How To Make Money with NFTs - Finding The NEXT CryptoPunks [ULTIMATE 2021 INVESTING GUIDE]

How To Make Money with NFTs - Finding The NEXT CryptoPunks [ULTIMATE 2021 INVESTING GUIDE]

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i think it's just going to dominate um culturally  we're so strong uh there's a connection you make   when you start to buy nfts that you just can't go  back it just penetrates the the the entertainment   industry so well gaming to um you know art to  all these sort of things i think from a year   or two from now um we went from you know a year  ago or eight months ago we went from mainstream   asking you know what the hell are nfts to now  a lot more of those participants coming in and   doing stuff whether they're buying art and stuff  that's why we're seeing certain sectors explode um   yeah i think we're going to be pretty big i think  the gaming sector alone is just going to be huge all right welcome back everybody to altcoin  daily my name is austin here with aaron   and today we're talking all nfts with nft expert  maddie or how you probably know him on twitter as   dcl blogger maddie thanks for hopping on with us   it's my pleasure guys thanks for having me can't  wait to talk nfts so for everybody i'm sure a   lot of people have seen the headlines in terms of  crypto punks selling for millions visa just bought   a crypto punk you know hedge funds are buying  nfts along with major influencers like logan paul   etc what are nfts and also what are the different  types for people that maybe aren't familiar   so nfts are short for non-fungible tokens and  basically what we've been buying in the crypto   space all this time for 10 to 12 years are  fungible talks bitcoin is a fungible token   uh ethereum everything every cryptocurrency that  we bought have been on that side of the coin being   fungible in the sense of if you give me a bitcoin  i can give you another bitcoin back and there's no   uh argument that they both have equal value a  dollar has an equal value to a dollar if i give   you a car a 1999 current um honda civic and  you give me a 1999 honda civic they're both   different because they have different um maybe  some has damage on it one has more tires worn out   etcetera in the nft space and non-fungible  token is where two items are different   it's a token on the blockchain where it can  point to a an image or it could point to a   pot of land in a world or a game item and each  game item can be different each land item can   be different so they have non-fungible properties  against the non-fungible token term so basically   it's kind of like a receipt or a contract that  represents the ownership of a digital item   and am i i'm i'm too late with crypto punks  correct that's over or am i wrong i'd it   depends it depends on your strategy whether it's  a long-term thing and your long-term thesis as to   where the money is going to come in i think crypto  punks are going to do really well i mean if visa   is going to purchase them what's happening is  these firms they want to connect with the culture   of the crypto space and to do that they need to  anchor themselves somehow some of them go off to   build a decentralized hq presence some of them buy  a crypto punk and say yo we've got a crypto funk   we're releasing an nfd strategy that's  exactly what visa did so if we think   that's what the strategy is going to do  and there's only ten thousand crypto punks   um then it seems like there's much more upside  right so what traits do valuable nfts have um it depends per uh game and niche there  are different nfts niches right so there's   the art space then there's the gaming space and  then there's the collectibles in most of them   are the most valuable nfts across all of them  if you wind it back come back to them being   historically significant to that group crypto  cryptopunx being historically significant   for the the ethereum space or nfts on the ethereum  blockchain just because of how big ethereum start   to become a superpower in the nfv space so when  you wind it all back uh people say well cryptopunx   was the first uh it's recently found out that  they're not the first there's actually some nfts   prior to ethereum and people are finding those  and hunting down the blockchain being i guess   uh blockchain archaeologists and picking out  those entities and suddenly like you see a rock   being sold uh for six hundred thousand dollars  by justin being bought for six hundred thousand   dollars by justin sun because the 2017 project  so historically they're becoming significant   in the case of axa infinity which is a  game which now has millions of players   the early axes are now selling for tens of  thousand dollars because of that exact reason   so how does the average person make money with  nfts if your little brother and i don't even   know if you have siblings but if your little  brother came to you and said what's the easiest   most accessible way for me what would you tell  them i would tell them to spend time learning   uh spend a few weekends diving deep into  things the industry is too broad i wish   there was a quick answer to things but it's  so broad it's kind of like this whole physical   collectible industry is now becoming digital from  vintage cars to collectible baseball cards to   collectible pokemon cards to i don't know pez back  scratches that people collect whatever it is right   this whole industry is going digital so