NFTalk

Do you find yourself buying something just because of the current hype? For example, the latest pair of Jordan’s, the newest iPhone, or the dopest fashion trend from Gucci or LV? Do you rush in without thinking because your friends, or instagram say you should?

Or, are you the type that likes to wait, do the research and purchase with purpose. Selecting items because they will increase your quality of life, speak to your soul, or the item has the potential to increase in value over time. We asked ourselves the same questions and came to discover we have tendencies in both directions. We’ve always been collectors of things, from fashion, watches, and art, to motorcycles and the latest tech; and now, the latest and greatest new collectable assets, NFTs.

Getting honest, Chris is the one who propelled us into the NFT space–fully “aping in”. That’s a term for hopping on the bandwagon to chase the latest hot trend. Already a crypto enthusiast, it was an easy sell. He started down the rabbit hole on Nifty Gateways early in 2021, jumping in on several projects without really knowing anything about the artist, projects, or NFTs in general. The big pull for him? The art and the concepts.

One of the most memorable discoveries in the NFT space for us was an artist called Snuffy, who did a drop called the Addiction Series. A one of one edition NFT was auctioned off to the highest bidder. The really cool part? The winner would additionally receive a tattoo of that NFT on their body, done by the artist himself.

We were outbid and didn’t actually win, but it started us down a path to discover more about the artist Snuffy. Chris tracked him down for a tattoo anyway, and subsequently we attended one of his fine art shows in New York, got in on a few more of his NFT drops, and now we’ve joined an incredible virtual community through Snuffy because of a project he’s working on called the Snuffy 500. Look out for details on this rad concept in a future post. This is an example of an aficionado. He saw the work, liked it, and did the research before purchasing. The interest and purchase was based on a true passion for the art, the artist, and the concept, not just fleeting hype.

A lot of NFT projects that have huge communities of followers are projects that come with something called “unlockable content”. This could mean exclusive access to a community, future drop, or in some cases something completely unspecified, to be revealed by the artist at a future time.

The thing to watch out for are what are referred to as “rug pulls”–when the creators of an NFT community abruptly shut down a project, and make off with all the project funds. Leaving all of the NFT holders invested with a bag of worthless NFTs.

Always do your own research, know what you’re getting involved in and make sure you believe in the people and purpose behind the project. We believe in investing based on genuine interest. We will buy art for the sake of art out of love for it and the artist, but we never do so expecting financial gain from the investment.

Remember, always DYOR (add it to the acronym list–DO YOUR OWN RESEARCH). Find your community, find your niche, and see where the NFT space could take you.