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I'm just browsing right now trying to find stuff the resonates with me, that might not be the right way to look at the space though?
Like G mention. This space is huge risk and most project are either hard rugs or soft rugs. You are more likely to encounter scams than legitimate project.
So I won't be personally making any recommendation here. Things under 1 eth are usually unproven project (not always and that where you will find the undervalued stuff)
But things I would looks for in project with potential:
-Artwork. Okay, despite what everybody thinks about NFT art isn't the be all end of this space. Plenty of great artist don't make it in this space and plenty of basic af art moons. But at the very minimal looks for original art (copy art is an immediate death sentence in this space, it will get dump to oblivion once its been discover or even contested). Do you DD on the project that revolves around art. Do they have a great following on social media? Do they work with big brand like Disney, Pixar Marvel etc.
-The team behind the project. Most teams are anon and that isn't neccesary a bad thing. Having a doxxed team doesn't mean they wont rug you or that they are experience. Many in-experience team use doxxing as a way to gain trust. But remember you are buying a jpeg. Doxx could just mean a soft rug . More importantly is to look at the team's history in the space and whether they are part of an already successful project. The dev is just as important and founder and artist. It helps to familiaze yourself with the blue chip in the space. The unobtainable NFT with multi-eth floor and look at their team and whether any team member are branching out on new project. this imo the the key to success, before you buy ANY new project. Research the heck out of existing bluechip project and see WHY they have succeed where others failed
-Roadmap. Usually there is an initial hype during mint and reveal follow by the subsequent dump as there is often a delay in development after the initial mint (basically a seed round to gather investment so they can put in the work, there are rare gem where project has been partially developed and the time between mint and next roadmap release is relatively small). You can find some great gem here that has been forgotten after the mint but the team are still working their ass off behind the scene to deliver on their roadmap. Those are worth a shot. Beware of copy and paste roadmap with no longetivity in the space. Stuff like merch drops and a series of other NFT drop in their roadmap with no new value add, stay far far away unless its something huge like Nike for example. Metaverse is predicted to be the end game to NFT so any project that have that in their roadmap (and can successfully execute, which is a big IF) in theory should be a safe long hodl.
-Hype and Community. Do some research on their community on telegram or discord. What is the vibe there. Has the project launch for a month and you are still seeing daily activities in the discord. Any project that revolves around building a brand irl, those are worth some investigating and you can use their twitter following, engagement to see how real they are
-influencer and whaler backing. This is quite critical in this space. These whales and influencer are in their own little groups and if a project has a significant whale hodling them and influencer shilling their project on social media. This usually mean these guys will do their best to protect their and your investment. Beware of fake influencer that just shill shill an shill and never put their own money on the line. This is the blockchain so you can track their wallet. Major crypto influencer make their wallet public so you can see they are not just running their mouths (bonus point if you can located these whales burner wallet)
-Get involve in alpha groups. Some are paid, some you only get invited once you get notice in the space for providing value. These guys have the first dip on information before you even see it circulating. And the good alpha groups will give you chance at whitelist for the next big project.
Don't believe what you see on tik tok. Making it in this space is actually quite hard for every 1 success you will encounter 10 rugs. But often times that one success will blow up so hard it make up for all the other 10 fails you have.
Be prepare to failed hard before you success just like anything else in life. Allocated money just to learn this space and know that most of your early purchase will likely amount to nothing.
NFT are also vulnerable to general crypto market movement. NFT season = Crypto sideways or minimal upward movements. When ETH gigachad, you better get out of your NFT (except if you holding bluechips ofc) as all volumn will draw from this space in to ETH or other shitcoins. Capital rotation happens in this space as well, while NFT is relatively new. It has already went thru a couple bull-bear cycles and clear capital rotation. Right before the recent crypto crash. NFT market was flooding with money and floor price of many blue chip double and triple. It doesn't matter what us shrimps think, you can clearly see whales rotating their ETH into NFT just before the market dumps, and when the market starts picking up again that same capital will now outflow back into coin market for alt coin season or big cap pumps.
Know where you are in the cycle will help you make a decision on how hard to you should go in NFT. Right now we are in the middle of a NFT bull market due to coins being dead. So alot of the establish project have already receive their pamp. You dont HAVE to invest here, bear market WILL come for NFT. But looking at the state of things in crypto, you might be seeing a couple month of bull in NFT before that happens.
