Letter 1 - Is this going to be NFT Summer?
Letter 1 - Is this going to be NFT Summer?
We're still early
After last year’s DeFi Summer a lot of people have been ruminating on what craze the crypto world is going to chase this year. Probably the most popular one I’ve seen out there is Solana Summer. Sometimes I see calls for DeFi Summer v2. I’m here to make the case for NFT Summer.
It’s no secret that NFTs have exploded in popularity over the last six months. Many people think we’re in a bubble; others yet think the bubble has already burst and we’re on the way down. I think differently. I think we’re just getting started. This is the beginning, not the middle, and certainly not the end. Many a person has lamented to me that they think they’re too late to get in on NFTs. They wish they got in in 2017 with Punks, or they wish they got in with Zed Horses in 2019. Repeat after me. WE ARE STILL EARLY. One more time. WE ARE STILL EARLY. In 2025 there are going to be MILLIONS of people wishing they got into NFTs in 2021. One last time. We. Are. Still. Early.
There are an enormous amount of projects popping off lately. The most pronounced and almost undoubtedly most successful is the Bored Ape Yacht Club, but they are far from alone. Off the top of my head over the last week alone we have seen Ethlings sell out 7,777 mints in five hours and Zenft Bonsai Trees sell out 8,888 mints in one hour. We saw The Sandbox sell 1,300 plots of land in the blink of an eye and we saw VeVe collectibles fly off the shelves, as usual. Artblocks dropped project after project and most sold out within hours, if not sooner. Not to mention Ember Sword, Guild of Guardians, Riot Racers and oh. so. many. more. All of these projects warrant posts of their own and I will definitely be diving deeper into some of them, but suffice to say: the demand is real.
Want to know the one thing all of these sales have had in common? At the end there are always people unhappy that they missed out. They were there with fists full of cash slamming on the front door to get in and get a bonsai tree or plot of land and were, usually, very disappointed if they couldn’t snag one.
People say the peak was Feb/March. I say that was the first peak, but it will not be the last and it most certainly will not be the largest.
Over the past few months I have participated in more NFT drops than I can count. I have learned a LOT in the process. I have lost a lot of money learning some lessons. I have made a lot of money, too. For example an hour ago I sold this bonsai tree for 0.88 ETH ($2,461.78). I bought it for 0.08 ETH ($223.80) yesterday.
One of my reasons for starting this newsletter is to share some of the tips and strategies I have learned, and to help people avoid the same mistakes I made. Or at least to avoid some of them. That said, there is absolutely no substitute for experience. You’re gonna buy some duds, and that’s okay. Consider it tuition money.
Want to know the first NFT I ever minted? I used to be embarrassed by it. Now it is my badge of honour. Meet Seneca. A Deekhash. It cost me 0.20 ETH or something like $300 at the time. Yeahh… yikes is correct.
Why did I buy this? Cause I saw a mention of it in a group chat and FOMO kicked in, and I bought before I thought. Maybe even if I did think I would have bought anyway since I was completely green and new to this space and was just clicking buttons. I paid my tuition money, and three months on I am still here and perhaps just a little bit wiser for it.
Succeeding in this space is first and foremost about surviving this space. I would love for you to subscribe to my letters and follow my journey, and together we will not just survive. We will thrive.
We are still early.
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Disclaimer: The content covered in this newsletter is not to be considered as investment advice. I’m not a financial adviser. These are only my own opinions and ideas. You should always consult with a professional/licensed financial adviser before trading or investing in any cryptocurrency related product.