it's kind  of like trying to keep tabs on everything it's   very difficult to do so you're eventually  finding your niche but i would definitely   recommend spending some weekends looking at openc  dot io there's a rankings page that ranks the top   nft projects by volume so about the seven day  volume it tells you everything that's going on   it gives you the categories from collectibles to  art etc and then kind of dive deep into things   that you seem to connect with whether it be art  it may not make any sense to you at the start but   when you click into it you click the website you  see that you join the community you play action   infinity for the first time you may feel like you  need to force yourself to learn and i think you   know whatever it may be just do it because for  me art was a new thing i did not understand nfd   art i have never collected art before but i forced  myself to learn it and now i understand it same   with axe infinity so there's a bit of that but a  few weekends later it'll start to click spend 50   on an art piece or your first nft and that's the  rabbit hole will begin there's no turning back   when you buy your first nft you cannot not buy  more that's just how it is interesting so and i   even want to go more practical in terms of i've  learned about it i've seen the most volume maybe   just how what you personally do to make money like  what do you focus on what interests you the most   what interests me uh there's multiple strategies  that you can employ with nfts some of them are uh   it's very very similar to the crypto space crypto  space you have you know trading off volume you've   got uh looking at liquidity you're looking at  order books you're looking at thin floors this   all this economic uh terminology exists in the  nft space so for me i sometimes i trade based on   you know i go into an nfp project and i'm seeing  like 10 to 15 sales happening every minute and   i'm like oh this is crazy maybe i can buy one and  flip it real quickly for a couple of eat profit   and that's a very easy thing to do because you  can go to openc and check the activity but for the   long term ones um it's kind of like investing in a  project for the long term you look at the founder   you look at his social presence you see if they  can drive a project in terms of marketing and   they're building a great product you see the  supply of you know they've got 10 000 of these   nfts they're all land plots i recently invested  in a project called triverse which is a founder   called loopify who's quite active on social and  is building like the runescape sort of thing of   blockchain and to me runescape uh it's nostalgic i  used to play it a lot so you can jump in and play   the game but there's only 10 000 plots and you  can you know he's showing video footage of people   jumping in and playing the game already so for me  that's a big sign that this person is delivering a   product more people that want to buy there's only  10 000 pots i bought one for 0.483 about a week   ago now the cheapest one is about 1.5 and you can  see this consistent activity every day one or two   hundred plus sell of that on the secondary market  so naturally the price will go up so you can you   know that i look at that i look at the historical  significance so recently with crypto punks   um being not being seen as the first crypto the  first nft project on ethereum it was perceived as   that for three years until recently people found  someone's earlier to that so there's curio cards   um there's etherea and a couple of projects behind  so i kind of ran out and purchased a lot of that   stuff because historically when people look  through the blockchain and the knowledge spreads   then you know 2017 2018 projects might have some  of that history nostalgic uh important for the era   uh factor to it so there's a bunch of different  things you can do but it starts with just getting   into something and figuring out which projects you  want to get into and then looking at the economics   so what i'm hearing you say is how to get started  and making money in nft said it's very similar   to the cryptocurrency space and what you do so  you'd go on one of the most popular exchanges for   nft's openc and you would get to know openc and  you would find something you like and you check   the volume see if there's a lot of volume going  on you check the team see who's backing it maybe   you'd see if there's any vc funding maybe you'd  see the roadmap um and then you then you buy if   you like it you experiment yeah you buy you start  slow um you can even buy the the cryptocurrency   token so axe infinity you could have played the  game and realized wait a second this is a very   addictive game you can see the daily active use  is increasing you can see the economics where they   have well to breed another axi you have to burn  two access tokens effectively um then you you're   like wait a sec and it's going to put enormous  pressure on the supply of the access token when it   slows up and that could be one of your thesis on  where you where you invest in right so you may buy   some nfts maybe you just buy some access tokens  some decentralized mana token because you think   uh visually it's quite appealing to people share  it a lot on twitter and social media so there's   also that sort of stuff you can do but yes you go  in you look at volume or you can even look at um   some very it's really like cryptocurrency