HODL. ATH. LFG. WAGMI. – Welcome to the world of NFTs. These and many more are just a few. ofThese are the acronyms that you will need to know when selling or buying in the NFT world.
Greetings to all new readers NFT For beginners and OGs. I’m Luke, 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, NFTEveryone was talking about it, and it was obvious that everyone was excited about this new way of buying and selling art. I began to think beyond a curiosity.
First Impressions: Where do I start?
After having invested my little in crypto over the past year or so, I wanted to see the real deal. I saw a lot. ofTalk about what I thought was a small little thing called BAYC (another acronym). I was shocked at the ROI and jaw-dropping price tags. (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 ofinformation, disinformation, scams, drops, pumps, and dumps, that my brain just became dizzy from it all.
I took a deep inhale and began to organize my thoughts. FirstWhat do I really like to look at? That’s a key part ofAnything you buy in the NFTEveryone should be at the forefront of the world and one every person should keep it that way ofTheir minds. Second, how much money am I willing to invest? Don’t put in money you can’t afford to lose or don’t mind spending. DO NOT use the money for rent or food. Chances are it won’t and then what…
Third, How do I set up the systems necessary to get started? – wallet, signing, storage, hot wallet, cold wallet, Twitter, Discord – there’s a plethora ofThings to set up before you can think ofAnything is possible. After a couple of weeks, you’ll be able to buy anything. ofIt took me days to get what I needed. I then began to dip my toes into the waters. NFT pool.
Deciding What NFTBuy
There’s many types ofNFTs to be collected and one ofPFP (profile pictures) is the most popular. These often consist of: ofThere are approximately 10,000 pieces, which are mostly random and have similar features, but they are all slightly different. It’s these that Bored Ape Yacht Club, Crypto Punks, Doodles and 100’s ofOthers attempt to launch on a daily base to entice customers into their projects. A jpeg is not enough. It’s a whole community with many benefits. like access to unique events, merchandise, and lots ofOther perks
There’s also 1/1 collections and other ‘so called’ serious projects to buy but PFP seems to be one ofThese are the easiest ways to get into NFTs. I began following loads of people on Twitter and just observing the scene and saw that while there’s lots ofLots of rubbish of people just following others, there’s a very large group of People with a keen eye and mind for the potential benefits of NFTs. and it’s those ones you want to seek out. Names ofNotables so far: TaylorGerring and GoTrillaGorilla. ofCourse NFT Plazas. This is not a complete list. I have only listed the ones I can recall as I write.
Armed only with a measly 0.9ETH, my first step was to start looking around. Alien Frens, Little Lemons, and many other products in my price range kept my attention but I didn’t want to invest in them. You must DYOR (that’s right, more acronyms). This stands for Do Your Own Research and that’s vital to this or any other type ofSpace for investing. Visit the website and go on Twitter. Join the Discord group. Get a feeling ofWhat you think a person or project can offer you. Some people are there for a quick return while others stay for the long haul. Others love the images and the people who created them. We all have our reasons for buying in so ask yourself what’s yours?
TheTorture ofGoing all in
You will also find it easier to think of a load of “what ifs”…What if it’s not that good, what if I lose my money, what if my NFTAll my money is lost in blockchain, and I’m out of pocket. Argh, The torture of buying the first one is immense and one that I’d say just jump in and have conviction! As I looked around, the men were what kept my eye on. CoolmanUniverse.
I loved the characters. coolcoffeedan comes across as a genuinely nice man. He’s incredibly talented, seems to have a great vision ofWhat he hopes to accomplish with the project. He has over 2.5 Million followers on Instagram and Youtube. I thought this was the one that I want to purchase as my first. NFT.
Nervously, I searched OpenSea for a match, clicked Buy Now, and was confronted with the legend that is GAS FEEES! For those that don’t know, Gas fees are what you will have to pay each time you buy gas., 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. After I got over the shock, ofPaying an additional fee $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 ofThis 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 Twitterverse, and I went into the Coolmans universe Discord room. I proudly displayed my new purchase for 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!”
There’s no going back
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.