How To Invest In NFTs Like An OG
Enjoy this AMA with @daniel100eth about his journey through the NFT space
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NFT Slate Fam:
Here we are at the beginning of a blossoming industry and we have some of the most prominent community members as anon CryptoPunk owners…whatta trip.
Some of these peeps are the most kind and welcoming people you’ll encounter.
Big ups to our guy DanielETH & what he’s doing to push the industry forward.
In todays piece, we learn about what his journey looks like so far and some important NFT facts for beginners.
Lets dive in degens!
-NFT Slate
How To Invest In NFTs Like An OG
AMA with Daniel100ETH
1. What’s your NFT entry story?
Well this is a good story… It started probably in January when I learned about TopShot. I was still doing stocks and options but looking for alternatives and I learned about Topshot on Twitter, I still could not sign up but I was eager to sign up and followed a bunch of TopShot “influencers”. I was finally able to sign up in March (I think) and bought the cheapest moment on the market for $50. That was basically the peak, but then the first NFT project I ever wanted to mint was BAYC. The problem was I had no clue what Metamask was or even how to buy ETH. So the short story is, I had no one who could help me and by the time I figured it out, it sold out. Eventually I stumbled onto Ghxsts and one a meme contest. That was my first NFT outside of Topshot.
2. Why NFTs?
Honestly, at first it was how cool the concept of them in general is. I love the digital ownership aspect and how vast it can and will be. I liked the constant change in the landscape and the insane returns, I have done 2x in 30 minutes before. On top of all this, I have connected with so many amazing people and made friends in this space. That is something I am extremely grateful for.
3. In what industries do you believe NFTs have the biggest potential?
This is a tricky question because to me, it is probably an undiscovered industry. At this moment, I like NFTs for anything ownership related: music, art, avatars, potentially mortgages, and even car titles. The blockchain can be used for so much including the complex construction world. The possibilities are endless.
4. Ok now that we got the basics down, what’s your degen NFT portfolio look like?
At this moment I own Punk #7271, about 100 Lonely Aliens, and close to 100 Goatz (not HOF Goats) with some other projects here and there including Untamed Elephants and World of Women.
5. Favorite NFT marketplace/website?
I mainly use Opensea for just about everything. I have bought pieces on Rarible and Foundation but these are the only three platforms I have used. Rarible and Foundation for 1/1 art mainly to support smaller creators with amazing art.
6. Bored Apes or CryptoPunks?
Both. Obvious answer is Cryptopunks, they are the only project with established staying power and that's why I made the leap to buy one. But on the other hand, BAYC has been establishing themselves as the second place option. A more affordable PFP with a great community and team. I personally do not see BAYC overtaking Punks. Out of all nft projects my top 2 are Punks then BAYC.
7. The beginnings of every great community start organically through discord, social media and other mediums. What are some of the key factors for new NFT projects to focus on for fostering a strong community?
As in advice for projects to foster growth? I would say, create a unique selling point for example, Lonely Aliens has a DJ concert every few days where everyone just vibes and spams GIFs into the chat (super cool experience btw). Stay active on social media. There is only so much the team can do, it is ultimately in the hands of the holders so ideally you want to see this number grow daily. Let your holders do the work, just spread positive vibes and give back.
8. Is the creation of many similar digital art NFTs leading to dilution? Why/why not?
There are way too many PFP projects. There is an oversaturation of these PFP projects, not sure where the money is coming from. I released an article covering upcoming projects for the next 6 days and there were about 40 that I found, most of which were 10k collections. There are about 9-13K active nft buyers and 20k holders I believe. What is happening right now is unsustainable without a parallel growth in new nft buyers. On top of the number of projects coming out, many of them have weak roadmaps and no differentiators.
9. As an investor and crypto native, what are the first steps to start getting involved in buying NFTs?
Follow people in the space on Twitter. That is the first thing I thought of, perhaps subscribe to my newsletter! But the most important thing is to talk to people, do lots of research, like what you buy and go with your gut. Understand the risks and play with what you can afford to lose. Eventually shift into discord servers and align yourself with successful flippers.
10. Compared to other asset classes (cryptos, metals, real estate, bonds etc) what are the competitive advantages of investing in NFTs?
Future versus past. With NFTs and Crypto you’re investing in the future. I don’t know if you watched Ready Player One but I can see our society shift into that reality eventually. Digital identity will be extremely important and that's a huge competitive advantage in the current market of all the PFPs. Expanding on that, smart contracts can really do anything so we can see some crazy innovation which has been lacking in all these industries. Think about real estate, their system has not changed for decades, but we will start seeing some disruption soon.
11. How do you determine a quality NFT project from a quick cash grab?
I personally look into the team, the project, how long they have been working on it, what makes the project different, mint cost and size of the collection. One clear example of a cash grab to me is the Stoner Cats project by a bunch of celebrities. I could be wrong but to me it looks like a cash grab and I avoided it.
12. Ever been rug pulled in the NFT game?
I do not think so. I have had my fair share of losses, but mainly cause of buying under FOMO. Everyone takes losses, even the best of the best, just use risk management and dont play with more than you can afford to lose.
13. Favorite upcoming NFT drop?
I don’t have one at the moment. I will say that my three favorite new projects are Lonely Alien Space Club, World of Women and GOATZ. I love the teams and roadmap. They are still in an affordable spot. ( I do own all three of these projects) but they are by far my favorites other than the established ones!
Thank you for taking the time!
⚠️ DISCLAIMER: Investing into NFTs comes with inherent risk including technical risk, human error, platform failure and more. At certain points throughout this post, we might get commission for promoting certain projects, if this is the case we will always make sure it is clear. We are strictly an educational content platform, nothing we offer is financial advice. We are not professionals or licensed advisors.
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