching the cap.

The resurgence in memecoin enthusiasm coincides with a broader uptick in Bitcoin and renewed interest in memecoins, particularly within the Solana community. Solana presale projects raised $100 million in just three days from March 15 to 18.

Despite the excitement surrounding memecoins, some have cautioned against their speculative nature. Franklin Templeton, an asset manager, warned in a recent investor note that memecoins lack inherent value or utility, although they may offer quick gains.

Nonetheless, as attention shifts from Solana to platforms like Base, industry experts anticipate potential surges in memecoin activity within layer-2 networks, albeit with associated risks.