It has taken me a little while to get my head around this. I had imagined it would be just like buying stocks or currencies - but there is so much more to crypto.
This week we picked up a few NFTs called Galerie Yeche Lange Pie Key. Before you say why, lets think about some real world equivalents:
- baseball cards
- comic books, etc
All can be mass produced, but have value to collectors. We all have heard stories about some baseball cards and comic books selling for phenomenal prices. So I put my mind in the space of a baseball card or comic book collector when I decided to buy these.
I chose to buy these because I was told the artist has
- a good reputation and successful track record
- there are fewer tokens in this collection then normal. This collection has 1,111 NFTs compared to 10,000 in many other collections, and grants
- discounts & free mints of NFTs by gallery artists
- inclusions on further whitelists
I am also learning how easy it is to get scammed in the crypto world. Opensea, a marketplace for these NFTs has several pages purporting to sell them. Here are 2 examples:
The first screenshot has some available for .1 ETH whereas the second starts at about .2 ETH. So you would think you would buy from the first one. That’s when my young helper stepped in and yelled - that’s a fake.
How do you know? I asked.
Look at the number of NFTs - The first one says 6, but we know there is 1,111 NFTs in this collection. Also the volume says Zero - but we know there has been trading volume for these NFTs.
I have so much to learn.
Anyway, as I said, we bought a few of these NFTs and have traded in and out as the price has jumped around, so we are currently sitting on a nice profit.
Lets keep our fingers crossed that they keep increasing in value.