As the NFT speculative mania dies down and people wake up to the real utility of non-fungible tokens (NFTs), BSV blockchain-based community-powered dictionary SLictionary, offers users the chance to own words and concepts defined by celebrities in their field.
Right now, Kurt Wuckert Jr’s definition of ‘bananas’ has been bid up to $60. Why bananas? Wuckert owns the block reward mining pool GorillaPool and is best positioned to define the food gorillas like best.
Bidding for this particular SLebrity NFT ends on June 30. HandCash user $archie is currently the top bidder, and if things stay as they are, he’ll be the owner of Wuckert’s definition of bananas.
SLictionary founder John ‘Jack’ Pitts said that the valuation is respectable given where SLictionary is in 2023, but in two years, it’ll seem “wildly cheap” based on several catalysts, including Wuckert’s fame growing, BSV blockchain taking off, and the cash flow of SLictionary definitions increasing.
The current auction price is respectable given where @SLictionary at in ‘23. But in 2 yrs my guess: it’ll prove wildly cheap on several potential catalysts:
— John Pitts (@EquityDiamonds) June 13, 2023
How do SLebrity definitions work, and what is their value?
Here’s a simple rundown of how SLebrity definitions work and why they are valuable.
To start with, SLictionary users can nominate a celebrity to define a concept or word, and other users can upvote the celebrities by making a micropayment. Upvoting a celebrity increases the likelihood that they’ll define the word, and all micropayments made to upvote go towards the total word bounty.
Once a concept is defined, it goes to the SLebrity auction. Users can then bid to own the definition, and when they do, they’ll earn a stream of micropayments from it for as long as they hold it. Each ‘search’ on SLictionary costs a micropayment, and owning the top definition ensures a slice of all future action. Furthermore, the celebrity can decide what happens to the money paid at auction; e.g., it can go to their favorite charity or a cause they believe in.
To understand how all of this works, it helps to understand SLictionary and how it works. The best way to do that is to head over to the website, log in with Handcash, and begin searching for and defining words. As with everything in the BSV blockchain, it’s all fueled by micropayments, and owning definitions made by celebs today could prove to be a valuable source of passive income in the future.
Why not bid on a definition, nominate or upvote a celeb to define a word, or even define a word for yourself at SLictionary today? It’s a lot of fun and perfectly demonstrates the power of Bitcoin micropayments and how Web 3.0 will work!
Watch: English speakers are the real keepers of English lexicon
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