Thread by @onzdroid

𝗗𝗮𝘆 𝟮 (𝟮-𝗝𝗮𝗻-𝟮𝟬𝟮𝟮)
𝗟𝗲𝗮𝗿𝗻𝗶𝗻𝗴 𝗳𝗿𝗼𝗺 𝟮𝟬𝟮𝟭 𝗦𝗵𝗶𝘁𝘁𝘆 𝗡𝗙𝗧 𝗣𝘂𝗿𝗰𝗵𝗮𝘀𝗲
It is almost depressing to spend the 2nd day of a new year looking at the crappy NFTs I bought & wonder what was I thinking when I paid between $1k to $20k for them.

1) There is no real basis to understand how low the price of a project can fall - if it can go from 0.05ETh to 10eth, why is 5Eth a good price to buy it back.

@GalacticApesNFT is a great project that went to 2.5 ETH floor, then down to 1.5eth, then hung around at 1ETH. So i bought in. Guess what went down to 0.2 ETH in 7 days of buying in..

2) Developers decided to jump ship - @Loopy_Donuts - lots of buzz and fanfare, 13k followers. Great story, great pfp value Bought 4 at 0.25ETH current price 0.01ETH. why? developers decided to jump ship. Community had to take over.

https://twitter.com/Loopy_Donuts/status/1471156065144225792?s=20

3) Caught in the hype - @SpaceBoysNFTs bought 3-4 at 0.15E. Not sure how to pen this one. Is it no clear utility or mkt got flooded with PFP projects

4) @InfinityLabsNFT - this is a difficult one. I thought great project on Solana, amazing art, deflationary art. They say, find a good project and double down I bought a lot with an average price of abt 12-13 SOL. The floor went up to 18SOL.

Then the price started dropping and guess what the team said they were doing it for the art and did not really care about the floor. They got a big wallet from the initial transactions which is allowing the team to still going on with the project (pheww). but the floor is 0.9SOL.

5) DYOR and if you don't know ask someone who does - @nftboxes 28k Twitter followers. One of my early purchases - 0.65ETH for a box of different NFTS. I thought would be NFTs from good collections. I was in for a surprise.

Little did I know I got a jpegs & videos (not 1 of 1s) sen to me coz I guess I asked for it!! Who is at fault - ME of course not the creator.

6) Some of these JPEGs cost a lot when compared to things we think so much about spending in IRL. Didn't sell any of my 10 @feudalznft at 2ETH floor and when the floor is 0.14 eth wondering if even selling 1 @ 2x$4500 = 9000USD could have paid for a family holiday

I can go on and on.. but don't want to get further depressed. While we are here to make money and support projects & communities growth, it is no fun to have your money vaporized into thin air. Even VCs invest in companies with innovative products to make money.

So what did i learn
I. Don't get into too many projects - it's very hard to track all of this stuff.
II. Stick with the smart money. There is a reason it is called smart money. Don't look to find gems that are so hidden no one will find them

III. The team needs to have a strong focus on marketing the project and getting influencer visibility. Even BAYC picked up after celebs got into the action
IV. Bet on a team that understands the community and is looking forward

V. Knowing when to buy is as important as knowing what to buy. Very true with NFTs same item can be bought for 10ETH, 1ETH, or 0.1 ETH. and some things will not come back to 10 eth
VI. Spend time to research what you are buying and why. Then know why you are holding it

After writing this as I introspect which are the projects I have the most conviction to hold
@CyberKongz
#neotokyo
@SIPHERxyz
@themetakey
@TheDogePoundNFT
@NekoNFT
@CosmicLabsNFT
@mtmartians
@AstrobrosNFT
@foxfamnft
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@InfinityLabsNFT
(i still have hope)