Only a few months after I bought it, I got an offer of $ 300,000 to $ 400,000 for the piece.And May came and I Bored monkey.. I had a little Ethereum left in my wallet and I thought it was cool, so I mint 10 pieces. Fortunately, I was able to get one of the rarest gold apes.
Bored Apes is one of the most popular projects in the early NFT space.credit:Illustration: Chris Fowler
Then they took off and thought it would be great to change 0.08 ether ($ 300) to 1.5 ether ($ 5700), so I sold most of me at the time. Now worth 158 ethers (~ $ 450,000).
So I cost myself a lot, but I still have a golden monkey, which I receive over $ 5 million in offers every week.
How much do you sell?
at this point? Probably nothing. That is my social profile. Helps increase Twitter followers. So there are many uses other than pure profit play.
But if someone offered me $ 20 million, I would probably say so.
It’s no exaggeration to say that cryptography and Web3 space have brought you a lot of money.
Yes. Well, not technically. If I sell, yes, I’m doing pretty well.
You have an online betting and gambling background, is this kind of thing just gambling? Do you see it that way?
No, it’s not. For me, there are two different aspects. There is an art aspect. Some of my NFTs are just beautiful art and I buy them just to stick them on the wall of my digital photo frame.
Beeple’s collage NFT sold for nearly $ 70 million at Christie’s auction house in March.
The other side is these 10k projects ( Bored monkey) It’s like the square of gambling. You’re betting that you’re going to pick a project that works, and you’re betting if you’re going to get something unusual in that set, and then what the project team can really do There is a bet that they are trying to do it.
My gambling background helps with the emotional side of things. FOMO [fear of missing out] Probably one of the most common in this market, all sports betting over the years has helped me to calm down when the market is bubbling or dead. rice field.
So you are very valuable Bored monkey, One of the most valuable. But I know this project is one of the most popular projects, but it could be zero, right?
Yes Yes.
For example, is there a point to actually make a profit and sell and move on, as it may not be worth it at all?
I’m a seller rather than a buyer for a project, so this year and next year. I think even the biggest projects now have a 50 percent chance. Similarly, even if millions of people want to buy them and join the ecosystem, there is only a 50/50 chance that they will rise or go to zero in the next five years.
This is a pretty bad accusation of a wider NFT space, isn’t it? We’re talking about what the best NFT projects are, but here we say there’s a 50% chance that nothing will happen.
Well, that’s the same as when I make an angel investment. I think there’s probably a 5% chance that all of them will actually work. And the best potential angel project I’ll invest in is probably 20%. So my dissertation is that this is a far more bet on the positive side than on the negative side.
Obviously, JPEGs make up the bulk of NFTs, but people say there are other utilities for proof of copyright, land, and digital ownership. What do you think of the long-term use cases for NFTs? Do you think it is actually used for other than buying and selling JPEG?
If the largest NFT two years later is still JPEG, it will probably disappear. This is a very early day. It’s like a caveman, he found a fire, put his hand in it, and was burned. But there are some of us on the side of saying, “Oh, this is interesting. What else can we do with this?”
We’re migrating everything to the internet, so it makes sense that you can have your own digital wallet and everything you own. You will have your certificate of it in your digital wallet. So when you go to sell something, you don’t have to worry about being able to prove that you own something. It’s in your digital wallet.
But does everything have to be NFT? It feels like there are many issues here that the broader Web3 community is talking about solving that doesn’t really need to be resolved or isn’t really a problem in its current form.
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Let’s use a digital ticket as an example. What if I want to resell it? If you just resell it to your friends, it’s a bit of a hassle. If you put it in the secondary market, there is a problem. Having it in your digital wallet not only allows you to resell it very easily, but also allows the company to get their loyalty from that resale.
Another example: I went to the Super Bowl, and I still have a ticket. But I want to use it as an NFT, so I can click to see the highlights of the game or remember where I was and where I was.
Where should I start if I am a newcomer to the NFT space? Or do you advise someone to get started in the first place?
If you believe that this cryptocurrency and NFT will become a staple in the future, it is wise to understand how to set up your wallet and how to buy something. That may be the cheapest one. You can know that it will be worth zero. But with that experience alone, you can learn a lot about this space and how everything works.
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