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A First Step into NFTs
Uh oh. I may or may not have done a great thing. Over the holiday break, I accidentally became obsessed with NFTs.

So, for those who don't know, NFTs are just an expensive way of right-clicking and saving an image. Joking, but it's hard to define NFTs as a whole -- there are about a million different use cases to NFTs. I must say, it wasn't overnight I jumped on the bandwagon. Previous to 2020, I used to roll my eyes at anyone that replaced e with 'Ξ' in their Twitter name. Since then, some of the many incredible people on my team I really respect have adopted the Ξ trend and, hats off to them, because they got me really interested in the $ETH.X universe.

Fun tangent, check out these transactions for Bitcoin I bought in 2016:
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This would be worth around $20k right now. Didn't hold obviously ¯\(ツ)

It was in early 2021 I joined a few others working on a crypto project to lead design and develop a platform for tipping cryptocurrencies. Going from just 4 other team members when I joined, the project has seen quite some success, from raising $1.3MM and reaching a market cap of $4MM in November. This endeavor really showed me the practical technical application of how the blockchain works and got me fascinated with L2 solutions like $MATIC.X.

Back to NFTs though, I purchased 5 NFTs over the break. First, I started with trying to get into giveaways and mints, there's something about dangling virtually free NFTs in front of your face to get you really passionate about the space. Then, what really clicked for me, was the insane utility that some of these projects were creating. Believe it or not, some NFTs actually have value, not just speculation. This aspect of NFTs should excite any investor.

Imagine you could get into the pre-seed or seed round of a company in about 60 seconds by purchasing an NFT. Huge regulatory overhead has been sidestepped. Maybe that's not for the best on a macro level, it's extremely important to acknowledge that there is a ton more risk here -- not only from the project failing but from regulatory changes and scams too. There may also be a bubble here.

However, for the many, many drawbacks the NFT community has, the culture reminds me a ton of pre-$GME Wallstreetbets (probably around 2018). Incredibly entertaining and so much passion, with a ton of degeneracy slapped on top. Still, a part of me is embarrassed to say anything about NFTs because of how they're viewed. The skepticism absolutely makes sense but so much potential is there.

To finish off this post, just gonna share a few jpg's i own :^)

Here's a Gambling Ape I own, crude drawing, hopping on the bandwagon of "ape"'s, but you own part of an online casino and receive profits every month. Very very cool utility because, as we all know, the house always wins.

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Here's a Sherbet NFT I own, also in the online casino space but there's no house. You bet against friends and foes. I find this to be a VERY cool application of Web3 and am excited to see where the project goes.

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I can probably talk about NFTs forever however, I cannot emphasize enough that there's an incredible amount of risk here. View NFTs as part of your portfolio and set mental stop losses.

Josh Rozin's avatar
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