So here’s my #NFT thread, some thoughts and some fun.
If you recognise anyone, please tag them appropriately... you'll see what I mean!
RT’s appreciated ❤️
<Thread>
If you recognise anyone, please tag them appropriately... you'll see what I mean!
RT’s appreciated ❤️
<Thread>
I get asked a lot how I’d start with #NFTs and the answer is the same: buy what you like, don’t spend what you can’t afford to lose and decide how you want to play the game.
Some ideas / styles below:
Some ideas / styles below:
Collector/Investor: Buy and hold for a long time. They see it as a “Land Grab” over a trading opportunity.
Usually these guys are fairly well off and aren’t going to be watching floor prices every day.
Unironically, in it for the art with a long-term view.
Usually these guys are fairly well off and aren’t going to be watching floor prices every day.
Unironically, in it for the art with a long-term view.
The Minter: These guys buy something and mint it every day, hoping for a rare.
They consistently flip bags, no long term holds and just want to make a quick buck.
Lots of time and energy required to keep on top of the next mint.
They consistently flip bags, no long term holds and just want to make a quick buck.
Lots of time and energy required to keep on top of the next mint.
The Follower: A wallet tracker extraordinaire. Doesn’t think for themselves, rather follows “top accounts” and the “NFT elite”.
A dangerous path to choose, but one you can learn a few things from if you observe... just try not to become this guy/girl exclusively.
A dangerous path to choose, but one you can learn a few things from if you observe... just try not to become this guy/girl exclusively.
The High End Dealer: Requires a bit of capital to join this club, but focusing on acquiring rares/high end art often before larger buyers are aware of the collections is a perfectly valid strategy, or even “scalping” collections that are “in play”.
Risky if you can't afford it.
Risky if you can't afford it.
The Low Cap Gambler: Finds one project, goes all-in, sets some sell offers and walks away.
Unironically, a fairly relaxed and interesting way to do it.
One guy I know did this with BAYC…
Unironically, a fairly relaxed and interesting way to do it.
One guy I know did this with BAYC…
The NFT Enjoyer: probably the most under-rated.
Simply enjoys it for what it is and reminds them of simpler fun in life.
Enjoys the trading aspects, the social side and the money is simply a bonus. Doesn't bet more than they can afford to lose.
Unironically, will make it.
Simply enjoys it for what it is and reminds them of simpler fun in life.
Enjoys the trading aspects, the social side and the money is simply a bonus. Doesn't bet more than they can afford to lose.
Unironically, will make it.
The Crypto Chad: These guys don’t care about NFTs but are happy for you if you’re trading them.
Seen quite a few of them on here and generally good guys/girls to have in the space.
Reminder: you don’t have to play this game if you don’t want to.
Seen quite a few of them on here and generally good guys/girls to have in the space.
Reminder: you don’t have to play this game if you don’t want to.
The Crypto Cuck: The opposite of the chad.
These guys have been reminding everyone daily that jpegs are going to zero and they made 2% yesterday on a trade.
Don’t be this person.
These guys have been reminding everyone daily that jpegs are going to zero and they made 2% yesterday on a trade.
Don’t be this person.
The Community Trader: has a vast knowledge of one NFT collection and lives and breathes it.
Takes a lot of time to master and appreciate; but knowing the ins-and-outs of a collection but can have its benefits.
Takes a lot of time to master and appreciate; but knowing the ins-and-outs of a collection but can have its benefits.
At the end of the day, if you play this game you’ll probably say things like “Sold too early”, “Didn’t sell soon enough” etc. and wrestle with slightly different problems than trading, like offers that are "too good to refuse" but not what you had in mind.
If I had to start from 0 I would probably split like so:
Collector - 40% "high end" / 1/1 art long term
High End Dealer - 30% and focus on flipping
The Minter - 30% focused on projects with differentiating factors
That's assuming a reasonable portfolio size of course.
Collector - 40% "high end" / 1/1 art long term
High End Dealer - 30% and focus on flipping
The Minter - 30% focused on projects with differentiating factors
That's assuming a reasonable portfolio size of course.
Key variables:
- Stuff I like because I might end up owning it forever and if I like it, others probably will (ergo it'll sell)
- Low supply collections / 121 art for the long term
- Differentiating factors; be that the artist, the projects history (e.g. from 2017), benefits etc
- Stuff I like because I might end up owning it forever and if I like it, others probably will (ergo it'll sell)
- Low supply collections / 121 art for the long term
- Differentiating factors; be that the artist, the projects history (e.g. from 2017), benefits etc
Anyway, I hope you enjoyed this little rant and had a bit of fun in the process.
I'm personally in the art side for the long term (rightly or wrongly) and if it all goes to 0 tomorrow I'll be fine.
Good luck friends, let me know your #NFT trading style :-)
I'm personally in the art side for the long term (rightly or wrongly) and if it all goes to 0 tomorrow I'll be fine.
Good luck friends, let me know your #NFT trading style :-)
p.s. I have to say the NFT community is a breath of fresh air to be a part of.
0 salt, no egos and a collective desire to build better things.
I hope it brings the cryptosphere up with it 🤝
0 salt, no egos and a collective desire to build better things.
I hope it brings the cryptosphere up with it 🤝
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