Much like everything in life, everyone you come across will have an opinion on pretty much anything you can imagine. Apes vs Punks, Ethereum vs Bitcoin, Art vs Utility, the list could go on forever.
This can be both a good and bad thing.
On the good side, it’s amazing to see and hear people talk about what they love and why. It’s clear that whether or not people agree on certain specifics, everyone has the common goal of furthering the space. In addition, it’s easy to find people with similar interests and beliefs as you. Whether it’s a specific NFT collection or cryptocurrency, odds are you can quickly connect with a community of like-minded individuals.
On the downside, this can lead to some division at times. I’ve found that some people are willing to fight tooth and nail for a specific cryptocurrency or NFT project that they believe in. It can become a battle of “what is better” rather than realizing more than one can be great. The latter should be the norm in every situation, even though that may not always be what happens.
In the end, it comes down to finding what you love and being okay with the fact that not everyone will agree. And they shouldn’t have to. Not everyone agrees on Apple vs Samsung or Nike vs Adidas.
We should all be embracing this new tech and the future that it holds.
Much like the original gold rush that began in the late 1940s, there is a massive amount of money that can be made in this space. The most extreme example to date is the Bored Ape Yacht Club; if you had minted one in April 2021 and sold it today, you would’ve made about $250,000. I don’t think many investors would be upset with that ROI.
In a space with such a high risk-reward ratio, there are bound to be those who are willing to do anything to make a buck or two. This comes in many forms. It could be someone being paid to post something a project they know very little about or founders creating a shortsighted project just to make money off of collectors and abandon the project. I believe that reputation is everything, and by doing something like this you are taking advantage of those who trust you or simply don’t know enough about the space just yet.
The more I become aware of people doing this, the further I distance myself from them. The mindset of putting yourself above others is an extremely toxic one, and will never win in the long term. Learn to find those who are there to build the space and help everyone around them, and close the distance between yourself and them. This is the recipe for success and will always win in the end.
There is a common saying that goes “You are the average of who you spend your time with”, so why not find those you look up to and learn from them? Find people that want to build and innovate rather than those that are looking for a quick buck or are driven by a short-term mindset. You’ll find that after a while, you have come farther than you ever could have imagined.
Echoing the words of Gary Vaynerchuck, 99% of NFT projects that are being created today will be worth nothing in a matter of years and probably even months.
Can he tell the future? No. Do many people agree with this stance? Yes.
Often compared to the “.com” bubble witnessed in the late 1990s, we are seeing an overabundance of projects coming out all the time. There are simply too many for the market to handle. In 2021 we saw thousands (if not tens of thousands) of projects coming out each month. Many of these projects had a common theme about them: a short-sighted vision that focused on capitalizing on the NFT craze.
It’s simply impossible for every project to survive in the long term. Supply is too high and the demand simply cannot keep up.
On the other hand;
If you buy what you love it doesn’t matter if it goes to zero. NFTs are good for more than just making money. Buy into a community you love to be a part of or a piece of art you love to look at.
Invest in things you love and believe in and you won’t have to worry about whether or not you can sell it later for a higher price.
When I first heard the term “NFT” in March 2021 I thought nothing of it and moved on with my day. A few weeks later, I saw it pop up again and finally decided to do some digging. My biggest regret after this was waiting to take action.
While I wish I would’ve taken action sooner, I am glad I didn’t rush into the space before I was comfortable. I took the time to understand important concepts such as blockchain technology, setting up a crypto wallet and keeping it safe, and the process of buying an NFT. Doing your fair share of due diligence is of the utmost importance in this space.
I have found that once you get to a certain point, going through the process of actually doing something can be more valuable than just reading about it. For example, sending crypto between two wallets. It’s a relatively simple process, but extremely important that you pay attention to the details. If you mistype even one character from your wallet, your crypto is most likely gone forever.
This is just one process I went through that I found myself feeling much more knowledgeable and confident after doing rather than just reading about it.
There’s more to this point than just what you do with crypto and NFTs. This space is full of some of the smartest and most helpful people I have ever met. Get on Twitter and Discord and interact with them! I know that in less than a year I’ve gained so much valuable information by doing just this. Everyone is in this together and you’ll be hard-pressed to find people that aren’t willing to help you out and answer your questions.
In fact, what IS something in this world that works for everyone?
No one is built the same. You shouldn’t try to force people to get into the NFT space or make fun of them if they don’t. I like playing basketball, reading books about investing, and writing Medium articles but I understand that not everyone does.
Just because you like something doesn't mean others have to, and just because you dislike something doesn’t mean others have to. Take this into account when interacting with people outside of the space. This doesn’t mean you shouldn’t tell people what’s going on or what you are learning, but you shouldn’t go too far in pushing them to understand. Especially if they don’t want to.
Many people are willing to listen and learn, but this space isn’t for everyone. Not everyone wants to buy collectible items, or take the time to learn about blockchain and crypto technology. And they shouldn’t be forced to.
It’s much more exciting to be the person that people want to come to when they are ready to learn, rather than the one that makes them not want to learn.
In the end, being in crypto and the NFT space is about more than what goes on day-to-day. It’s an experience on a brand new frontier that hasn’t been seen before.
Look back on your experiences in this space and think about some of the biggest lessons you’ve learned and how you can use them going forward. If you are completely new to this space and are still learning, great! I hope you gleaned at least one thing from this article that you can use in the future.