Right, so ten entire days ago when I jumped back into these things I didn’t have grand expectations in regards to how things would play out. I held onto three Cool Cats for a while and watched the price steadily climb. After a few more days of watching other NFT series be released and the prices bounce around I figured at 0.6 ETH I could cash one of the cats out and at the very least gain back all the money I put into ALL the crypto I’ve ever had (and gains lost in the last few months).
Not too bad of an investment for something I bought for 0.09 ETH. So after moving my ETH to cooler storage I decided to celebrate with something I’ve wanted for a while. My husband has an iPad Pro that he uses 24/7 for work that has the pencil and everything. Since he uses it all day I’ve probably used it for a whole five minutes in the last couple years. So, I used my cat profits and bought myself a new iPad Pro to draw stuff with. It won’t be here till next week so expect the next post to be me playing around with ProCreate drawings.
Back to the NFT things, after selling one cat I waited around and watched the other 10k avatar projects pop up and such. Now, I knew there was a risk with buying into a new project not knowing how it would go. And these things go fast. Some sets sell out in an hour only to be sitting with a floor .05 under mint price the next day. The typical pump and dump. That’s the gamble, you invest in a token and hope you get it at a price that doesn’t depreciate instantly or that the devs don’t immediately abandon it.
Other issues come up when an NFT influencer on twitter starts hyping up some project the day/hour before it goes live then you hear nothing about it again after the pump and dump. Sometimes these new projects pop up and do well for several days, to the point buying one off the floor is out of your price range. So I sold another cat for another half an ethereum to have some gambling money. Just like when playing in Vegas, you hold back what you put in after a win so anything else you play with is basically fun money. On top of that I still have one cat left to HODL for a while. The team over there seems to have a good grip on how to run the community of owners so I don’t see it failing anytime soon.
So what did I buy into in the last week with my second cat money? All kinds of things:
I picked up a couple of Divine Zodiacs, a Fame Lady, BYO Pill, and a Top Dog. Yesterday was the last time I bought any others since gas has been all over the place the last week with all these new series coming out. Now most of these only recently came out and not every NFT explodes like Cool Cats but they are stabilizing and starting to grow more organically in value/community which is a good thing. Eventually those should sell too (If I want to let them go.) and I’ll have that investment back as well.
Only time will tell at this point but its fun to see how these things are set up and released. The Top Dog community plans IRL parties and free stuff for token holders. The Zodiac one air drops holders of specific signs during the month they correspond with. Fame Lady and others are donating to charities chosen by holders. BYO Pill has a AR app coming out that corresponds with your pill, and StrawberryWTF is almost done with their retro gameboy style game only available to folks holding an NFT.
Anyway, it’s been fun splashing around in this little speculative jpeg world. From what I see the transition of Ethereum from Proof of Work to Proof of Stake is scheduled to occur next month which will nuke those bonkers gas fees and reduce the energy use (which is most folks issue and I get it). At that point I see way more people hopping into this ecosystem.
Needless to say, any unsolicited text messages, emails, DM’s, phone calls, etc from strangers will be ignored/deleted even more than ever because wallet access/phishing scams are rampant at the moment. If I didn’t know you before this month, sorry not sorry. If you want one of the NFT’s I hold you can simply buy it off OpenSea like everyone else.