[Feature] It’s NFT Day! A Confession from an NFT Enthusiast

Hooray, it’s NFT Day today! On 20^th September 2017, Dapper Labs CTO Dete Shirley published a proposal for the ERC-721 token standard via GitHub, which was now widely used by NFT developers and become the standard of NFT. I know many of you might read or heard this a hundred times, just in case you are new to NFT, NFT is the acronym for “non-fungible token”, a token that is indivisible, unique, and irreplaceable. A simple example, a banknote, or just simply money, is fungible while a painting is not. To recap on what’s NFT, you may read here: https://www.coinlive.com/news/detail/?id=7833

So, what’s the deal with NFT on NFT Day? Well, nothing much honestly but it struck me deeply to think about how NFT impacted my life. Today marked my fifth month being an NFT collector. Looking back, this journey is rather bittersweet and no, I did not achieve generational wealth (yet). I must admit that many NFT collectors, or so-called enthusiasts, enter the market looking to grab some quick cash or dreaming to get rich in a snap, without knowing what is the meaning of NFT and its ecosystem. There are a lot of things to learn before we can start making profits. As you may or may not know, there are numerous types of NFTs out there, with PFP (Profile Picture) NFTs being the most popular and most recognizable, then we have the expensive kind like artworks and virtual land, also GameFi, domain names, event tickets, etc. In order to make profits, or even survive in the NFT market, investors must master the rules of the game as different types of NFT projects would require different approaches and investment strategies.

Explore different type of NFT collections through OpenSea

It is never easy to make money in trading NFT, especially in such a bear market, everyone would be in the trading business if it is a piece of cake. However, the payout is pretty lucrative once you get the hang of it. After experiencing numerous failures and rug pulls, I am getting better slowly but steadily. Aside from making money, it also made me know more about the meaning of NFT and the latest innovation in technology, such as the soulbound token (SBT), AI Art, and many more. NFT is not all about blockchain technology and innovation, both the developers and community are playing important roles too in the project development. Without a good team of developers, the NFT project can never go far and fall by the wayside; without a passionate community, the NFT holders would be “paperhand” easily and thus dumping their holdings, gradually leaving the floor price to zero. Sometimes even a good combination of both couldn’t make a project succeed, recognition among NFT investors is very crucial too. A project build simply on hype without the market’s recognition would cool off pretty quick, what follows after would be the downtrend of floor price. I am not trying to be a mammonist here, however, in the world of NFT, floor price defines almost everything. An NFT project would be worth nothing if it has a low floor price, meaning that the market doesn’t recognize its value, despite the developer’s handwork and the community’s passion.

Japanese Born Ape Society (JBAS), a derivative of BAYC, is the perfect example of an NFT project that has both good developers and a passionate community, but didn’t work out in the end due to the matter of recognition

In the world of NFT, the trend is always changing rapidly, what is worthy for now might not be as worthy a month or even a few days later. If you are purely an NFT collector who doesn’t care about losing money, probably you can ignore my advice, otherwise, we must always stick to the principle of “DYOR” before investing, deep dive into the project, the community, the artwork, and everything. Hard work pays off and no shortcut to success. This is my wrap-up for NFT Day, cheers!