Is it too late to get into NFTs?
I remember going for my first NFT back in January at the start of the year, being NBA Topshot. This was a huge project between the NBA and Dapper Labs, the money to be around that space lasted for MONTHS. After the hype died down and I ended up cashing out, that was really the end of my NFT journey for a good half-year.
It was not until around the start of August 2021 when I re-dived into the NFT space, this time ready to put more time into it. A few friends since late June, have been talking about NFTs and all the hype around time once again, it wasn’t until I saw the profits they were making, especially with the rise of crypto I decided that it was time.
Do I think I got in too late? Absolutely not. However, I do believe that I should have gotten in earlier. So this goes back to the question, if you are someone considering getting into the NFT space, my best advice is to get on it ASAP!
Yes, at some point in the future, I believe that most basic NFTs will become worthless, while the NFTs with a goal set will prevail aside from the gold standard (CryptoPunks, BAYC, Cool Cats, etc). Let me provide you with an example of what I mean:
This NFT was released a few months back and now has made a steady floor of around 0.38 ETH (my time of writing). A good amount of volume in sales, this doesn’t look like a horrible project. However, if we go to their website and take a look at their roadmap, we can see there really isn’t much more planned for this project for the future.
As of now, maybe the floor can rise up and down still, in 3–5 years, will it still be relevant? In my opinion, the answer to that is no. Could I be wrong? Of course.
Why do I think this? Well, the short answer to that is: hype. If or when the hype of NFTs dies down, either becoming mainstream or completely died down — there would really be no reason for this project to stay afloat with no large backing or some sort of tie into the metaverse.
Does this mean you shouldn’t invest in these types of projects now? No, I would definitely still invest in these projects because of the big factor of hype. Short-term I still believe that any decently made project with backing is worth profit, not a long-term hold but short-term.
With a handful of releases every day, there are still lots of options on what to invest in. Whether you’re minting a new project, or sweeping the floor of an already released one — with the right information, you are bound to make some money.
Even if you’re a bit interested, I would just recommend starting to get involved a bit more and to see if it is something you may want to pursue.
My tips if you are just getting started:
- Familiarize yourself with Crypto before diving in (Bitcoin, Ethereum, Cardano, Polygon, Solana, etc.)
- Watch beginner videos for getting started in NFTs — this will make your life so much easier.
- Don’t dive in too quickly. Take your time and ask questions.