If you haven't read my previous article
Make $1000/Day in NFTs Something Something,
you should, for a specific example of the general nonsense I'm going to go over in this article.
The "NFT spacE" is bullshit right now. NOTE: That doesn't mean I'm calling for any regulation on it, because that would just shift the bullshit from the open market as arbiter to government as arbiter. There wouldn't be any less bullshit, just different people scamming you.
But you should know it's all a scam. The few people who aren't scamming are only attempting to do something productive because you gave them so much money that they can easily afford to.
This is true, of course, in every case except mine. 😁
So why is looking for "long term projects" a really bad idea? Here's why.
1. I know the inside baseball.
I spent my bull run wins traveling, but not to random resort locations. I followed the crypto/NFT industry. Went to conventions. Bought NFTs specifically to get into networking parties. And there's a huge difference between, say, the focused devs at the Cosmos convention and the absolute scumbuckets in duh NFT sPaCe.
Most NFT projects come from a few rich garbage bags in the US, UAE, Israel, and Russia. No, those celebs did not randomly come across Bored Ape YAcht Club and buy them. There are firms that do that. Justin Bieber, the Migos and DJ Khaled "bought" their BAYCs through the same skinny European dude who owns the golden fur ape that sold for $1 million.
You should have heard how he laughed at how stupid everyone is and how frivolously he spends your money. By the way, he says he's selling most of his shit before the end of the year and is going to put his (your) money into legitimate businesses. By the way, I'm going to do the same.
2. Founders get their money up front. They don't care.
Beware of whitepapers that are very detailed about how to get in, but very vague on ROI. One yacht party in particular for a DAO (DM me on Twitter; I'll name names) made things crystal clear for me.
The music was loud, so the project founders didn't think they could be heard. They were laughing, saying, "Glad we don't have to do this any more!" [as in throw expensive events]. Since then, their "meetups" have involved texts to meet at cafes. 🤣 And they don't even really talk about the DAO there; conversation is random and silly.
3. You're not looking to get involved anyway.
There are actually some NFT games and projects that can pay off in ways other than a rise in secondary market price, but you have to be REALLY involved in the community. I really don't know any adult who has the kind of free time these projects are looking for. You have to catch the airdrops within a certain time frame, do all kinds of riddles and stupid shit to actually get them, and be in the fuckin Discord to receive the announcement that some stupid shit is going on in the first place. WTF. Do you people have jobs?
But yeah, if you're a trust fund baby or a tween, you can participate fully. (But where'd you get the money?)...
There are really way more useless/privileged 30somethings in Western society than I want to think about.
But if you're not looking to actually get involved in the community, your chances of profiting in the NFT market go way down.
4. There's no such thing as "long term."
How can you say "long term" in an industry that's been around for all of 4 years? (Actually longer; you just didn't know it.)
But yeah, you should be looking to flip. And that's a sad state of affairs.
We'll go over a bit more of this in our next piece, "Why You're Not Early in NFTs." You don't want to miss that one.
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