What to Expect when Getting into NFTs: Q&A with @mtmaceth

 I bought my first NFT which was a Tyler Herro NBA Top Shot moment in October of 2021. 

 I currently hold Ballerz, Ape Dad, Gutter Rat, NBA Top Shot, Property’s NFT, Wulfz, Croakz, Digital Animals, Creepz, Sappy Seal, CryptoDads, and looking to hold a bunch more.  I’d say my favorite two community’s have to be Ballerz and Ape Dad.

A solid community! Nothing is more important than the other holders in the project. How engaged are they? Are they talking about more than just floor price? Are there any artists? How welcoming are they to new investors? Devs, team, marketing, influencers etc all are built to attract a strong community – not much else. So if a strong community isn’t there today, ask yourself what you think would change that? And how likely is that to happen? Art and roadmap will only get you so far. Community is really the strongest factor for a projects success.

Spend at least 30 minutes in the projects discord and get a feel for what the community is like. A lot can be discovered in just 30 minutes. Keep in mind: how are people treating skeptics? How are mods interacting with questions? How often are they talking about floor price vs ideas to make the community stronger? If after all 30 minutes all you see is conversations about floor price – you are in a pump. Beware. 

Pay extra close attention to how disagreements are handled and think to yourself how you’d feel being the minority opinion here, because everyone is at one point or another.

I think with NFT’s on the ethereum blockchain there is just far too many ways for first-time users to get scammed and have a horrifying first time experience. Whether it be on DM’s on discord or Opensea fakes (I’ve been scammed by both now) – it becomes almost a right of passage to get scammed as a collector. The NFT community needs to do better to educate newcomers before their first purchase and prevent scammers from targeting them. It shouldn’t be the norm.  This could create some competitive advantage for alternative chains like Flow, Sol, or Cardano that are still able to put stronger barriers to these scammers as well as really improve first-time buyer experiences. 

I think NFTs will be held by anywhere from 5-15% of all investors. We will see less derivative / generic art projects and more unique community’s with “specialized focus areas”. Ex. Psychedelics Anonymous for mental health. Ape Dads for fathers, Ballerz for basketball fans etc. 

We’ve already begun to see this, especially the last few months – but there is going to be a much stronger connection between digital goods and physical goods. (Ex. If you own an NFT you might get exclusive access to buying physical merchandise / access to live events)

I consider myself a rational skeptic when it comes to investing in NFT’s.  You don’t need to “ape in”, “fomo in” or “suspend your skepticism” to make it in NFT’s. Keep that healthy voice of skepticism in the back of your head at all times. In the end I find NFT’s to be a completely rational investment and also just really enjoy the hell out of all the community projects I’ve ever joined.

twitter: @mtmaceth