“NFTs are about culture and vibes, focusing just on money makes people miss the bigger picture.”
I started my professional career on Wall Street, where I learned to have a thick skin and trade the cyclical nature of the markets. My approach is different to most others having lived through more than one market cycle – and am looking forward to riding through more.
As with Wall Street and crypto, early adopters will continue to be rewarded as we move through more cycles. Most people in this space can’t understand that and will abandon NFTs. In my opinion, that’s a positive because many of those people were motivated only by profits. NFTs are about culture and vibes, focusing just on money makes people miss the bigger picture.
After sitting at a trading desk analyzing macro trends, I learned that this concept of being able to craft who you are online through digital asset ownership would become extremely valuable. Once I realized that Sergio from Mexico on Wall Street no longer mattered and that I could become anybody, I realized that I could shape my online identity by creating value for communities.
This philosophy allows me to participate in a global marketplace of ideas and value creation. It is a marketplace that doesn’t really care who you are or what you have done in web2 or other spaces. In web3, thought leaders are entirely anonymous. It doesn’t matter who they are; what matters is how and what value they have created for others. What this means for Sergio from Mexico is that I have sovereign control over my ideas and who I am.
Trading in NFTs is much like trading stocks on Wall Street. People make the most mistakes and losses from falling to FOMO, both on the way up and the slide down. The bull market of 2021 will likely never happen again: 99-percent of NFTs – even Blue Chip projects – performed in completely unexpected ways. My advice is to take it easy and understand what you’re buying and why you’re buying it.
The best practice is to always have a plan. There’s a subtle difference between investing and collecting. You can invest in something you don’t really like much, but you can eventually sell it for a profit. Or you can collect something you know might go to zero but still feel pretty good about because you support the community, artist, cause and like the art. It is critical to differentiate which purchases you’re making as a collector and which as an investor; understand the psychology before you buy anything.