Capital flow in NFT usually goes like this you see blue chip gigapump first, floor price double and triple in the unobtainable project like BAYC -> whales sell some of the blue chip-> capital flows in to degen small project, that when you see shit like IrenDAO mooning in the middle of the night and 100 derivative project popping off, this is usually very small and quick and comes in burst. This part of the cycle is the most dangerous for new comer and they see small cheap 0.03eth mint double and tripple in minutes, they get the FOMO and end up with the bag -> degen mints over flood the market and those shit project goes to zero, capital now rotate to undervalue midcap that has largely been ignore during the degen season
IMO the midcap phase is where you will most likely find success. Here you want to pick out solid project that didn't just drop their mint. With luck and research, hopefully this is where you land a project that will eventually become blue chip. Risk management and having significnat liquidity to hop on opportunities will also determine you success. Say for example you have 1 eth, it might be worth while to spread your chips out to multiple project. Vs throwing all of the eth in the a single project
Hope this help. Feel free to DM me if you have more questions. I'm not going to share my wallet public, nor do I want to promote people following my trade (I degen, like alot). But if it helps I will be happy to share privately.
Oh man, that's brutal. Learning experience I hope?
Which project was it?
Beachverse. I think a number of other projects also rugged - seems like a good way to make a quick 300-500k USD and then disappearing.
Learning experience sure? You can only prepare so much but there are definitely some red flags occasionally. It doesn't help that there's so much FUD going around each discord too..
Beachverse. I think a number of other projects also rugged - seems like a good way to make a quick 300-500k USD and then disappearing.
Learning experience sure? You can only prepare so much but there are definitely some red flags occasionally. It doesn't help that there's so much FUD going around each discord too..
that's why minting a new project is dangerous. The minting game really is a newbie trap. Everybody wants to mint the next BAYC for 0.05eth and make 6 figures.
People get the idea that this space is a get-rich-quick scheme with minimal investment, it really is not...You really have to be very very deep in this space to hit those mint unicorns.
Minting new project = striking gold in a new penny stock. How often does that happen....
Otherwise just look at establish projects.
Never heard of beachverse, that would be a solid red flag too if nobody else in the space has heard of it.
Thanks for that indepth summary man. It's appreciated. I think you brought up some really good points.
I especially like the idea of checking out the discord/twitter/socials to see if the community is still vibrant after the mint. I didn't think to do that.
What do you consider blue chip NFT's? is that like the first page of opensea's rankings page? or like the top 30 of that page?
Thanks for that indepth summary man. It's appreciated. I think you brought up some really good points.
I especially like the idea of checking out the discord/twitter/socials to see if the community is still vibrant after the mint. I didn't think to do that.
What do you consider blue chip NFT's? is that like the first page of opensea's rankings page? or like the top 30 of that page?
Bluechip NFT are usually at least double-digit+ eth in floor price. Around for at least one bear-bull nft cycle (so looking at current timeline, at least 3+ months old) has a cumulative trading volumn of at least 10k eth and up. Look up these projects on Opensea and NOT Looks Rare. 99% of the traffic of LooksRare comes from wash trading so its not an accurate window into the market.
Some OG Bluechip projects:
Cryptopunk (historic artifacts at this point)
Fidenza (The OG high-class art piece with no function)
Cyberkongz (The original game/token-based project)
Bored Ape Yacht Club (The first project to gain mainstream celebrity attention, frat boys of the space)
Some newer Bluechip projects:
CloneX (Metaverse project backed by Nike)
Doodles (Pfp project that irl branding)
Mutant Ape Yacht club (sister collection to BAYC that offer folks a cheaper entry into the BAYC world)
Kaiju Kings (This haven't high double digit yet but its just a matter of time, the first successful copy of the cyberkongz model)
These don't appear on Top 30 on opensea all the time. Top 30 can be populated with a lot of recent come up and haven't exactly passed the blue-chip test (like the few days old anime meta, Azuki at spot 1 that literally drop less than a week ago). Top trending collection can show you what the current meta is but not necessary the project with proven staying power.
Alot of people with bigger bankroll can and will play the flipping game in this space. Metas come and go, but blue-chip are project with some diamond handed holder with true conviction, a project that has been washed of paperhands with the majority of their holder buying in at a high price point because they believe in the project and intend to hold for a long time. Do you think Jimmy Fallon is going to panic dump his BAYC if the floor drop by a few eth? Think in that direction and that where you will locate the blue chips
There are also other tricks in this space, from insider trading (it soooo easy here lol) to trading delay of information (get on twitter space, sometimes things are said inside the twitter space that take days to make an official announcement). If you buy the appropriate tool, you can snipe rare piece from people that don't know better. Or do volume base trading like a day trader. So many way to approach this, but personally I think for people new to the space taking an investment based approach is safer and let you ease your way in to understanding what exactly is going on here.
I am sick to my stomach and pissed right now. Had a really old couple come into my store and try to use the crypto ATM. The husband claimed he was on the phone with Microsoft. Another person had taken money and put it in wallet for them and Microsoft was trying to help them get it out. The amount was 50K. If took me at least 5 minutes to get me to believe they where being scammed. I told them to contact the police and call there children. one who lives in Calgary and another who lives in Dubai.
