Can I make Money collecting Free NFTs? (+ answers to some other questions I received)

Can I make Money collecting Free NFTs? (+ answers to some other questions I received)


 

Since my previous article on Collecting Free NFTs it seems that I have become the go to Baby for any NFT related question.

Not that I know the answers, as you know I am a little baby noob exploring the NFT planet. But still some funny stuff came my way..... the main question of course was:

Why do you collect Free NFTs....is there any money in it?

 

Well my frequent readers know that I am in it for the memes and not the money, but clearly that is not everybody´s take.

Before we get into the details let me make one thing clear:

If I calculate the time I invested in my Free NFT collection vs the dollars made, I would have made more money doing a Paper Route. Which doesn´t mean there is no money in it at all. It means that you have to put in some effort and patience... I have very little of the latter btw. 

Getting into the details

Okay so look at this example. Got it for free and at that time it was worth less than 0.7 WAX.

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Now as you can see it has been trending up and landed around 7 WAX yesterday...it dropped 1 WAX today due to me shilling it 😆

But that is freaking 10X. Imagine that was a crypto Token.....People wouldn´t even ask if there was money in it.

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Of course you can get only one and there are also many Trash NFTs out there.

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Similar to the fact that there are also many shitcoins on the market, but those sometimes can do crazy stuff.....

I think there once was a coin with some weird Dog and no use case. That coin turned some holders into millionaires! Can´t seem to recall it´s name, but sure you can Google it using "dog 💩 crypto". 

Who knows, even Trash NFTs might find their proper place in the blockchain universe. Keep in mind that NFTs are similar to Crypto, both are just warming up for mass adoption.

Think of them as baseball cards, I have no clue if 40 year old baseball cards are worth something....but based on my  DYOR the older the card the more chance you have that there is some value there. 

So the answer is yes, there is money to be made from Free NFTs. I will tell you in a bit how much I made so far, but first the important stuff....the fun!

So, why should you wanna collect Free NFTs?

For me it´s all about the hunt.  Hunting is fun, but with all those animal rights activists everywhere now a days, it´s saver to hunt NFTs.

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Have you ever seen a hunter in a Lambo?

I have not, so I guess hunting does not pay so well, but those guys seem to have fun and so do I.

Even though it can be very frustrating being late to every free NFT drop party, and that brings us to the next little topic that I received some questions on.

 

How can I avoid being like Elon on the BTC party?

Well as I already mentioned in the previous article, you need to find good hunting grounds:

 

How do I get whitelisted

After sharing those hunting grounds I got some questions on how to get whitelisted. Well often the information is on the card. You need to join a discord, or follow a Twitter account and leave your WAX Wallet address in the comments & retweet etc.

It´s a bit of work, but often the NFTs you get are also a bit better.

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I am such a slowpoke

If you have issues being tom late,  even if the drop just started, there are a couple of things that might help:

1. Use Chrome (it helps to auto-solve the captcha because it's Google's service). Maybe hover the mouse over the box little bit before clicking.
2. Just log out and re login 1-2 minutes before the sale.

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Keep enough CPU, RAM and NET staked

And last, but not least I already mentioned that you will need to sell your first free NFTs to be able to buy RAM as without RAM you are nobody these days.  But I just noticed yesterday that I also need to buy CPU so I had a quick look into this:

This is complicated, but in short it comes down to this for he AtomicHub marketplace:

To create/collect NFTs we must first convert some WAX to “staked resources”, specifically CPU, RAM, and NET. Yes, they are named such.

In the EOS world, CPU is used to execute transactions on the blockchain.

NET refers to the amount of data you can send, while RAM is used for storage of information.

These resources are used when you create NFTs and/or buy/sell them. When you run out, the system will prompt you to purchase more. But you need WAX to do so.

So make sure to sell your first free NFTs to have some WAX in your pocket. You don´t wanna run out resources, when you are trying to catch that next little NFT Gem.

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Bottom Line

Next to fun there is value in collecting freebies. In my first weeks on the Non Fungible Planet I made $24. Maybe one day my kid will inherit my collection and it might buy him a used car....or a Lambo. We just don´t know do we, and I do not really care. I just enjoy the chase (always did 😜).

Just for this article I gave my FREE NFTs a bit more attention last week. and in one week I was able to up that $24 to a net owning of $37.

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As you can see I bought no NFTs yet, and sold for $35,82.

Of course I had to invest a bit in RAM and CPU so my Net profit is $27,78. The estimated value of the rest of my collection is $12 dollar, minus the selling fees, would make that $37 total.

Next Time

Next time I will explain how you can get that $37 out of the WAX cloud and into your pocket. So be sure to keep an eye out for the next one.

Okay that´s it for my little update. Hope you benefited and if not be sure to tip yourself generously and do me a favor 🅷🅸🆃 🆃🅷🅰🆃 🅻🅸🅺🅴 🅱🆄🆃🆃🅾🅽 (it´s the most underrated button on the page). 

Hope you had a good read, have a lovely day and happy hunting.

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BitcoinBaby
BitcoinBaby

Little kids keep asking why.....as a Noob in the Big Bad Bitcoin world the same is happening to me as I try to figure how to survive. My Posts will take you through all the things happening in my mind since I got on the BTC Rocket into Crypto Universe


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