I make money in NFTs. A lot. Enough that I don't need another job. But it's a dirty business. Gotta know what you're doing, because this is the scammiest, scummiest, dirtiest "investment" market out there.
The first way to make money in NFTs, especially during a bear market, is to immediately identify scammy bullshit cash grab garbage like Y00ts from Degods.
I want you to study this tweet. Study it, then come back here. https://twitter.com/ngmi_podcast/status/1566825127744081923
What Do You See?
Three average guys. Average dress, average surroundings, average personal upkeep, average intelligence. Does anything about this mediocrity say hey, it's smart to listen to what I have to say about MONEY?
But if you do what these mediocre people say, you'll be spending anywhere from $1000 on whatever y00ts mint to $20,000 to buy a Degods NFT, if you're really feeling FOMO.
What Do You Hear?
You hear a bunch of shit. Like, the quote is literally full of shit. Borderline genius or sociopathy. Either works with the NFT crowd. I rule out genius.
What Do You Feel?
Emotion. As in, an illogical feeling. Between all the "shits" in the clip and the "OMG this cryptoface POS is droppin kNaLeDge" garbage of the obviously promotive tweet, emotion is all you can feel. There's nothing logical to attach your intellect to. Investing is a logical pursuit. Gambling is illogical. If these mediocre guys are trying to make you feel emotion rather than appeal to your logic, you can bet whatever they're talking about is a gamble, not an investment.
And this is NFTs in a nutshell.
Sellers — A bunch of mediocre guys who either made enough money in crypto last year or just use daddy's money while in uni to forego employment and shill projects
Buyers — The other 90% of guys in that same demo without said money, who are looking to become sellers ASAP
Making $1000/Day Off This Garbage
Let's talk y00ts and Degods specifically. Even though I have no respect for what these clowns are shilling, I applied to y00tlist. Why?
Because you make mony in NFTs being first in and selling to the second group of "investors." That's it. Literally nothing more to it.
I didn't get in, so I forget the project exists (except to warn you about it). If I would have got in, I'd have minted, waited on a 3X, then sold on the open market. I'd then forget about the project.
Making $1000/day in NFTs means finding hyped projects like y00ts with enough backlog to sustain two waves of buyers. You then make sure you're in the first wave. If you're not in the first wave selling to the second, then you forget the project. 100% of the time. If you don't, and you think you're smarter than the market and you can somehow find the project that's going to be sustainable, you'll give your wins back.
Why should you not look for sustainable projects in the current "NFT space"?
1. ...
Actually, that'll be the next article. Stay tuned.
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