__________________ Until the lions have their own historians, the history of the hunt will always glorify the hunter.
I am sick to my stomach and pissed right now. Had a really old couple come into my store and try to use the crypto ATM. The husband claimed he was on the phone with Microsoft. Another person had taken money and put it in wallet for them and Microsoft was trying to help them get it out. The amount was 50K. If took me at least 5 minutes to get me to believe they where being scammed. I told them to contact the police and call there children. one who lives in Calgary and another who lives in Dubai.
Are crypto ATM's easy to use?
It really blows my mind people actually get scammed like this. These are the times I really hope karma is real. This is so frustrating to hear.
It really blows my mind people actually get scammed like this. These are the times I really hope karma is real. This is so frustrating to hear.
People coach them over the phone on how to use it. It's not that hard.
I had a scammer call our store saying he was sending a family member to the store to use the machine but the family member did not have his wallet QR code. He wanted to sent the QR code to my phone. I told them I could not use my phone at work.
I have stopped about 8 from being scammed. We have at least 11 machines in Nanaimo include 2 at malls. So many people must get scammed and keep quite.
__________________ Until the lions have their own historians, the history of the hunt will always glorify the hunter.
Crypto is a easier way to scam elderly of their money for sure.
But fr, is it just me or Canada seems to be a cesspool for phone scam.
Reach your hand if you have ever received that phone call in Chinese about DHL packages. Or my personally favourite the pre-recorded phone call from the "Chinese embassy"
Total staked: 1500 LOOKS (currently $4.7)
Total tokened earn: 420 LOOKS
Total Eth earned: 0.77weth
in total more than 1ETH in earning after a month. Anybody doing any other profitable farms?
Starting to see a wee bit of capitulation in the physical miner market. Foresee more pain in GPU physical miner marker in the coming few months. General crypto market in bear and a lot of people brought overprice GPU and ASIC at the top. Hoping to see a flood of supply pretty soon when physical mining becomes attractive again....
A tattoo artist I know in Macau decided to launch an NFT project because obviously tough to work in these conditions... She did all the things these people do with a launch, promote on social media, start a discord, etc.. Unfortunately it looks like it hasn't taken off. I guess you just have to get noticed by a whale that wants to turn your art into a commodity.
it's not easy these days because there are tons of projects. if she had a discord then i'm surprised she didn't even sell one. maybe she didnt do a good job promoting it? also the price is pretty high for someone just getting into the space. she should have priced them at like 0.1 or less.
it's not easy these days because there are tons of projects. if she had a discord then i'm surprised she didn't even sell one. maybe she didnt do a good job promoting it? also the price is pretty high for someone just getting into the space. she should have priced them at like 0.1 or less.
Pretty sure she hired someone to help set it up, but I guess they overestimated how much they'd sell for... There has to be hype I think, and you can't just create it yourself with promotion. Unless the right person sees it and decides to take a chance on it. Lower price probably would have helped with that
i mean she barely had a twitter or insta following for her account, so i'd say she launched way too early. if she's going to try to make 100k from nfts at least spend like 5-10k promoting it and several months of building a community first.
with nfts if she did sell out, then she would be making royalties on every sale afterwards so it could be really lucrative if you set yourself up properly.
i feel like for a genesis collection you need to start smaller and already establish your community through giveaways, contests, influencers, etc..
it's prob not too expensive to ask nft promoters to have like 50k followers to retweet your account and project. just make a small collection of like 50 nfts and give away like half of them for free through partnerships with promoters, then sell the rest for like 0.05. after you've done that a few times and your discord has at least a few hundred people in it then you can launch some 1/1 pieces like she did, only don't ask 0.35 or 0.45 for them until you're actually someone.
i mean she barely had a twitter or insta following for her account, so i'd say she launched way too early. if she's going to try to make 100k from nfts at least spend like 5-10k promoting it and several months of building a community first.
with nfts if she did sell out, then she would be making royalties on every sale afterwards so it could be really lucrative if you set yourself up properly.
i feel like for a genesis collection you need to start smaller and already establish your community through giveaways, contests, influencers, etc..
it's prob not too expensive to ask nft promoters to have like 50k followers to retweet your account and project. just make a small collection of like 50 nfts and give away like half of them for free through partnerships with promoters, then sell the rest for like 0.05. after you've done that a few times and your discord has at least a few hundred people in it then you can launch some 1/1 pieces like she did, only don't ask 0.35 or 0.45 for them until you're actually someone.
Yeah it was an interesting thing to observe... BTW she has 40K followers but she split off an NFT account from her main. I think she was losing quite a few followers with the NFT stuff, as most people don't like it.
I've seen other people just start uploading stuff, and that doesn't sell either, so it was interesting to see someone attempt an actual launch that didn't work. Appreciate the insight!
i'd say back in like june or july what she's doing might have worked because people were throwing money at literally every project back then. nowadays it's too saturated. still lots of money to be made out there but it requires more effort to have a successful project now
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