projects  guys it's like the top hundred then you have the   second page where it's not as much volume but  maybe something could blow up the more time you   spend kind of hunting deep for those gems the more  upside you're going to see just like in crypto   and unlike justin crypto this is art so how much  does that subjective come into play because i i   understand the objective part good team good  volume very similar to crypto how much is the   subjective part so i think um that part of it is  predominantly with the art niche um and we can   talk about that a little bit later but if it's  not the art niche so for example crypto punks   right i don't think there's much subjectivity  with crypto punks because each trait has a   um rarity so if it's like there's only seven alien  or nine alien punks right so it's got because of   that yes it's blue and people might like blue  but the rarity is what demands you know tens of   millions of dollars worth of price comparative to  the rest but with art like you mentioned uh there   absolutely is subjectivity but i'm learning as i'm  a new art collector that subjectivity is one thing   and then when you buy art and you tweet about it  and say hey you know what i bought so-and-so's ah   and that kind of signals out to other collectors  to go buy another art from that artist   and that momentum is like wait a second  this artist has all these big collectors   those collectors help the artists get into uh  galleries and decentraland and some virtual plots   virtual stuff and then it kind of goes out like  that subjectivity um it definitely definitely   matters sometimes you just don't understand it  so for example generative art is now selling   for millions like there's a squiggle the chromey  squiggle recently sold for i think 2.5 million usd   uh which i think they deploy a script and that  that script creates the art and that art gets   deployed onto blockchain so that sort of thing  definitely has a market i don't understand that   but it obviously has value so um massively you  know that's that's the beauty of the space is   you might someone else might not see value but a  small section of a wealthy collector group might   okay i like that everybody listening uh pr  i want to hear from you guys in the audience   what do you think about what he just said what  if what nft platforms are you on what nft what's   your strategy when it comes to nfts i want to ask  our guest here is we've seen the success of crypto   punks we've seen the the moon cats the the board  apiac clubs seen the pudgy penguins how do i find   the next crypto punks how do i find the next  thing like that and what advice would you give   to to nf nft investors in general when it  comes to finding the next big trend in nfts   um i would say that one thing crypto punks and  axion infinity and all of these projects that   went on to have nft's worth in the millions had  in common is that there were previous smaller   cycles before what led to that base so if you look  at some of the uh long-standing nft projects and   i think i think curio cards is following the same  example where people are starting to realize that   it existed prior to crypto punks they're starting  to see some volumes coming in and some the price   there's like waves right if you look at the the  chart there's waves you can see and if you look   at crypto punks it was the same thing it was  waves and they started small and everyone was   like oh wow the floor is too ethereum which back  then which now seems quite small but back then it   was a big deal and it was like oh wow the floor  is now eight ethereum you know two months later   suddenly it became 16 ethereum now it's you know  65 ethereum 200 000 for the cheapest crypto punk   but there's trending consistent waves which shows  that over six months time over one year there's   still a reason to purchase these nfts and when you  have a hard cap supply and time goes on then it's   only going to get scarcer and more rare so i think  um that similarity is something i look at 100   to find the next crypto punks you know again it's  about your niche i think you have to figure out   where you want to explore whether it be art or  collectibles and all sorts of things uh if we talk   about avatar projects i think it's a risky bet  because crypto punks have that long significance   where after three years of deployment they can  still have value because historically they are   significant now all these new avatar projects i'm  not sure if any of them have proven themselves to   exist more than three to four months so it's it's  like you may see you know board apes went to 48th   i think they're being auctioned at christie's or  something now but will they exist a year or two   from now uh i don't know that that history has  not been proven yet but there's a massive demand   for these avatar projects because it seems like  everyone in twitter wants to get involved and it   seems like putting your avatar profile picture as  something that you invested in is a thing to do   so i would there's a really good website called  rarity tools i think it's rarity.tools and you can   see the upcoming nft avatar projects and i would  totally advise scanning through that find what you   like and experiment with buying some so um that's  the only way you find and every now then maybe an   influencer just puts up that hey we just bought  this thing and boom you know you can make a big   return