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@bright_lightart

Jul 1

THREAD: For NFT Artists

Here’s some statistics and some thoughts on current market conditions.

Opensea - volume traded is at $286m in the month of June, down 58% from the previous 30 days.

However - it is not all bad news...

1/8

Data from nonfungible.com shows that Art is only 3% of NFT transactions and only 8% of the volume traded

Their quarterly report covering April to June is not yet published, so we don’t have up-to-date stats

We know the data is likely to show a huge market slowdown

2/

We were only ever a tiny part of the NFT market. Yes, the slowdown affects us - but not as much as you might think.

Now for a little sidestep into psychology:

We are all subject to cognitive biases, the influence of social proof, emotional contagion and herd behaviour.

3/

Read 8 tweets

Bright Light

@bright_lightart

Jan 10

https://twitter.com/bright_lightart/status/1479436739181793293?s=20

THREAD: Mistakes I Have Made (Part 2)

For all the new or struggling artists out there, here is an explanation of some of the mistakes I have made in the NFT space.

Today’s topic - Platforms and pricing. Hope this helps someone!

1/11

Part One here…

https://twitter.com/bright_lightart/status/1479436739181793293?s=20

Choosing a platform for your first collection is difficult. The main open access platforms have downsides:

Opensea - buggy & crowded. Need to choose Polygon or ETH chain - how?
Objkt/HEN - low prices, poor UX. Tezos chain.

Most artists start on one of these two platforms.

/2

I started with an OS collection of 5 pieces, pricing my work at 0.02 on ETH chain after doing a lot of research on similar artworks

I researched what similar artworks were selling for, and then priced to the lower end of the range because I was new.

This was not a mistake!

/3

Read 11 tweets

Bright Light

@bright_lightart

Jan 7

THREAD: Mistakes I have made (Part 1)

For all the new or struggling artists out there, here is a compilation of some of my biggest fails to date.

Hope this helps someone - and let me know if I missed anything!

(1/9)

Like so many others, I learnt about NFTs randomly and decided to have a go at selling the art that I was making for fun.

I got a few of my better artworks together into a collection, minted them on Opensea and opened a twitter account.

This was my first mistake.

(2)

My first tweet proudly displayed my best piece to my 0 followers.

Two people followed me. Then another four.

*tumbleweed*

So I tweeted some more. I collected about 40 followers over the course of a few days.

“Now what?” I thought…

(3)

Read 9 tweets

Bright Light

@bright_lightart

Jan 5

THREAD: The psychology of the rugpull - how they get you.

Rugpulls follow a tried and tested formula. Why do people keep falling for them?

People aren’t stupid. Scammers have an array of tricks to lure you in.

Here’s how they do it.

(1/13)

First, we need to be honest about a few things. Most people

> Want to be wealthy, or at least comfortable
> Want to feel important
> Want to be part of a group

There is nothing wrong with any of that, it’s perfectly normal.

(2)

The fear of losing something is more powerfully motivating than the idea of gaining something new

This is why FOMO is a powerful driver of behaviour. Fear of missing out on opportunities to be wealthy, to feel important, to be part of the club.

So how do they trigger FOMO?

(3)

Read 14 tweets

Bright Light

@bright_lightart

Jan 4

“DYOR” - A thread for new artists in the NFT space.

“Do Your Own Research” is self explanatory. But how? We are artists, we don’t come from technical backgrounds.

What do we need to do, to stay safe?

(1/10)

Good news - you don’t need to be a crypto expert

Bad news - you do need to learn a few fundamentals about the basics of crypto

Even worse news - this space is full of grifters.

But it’s ok…

(2)

The basics you need to learn are not hard to pick up. Never share your seed phrase, never click on random links that get DM’d to you in Discord.

If it sounds too good to be true, it probably is.

So far, so obvious. But how do you tell the scams apart from the real ones?

(3)

Read 10 tweets

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