HODL, ATH, LFG, WAGMI – welcome to the world of NFTs. These and many others, are just some of the acronyms you are going to have to encounter when buying and selling in the NFT world.
Greetings new readers, NFT beginners, and OGs. I’m Kevin, and I’m here to give you the rundown on my first month in NFT land and boy, what a ride it’s been. First, let’s start with my journey to get into this space. Like many others I couldn’t help but notice that last year it was NFT this, NFT that, and everyone was seemingly talking about this new way to buy and sell art. I began to take more than just a curiosity.
First Impressions: Where on Earth Do I Start?
Having been investing what little I had to spare in crypto over the last year or two, I wanted to really see what all the fuss was about and saw a lot of talk about what I thought was some small little thing called BAYC (another acronym), then and I saw the jaw dropping prices and ROI (yes, I know) that some in the space were getting and thought, “well I’ll have some of that.” But no sooner had I started to look around, that it just became a minefield of information, disinformation and scams and drops and pumps and dumps, that my head just became dizzy with it all.
I took a deep breath and started to organize myself. First, what do I actually like to look at? That’s a key part of buying anything in the NFT world and one everyone should keep at the front of their minds. Second, how much money do I want to invest? Don’t put in money you can’t afford to lose or don’t mind spending. DO NOT use the money to pay your rent or to buy food to buy what you think is going to be a 10/20x return. Chances are it won’t and then what…
Third, how do I go about setting up the systems needed to start – wallet, signing, storage, hot wallet, cold wallet, Twitter, Discord – there’s a plethora of things to set up and get in place before you can even think of buying anything. Eventually after a couple of days (yes it took me that long) I got what I thought was needed and began dipping my toe into the NFT pool.
Deciding What NFT to Buy
There’s many types of NFTs to collect and one of the most common is PFP (profile picture) collections. These usually consist of around 10,000 pieces that are mostly randomly made with similar features, but are all slightly different. It’s these that Bored Ape Yacht Club, Crypto Punks, Doodles and 100’s of other try to launch on a daily basis to entice you into their projects and their plans for not just a jpeg but a whole community offering many benefits like access to unique events, merchandise, and lots of other perks.
There’s also 1/1 collections and other ‘so called’ serious projects to buy but PFP seems to be one of the more entry level ways to get into NFTs. I started following loads of people on Twitter and just observing the scene and saw that while there’s lots of rubbish and lots of people just following others, there’s a very large group of people that have a great eye and mind for what NFTs can actually be and it’s those ones you want to seek out. Names of note so far include TaylorGerring, GoTrillaGorilla, xBenJamminx, and of course NFT Plazas. This is by no means a complete list, just ones I can remember as I write at this time.
Armed with my measly 0.9 ETH, I started to look around. Alien Frens, Little Lemons and many others in my price range kept catching my eye but nothing I really wanted to buy into. You must DYOR (that’s right, more acronyms). This one stands for Do Your Own Research and that’s vital to this or any other type of investing space. Go on Twitter, look at the website, join the Discord group. Start to get a feel of what you think a project and people have to offer YOU. Some are there for a quick return, others hold for ever, some just love the images and the people behind them. We all have our reasons for buying in so ask yourself what’s yours?
The Torture of Going All In
You will also begin to think a load of “what ifs”…What if it’s not that good, what if I lose my money, what if my NFT gets lost in the blockchain and I lose ALL my money. Argh, the torture to buy that first one is immense and one that I’d say just jump in and have conviction! As I looked, one thing that kept catching my eye though were the guys CoolmanUniverse.
I really liked the characters, coolcoffeedan comes across as a genuinely nice man. He’s incredibly talented, seems to have a great vision of what he wants to do with the project. He has over 2.5 million followers on Instagram and Youtube, and for me I thought this is the one I want to buy as my first NFT.
Nervously, I went through OpenSea and found one I liked, pressed Buy Now and then faced the legend that is GAS FEES! For those that don’t know, gas fees are what you have to pay every time you buy, sell or transfer anything on to the Ethereum blockchain and it’s here you get a big shock.
Depending on how busy the Ethereum blockchain is and how much you’re spending, the cost can go from a few pounds to literally thousands. It’s something us new buyers have to bear in mind when buying. When I got over the shock of having to pay an extra $118 in gas fees to buy my little Speshie, I pressed confirm and waited…and waited…and then it was mine, I became the proud owner of this little jpeg.
The adrenaline started racing around and by then I became so proud, so pleased that I’d jumped in, got wet, and was just enjoying myself. It felt great. I introduced myself on the Twitterverse, I went into the Coolmans Universe Discord room and proudly posted my new purchase to be greeted with open arms and comments like, “he’s amazing, cool dude” and suddenly I felt like a new father 🙂 I stared at him all night thinking, “what have I done!”
No Going Back Now
That became my first entry into this wonderfully creative and highly emotional playground, and since then I’ve discovered so many great people and great projects and I’m definitely going to keep going, keep looking, lurking, investigating and above all, keep BUYING.
Until next time NFT fam. I hope this helps, you can keep up to date with more tales in my new biweekly column Diary of a NFT NFT Investor.
Keep buying people! KBP – I made that one up 😉
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
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