on that does gary's v friends have legs  is that something to look at what do you think   i think it does because when you buy a project  what you're actually buying is a a forever   connection to that brand project or personality  or artist's workbook if you think gary's v is   going to be a big deal 10 years from now or a  bigger deal than he is now buying a v friend   is a way to invest in that success so whatever  it may be or whatever uh be friends might do   that's the that's the link you can make with  gary success or like investing into someone's   career and that's the same mentality with artists  is that they can continue to release art and if   you think the artist is going to be a big deal for  example there was an artist called corey van loo   corey van loo i approached about a year ago and  um was just talking to because i thought he's   a great artist on twitter and then i helped him  get into some platforms and i kind of advised on   um how to get into it and i said hey i'd love  to buy your first five pieces for a thousand   dollars each i went on to do that he recently  did a collaboration with mike tyson right so   he did the art piece for mike tyson uh which i  think went for about 150 or 200 thousand dollars   so that brings complete value to the original  things that i did but it connected the success of   that increases the value of the entities he has  that he created so him as an artist or garyvee   as a personality or a project as like for example  um lava labs right lava labs release crypto punks   they went on to then release me bits me bits sold  80 million dollars on primary because it was tied   to the lava labs name so again um you know the  stack of nfts that an artist or creator brand has   um i think it has absolutely likes because vee has  legs so obviously nobody knows the future and you   know half the fun is speculating what's going  to happen anything could happen but you know   if you were to ask us in 2017 where would the  cryptocurrency be mark mark it be you know four   or five years later a lot of people would have  guessed wrong but you know that being said nfts   they're not going away they're only getting bigger  where do you see the nft space five years from now   five years is like 50 years in nft space i think  it's just going to dominate um culturally we're so   strong there's a connection you make when you  start to buy nfts that you just can't go back   i used to check my block folio daily every half  an hour as we do we check out you know our crypto   holdings i really do that now and any profits  i make i start to put it across the nft space   it just penetrates the the entertainment  industry so well gaming to um you know art   to all these sort of things i think from a year  or two from now um we went from you know a year   ago or eight months ago we went from mainstream  asking you know what the hell are nfts to now   a lot more of those participants coming in  and doing stuff whether they're buying art and   stuff and that's why we're seeing certain sectors  explode um yeah i think we're going to be pretty   big i think the gaming sector alone is just going  to be huge i know that axia infinity itself um and   you may think the game is quite simple but they  make half a they're on track to do half a billion   dollars in in revenue for the company for the next  12 months so you know fortnite and other companies   and and people looking at that model like they're  absolutely going to deploy some of this strategy   dude actually infinity to in my mind opened  up the opened up the gaming sector it's like   how are not all the executives that monday  morning not talking about actually exactly   understanding oh go on no no i'm just going  to say exactly um i think previously gaming   made sense for the consumers because hey you can  unlock the ability to trade nfts and earn money   but it never made sense for game developers  because it's like well if they can do that   then they can just take open c and then they take  our revenue but axiom infinity showed uh that you   know they were still able to make it work because  there's this cryptocurrency play to earn model and   you make your you know you make your money as  a game developer through maybe a token and the   appreciation of your token and holding onto your  treasury and all sorts of different mechanics   that social mechanics that blockchain allows so  absolutely yeah monday mornings must be really   interesting in those game studio boardrooms and i  want to remind the audience that in cryptocurrency   we're in a hot market we're in a bull market  nft is clearly right now hot market markets   go up and down eventually it'll be in a cold  market so make sure you do the research before   putting any significant amount of money in and  understanding that just to you and i'm not talking   about price but to you maddie what uh smaller  projects no projects interest you right now   um i look at the nfd space as history um  slowly telling us what's good investments   and so far it looks like those that are tied  to some sort of historical significance a   timeline the one thing about nft space that's very  different to the crypto space is timelines matter   um and the crypto space like if you  buy a cryptocurrency and that that   project doesn't go on to build utility for  that currency then i would assume the value   of that would drop right basically ico  is exactly what that happened ico 2017.  

