NFT in the eyes of early players

From their eyes, you can see how they think about NFT, why they entered in the early days and what made them profitable?

In the market for NFT, we see some early holders with high returns, but most late entrants struggle to make profits. Relatively speaking, the NFT market is a high barrier to entry for most crypto users. One of the good perspectives we need to get to understand the NFT market is from the early holders. From their eyes, you can see how they think about NFT, why they got in early and what made them profitable?

Loopify has interviewed an early holder of Crytopunks NFT, Mr.703. TA previously owned over 730 CryptoPunks, all of which were claimed for free in 2017 (not counting Ethernet network fees here); in February 2021, TA also owned 549 and sold over 487.69 ETH, worth over $830,000 at the time.

NFT in the eyes of early players

(Mr.703’s Punks as of Feb 8, LarvaLabs)

As of Blue Fox Notes writing, Mr.703 holds 269 CryptoPunks in NFT, TA has earned 6,910 ETH so far, with a total value of $16.15M. In addition, TA not only sold but also bought Punks, TA spent 569.61 ETH on buying at the time of the deadline, worth $1.33 million.

NFT in the eyes of early players
NFT in the eyes of early players

(Mr.703’s Punks at the time of the deadline, LarvaLabs)

In other words, Mr.703 has earned over $16 million with almost no money invested and still has 269 Punks in NFT. how to look at this and what can we see from the perspective of an early player like Mr.703?

*Interest is the barrier to entry

From the interview with Mr.703, we can see that TA actually started to be interested in similar projects in 2017, before TA followed Rare Pepes, a community-driven card trading game. ta thought it was very innovative, but it wasn’t recognized by people at that time. Later, when TA found out that LarvaLabs launched CryptoPunks, there was innovation and aesthetics (combining 8bit aesthetics with first-class technology) that were interesting in TA’s perception.

At the time, all Punks were free. But that didn’t stop Mr.703’s interest in these CryptoPunks, TA made a lot of claims and had a great concern for scarcity, which shows that from the beginning TA had a very deep knowledge of its nature.

From this perspective, interest is very important. Perhaps the development of crypto-cats at that time also inspired TA. In any case, if a person is not curious and interested enough in this field, it is hard to spend so much attention on a free thing.

If put into today, it can be beautifully called: forward-looking. But at the time, it probably came from interest and natural intuition. Interest was the threshold to enter NFT, and a high one at that.

*Not realizing the explosion of Punks at first

After Mr.703 collected Punks, TA admired them and even printed and framed them and treated them as artworks. At first TA didn’t notice the change in the market or the sudden spike in prices. As people rushed to TA to buy TA’s NFTs, that’s when TA realized that these CryptoPunks were already worth a lot of money. These NFTs, which were collected almost for free, were then priced at over millions of dollars, which caught even Mr.703 by surprise.

*The head effect of NFT

One thing that was repeatedly mentioned in Mr.703’s perception was innovation and uniqueness. In TA’s opinion, this is a very important aspect of TA’s focus on NFT. a very important reason why TA went to great lengths to collect CryptoPunks in the first place is because TA believes that these Punks are unique.

TA also mentioned the concept that the first to succeed is the most valuable. For example, people will remember Charles Lindberg, the first person to fly solo across the Atlantic, but almost no one remembers the second. Even at the time the second person to fly solo across the Atlantic would make headlines, but over time no one would remember who the second person was. In fact, this is also true in sports, where people tend to remember the gold medalists, while the silver and bronze medalists tend to fade into oblivion over time. This is also true in the arts, and in NFT investments.

From this perspective, innovation, uniqueness has a lot of weight in TA’s assessment of NFT.

  • The balance of holding and selling

Looking at Mr.703’s operations, TA believes on the one hand that the crypto space is a game about HODL (holding), but at the same time TA believes that when the returns reach 100x, it is important to sell at least some. In TA’s opinion, this is helpful for improving personal life on one hand, and selling to more strong players on the other hand is also beneficial to the growth of the community.

In addition, it can be seen from TA’s operation that TA is not only selling but also buying PUNKS that TA thinks are good.

The future of *NFT

In Mr.703’s eyes, the current NFT is still in its early days. People are still unfamiliar with publishing digital artworks on the blockchain, and even laugh at it, similar to how people treated Matisse, Picasso and Renoir in the early days.

However, in TA’s view, crypto art and NFT are essentially deterministic trends, and it is uncertain as to how long it will take to evolve.

*Not aggressive

In Mr.703’s opinion, investing in NFT should only be based on interest and free money. One should never put 100% of one’s savings into NFT or CyperPunks. It might be okay to just buy one or two and frame them and hang them on the wall as art, but if one can’t afford to pay for future living expenses, this needs to be done with caution.

It’s similar to crowdfunding in 2017, be risk controlled and focus on projects that can inspire, or NFTs from artists who are willing to keep them.

In addition, in TA’s eyes, there is an overabundance of copy projects in the NFT market right now that don’t bring anything new to the ecosystem other than congestion on the blockchain. “Just as any art major can create a Picasso-like work, but that doesn’t make a Picasso. If a project can’t be fundamentally different from others, then it’s better to hold your ETH than to rush into it. When the hype calms down, it’s that good stuff that will eventually last.”

  • There is no success without a reason

Mr.703 entered the crypto space early on. Early experience in the crypto space prompted TA to enter the NFT space very early. mr.703 once bought $2,000 worth of btc in 2011 for $16 and later had to sell it to pay the rent, which is now worth over $4 million. This experience has made Mr.703 very emotional.

In Mr.703’s eyes, blockchain is in its early days, and so is NFT. There is a huge bubble here, but in the long run, the overall market cap of the crypto market is still very small, which is a little more than one-tenth of gold. There is a lot of potential here.

Given its early practice of entering the crypto space and its perception of the future of the crypto market, this led TA to enter CryptoPunks early and stick around.

The easiest things are the hardest

The real winners in any market are the few. It’s not that the smartest people necessarily win. In the long run, it’s the character of the person that counts: interest, patience, objectivity, decisiveness, and perception. The simplest things are often the hardest.

Posted by:CoinYuppie,Reprinted with attribution to:
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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