Irish Born Investor's avatar
$7.6m follower assets
Minted my first NFTs today…
I minted my first NFTs today. Which essentially means I was there at the start of a collection and received one in a sort of lottery rather than buying one that I picked.

I found it strangely exciting. I am certainly not that into crypto or NFTs but having experienced this today with a pretty hyped project I can totally see why people get so into it.

There is a lottery/gambling feel to minting an NFT. You don’t know if you’ll end up with a common one or a super rare one. It’s the luck of the draw and I imagine that appeals to a lot of people. And then after the mint you have bragging rights or an NFT that’s worth more than the cost of the mint. Or in another project it would be worthless.

I still have absolutely no interest in discovering more NFT projects. It’s such a hyped and strange space to look at and participate in. Most, if not all of it, is a grift.

However I believe I have watched some interviews and listened to some people who truly believe they are building an ecosystem on Solana or Ethereum or whatever. I have also listened to some used car sales men. The community aspect is really something to behold but ultimately everyone is there to make $. And like everything in life when it comes down to that there is huge risk.

For the record my two NFTs above cost me $140 (3 $SOL). The $SOL was purchased today. One NFT I received as a free mint because I hold a SolGod the other I was on the whitelist and paid the 3 $SOL. I was very tempted to mint another (rush of blood) but I didn’t bother in the end.

The one with the sombrero is “rare”. It ranks in top 10%. The other is “uncommon” on a rarity scale but quite desirable as it is “clean”

That’s all for now with my NFT journey. I currently have my SolGod “staked” it has racked up 1000 $GOD coins. Which currently have no use whatsoever or monetary value.

Yes, I’m still figuring it out. No, this is certainly not investing advice. I am as confused as you are…

Eric Messenger's avatar
Love the last sentence🤣🤣NFT’s we’re definitely confusing at first, and is only slightly less confusing now. Art like these and Bored Ape Yacht Club I still don’t understand (but I’m 40, not cool apparently). But concert & game tickets, lottery tickets, actual art, and athlete autographs are a few area NFT’s will have significant utility.

Sound like similar mindset to me. I’m learning and want to be there to take advantage of the opportunities when they come, but I realize most are completely worthless as we currently stand. It I do believe blockchain will have quite a revolutionary effect; so I’m going to participate so I’m not clueless when it happens.
Joey Hirendernath's avatar
Really appreciate how honestly you explain your take on NFTs. I am not familiar with the space although I have read a few pieces on the potential use cases. I guess the more you learn about the functionalities the stronger your conviction becomes.

Thanks for sharing your NFT journey, definitely a great way for your followers to vicariously learn more. Are there any precautions or boundaries you set for yourself to mitigate risk with plays like this?