uh with nfts you can release the crappiest project  in 2017 three years later it's an artifact because   history matters on the blockchain it's preserved  better on the blockchain so for me i'm looking   back we're at a time where um crypto punks  have showed the world or the nft world that hey   history is is dominant for collectors and people  want a piece of that and that's what brings a lot   of value here so i would i'm into curio cards  because i was pre-crypto punks and the cheapest   one is only 0.3 ethereum we know garyvee's  recently bought it um it's one of the first crypto   art projects are on ethereum or in the space  in general so personally i've got some of that   um triverse launched a while  back their 1.5 ethereum each what else there is a bosslogic release this uh  project called uh gauntlets so you can buy a   gauntlet that's like randomly generated and he's  gonna and he's gonna introduce that into his game   universe boss logic is an artist who does a lot of  stuff with marvel and dc and he has 2.2 million on   follows on instagram so he's a pretty  big digital artist um some early art   i think xcopy is one of the biggest digital  artists so far he sold artwork for like 1.7 mil   and upwards i think and he has a um an open mint  870 mints that he did about a year ago in in on   nifty gateway and there's only 870 of them the  cheapest one right now is 5000 usd about two weeks   ago or three weeks ago it was about 2500 usd so i  can see that being a pretty good buy um there's a   bunch of stuff i can go through that will you know  you will probably find on your journey that they   are good your own projects yeah well i loved i  mean i thought that was a great baseline i want to   incur there's so much more to talk about i want to  encourage the audience down below in the comment   section if we didn't get to a question or if you  have a project you're passionate about comment   down below we'll have maddie back on but just  final thoughts for the altcoin daily community   final thoughts is take your time this is  um i know we're from the crypto space and   we are used to bear markets we're used to bull  markets we're used to tops we're used to bottoms   um i feel that the nft space is a little bit  different to that absolutely there's a lot of   speculation absolutely you have to be careful  and you may be buying the top but at the end   of the day um there are differentiating factors  the game industry will continue whether or not   crypto does or not the art industry will continue  whether or not google or not uh yes the spending   power at the moment is crypto dominated so if  bitcoin hypothetically goes down to zero then   it will affect that market but they will continue  to go so take your time and do your research and   you know absorb it before you put your money  in and go slow before you go fast nfts are   extremely illiquid so if you get into something  just because you thought it was a good idea   and you put a significant amount of capital uh  six three months later the crowd moves on then   you can almost not bring that money back out it's  not like a and a cryptocurrency exchange where   you can start to somewhat uh bring some of that  capital out uh it's illiquid so there's some risks   there but have fun it's so much fun once you're  in it um you know you're playing games you're   connecting with the community all my friends that  i got into crypto are now into nfts and they just   love the space so much so look past the jpeg if  you're a bit skeptical pay 50 to you know just   buy your first piece here and there and give it a  shot i mean that's what people in crypto did and   now they're doing well that's nft seem to be the  next thing and it's worth a shot appreciate that   dcl blogger one of the top nft people in  the space links how to stay in touch with   him in the description below he's the guy  to follow uh anything else that i asked him   ah thank you so much for coming on man thanks guys  it was an honor and i would love to do it again

2021-09-02 19:18

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