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My NFT Journey – Ep.4: MISTAKES

9 min read

Read the Ep.1 – FOMO
Read the Ep.2 – HOLD
Read the Ep.3 – Diamond Hand

If you think I learned any lessons from the Moody Krows, such as taking profits whenever I can or thinking carefully before buying any NFTs, so I wouldn’t repeat the same mistakes again, you’d be wrong…

Although I lost some ETH by not taking profits from the Moody Krows or spent 1.5 ETH for another krow, the value of which is now just 0.02 ETH, I still make the same mistakes over and over again.

After I max-minted Moody Krows and made some profits, I thought it might be good to have multiple wallets.

Previously, Moody Krows allowed one wallet to mint 5 krows. If I had two wallets, I could mint 10 krows and my profits would easily double.

Since then, I have become the Max Minter with multiple wallets.

I always mint any project to the maximum number allowed, and if any projects allow just 1-2 NFTs minted per wallet, I’ll try to use another wallet to mint more.

It seems genius, right?

Well, that was just the beginning of the madness…

After I made some profits from Moody Krows and had some ETH left, my friend introduced me to another project.

He said, “Long story short, this guy is the founder of XXX project and it was sold out quickly previously and the price went to the moon and blah blah blah…”

The project’s name was “Sovereign Sphynx Council NFT” and the character of this NFT looked similar to Bill Sama in Dragon Ball.

I can’t remember the exact thing he told, but he got the whitelist and minted 10 NFTs from this project. It cost 1 ETH for all these NFTs and the gas fees.

Usually, most NFT projects will divide the launch into two phases – Whitelist Sale and Public Sale.

Whitelist Sales are for people who got whitelisted. They can mint before people outside the whitelist. The number of people who can mint in this round will be limited.

Public Sale is for anyone who wants to mint the project. There will be a lot more people minting at the same time if the project is famous enough and the gas fees are reasonable.

I wasn’t on the whitelist because I just learned about this project when it launched from my friend. So I had to mint in the public sale.

On that day, I remembered I made an appointment with another friend to have dinner at the Bubba Gump restaurant in front of Universal Studios in Florida.

But the public launch for this project was almost the same time as the appointment, so I brought my MacBook with me to the restaurant.

This dude carried a laptop to the amusement park!

I opened my MacBook and minted this project on the table in the food court where I waited for my friend.

I just realized later that I could have done all that on my iPhone… I needed to carry my laptop everywhere I went on that day.

When the launch time arrived, I did the same as my friend did. My friend minted 10 NFTs, so I minted 10 NFTs and spent 1 ETH on this project too.

If the price of this project skyrocketed like the Moody Krows, I would make lots of profits again.

But the problem was… this project wasn’t sold out.

If I remember correctly, just around 20% of them had been sold and the price didn’t skyrocket.

The worst part, the price sank below the mint price. Now it was only 0.03 ETH and my 1 ETH had become 0.3…

Anyway, I still hold these NFTs because the project owners and the team were still working on this project.

My friend and I made the wrong move together this time!

Was this the end of the madness?

NOPE!

I still made many mistakes along the way of my NFT journey.

The next mistake I made was not taking profits from HeadDAO.

Ah yes… not taking profits… again.

This is actually a very good project founded by a very young and talented NFT influencer named Shamdoo.

Another friend in my group introduced me to this one. It’s the NFT project that has a utility and can produce passive income (in form of $HEAD token).

When you buy HeadDAO NFT, you can “stake” your Head NFT in the HeadDAO staking system and earn $HEAD tokens.

We can also use $HEAD to buy anything in the HeadDAO ecosystem or swap it back to ETH.

This was a new thing for me at the time. I bought 4 Head NFTs at an average cost of 0.3 ETH each and staked my HeadDAO to earn the $HEAD token.

One Head NFT can produce 4.8 $HEAD a day, so I will earn 19 $HEAD from my four HEADs. At the time, the value of one $HEAD was around $2-5.

I made the calculation and found that I could earn the passive income at around $40-100 if I converted $HEAD to ETH and the value of the $HEAD maintained at this rate.

A few days after I bought these NFTs, the floor price increased to 0.9 ETH.

If I unstaked my HeadDAO and sold them, I would make around 2 ETH in profit.

But I didn’t do that…

This project seemed very promising at the time, and I thought that if I kept staking my HEADs and accumulated the $HEAD token, I could make more passive income if the value of the $HEAD increased.

I didn’t understand the nature of the crypto market back then…

It didn’t happen. The value of the $HEAD token kept decreasing every day because there was no proper plan to use the $HEAD token yet.

People just staked, earned $HEAD, and swapped them back to ETH, which caused the value of $HEAD to decrease over time.

Anyway, the project owner still works and tries to innovate more things in the HeadDAO ecosystem very consistently.

They just launched the Head Game, Alpha Group, and Head Marketplace for the project in the past few months.

I still hold all of the HeadDAO NFTs I have and minted some Head Game NFTs when it launched.

I still have hope that this project will be back because it’s one of the first staking NFT projects that has been developing for a long time.

But yeah, I should have flipped my Heads to get 2 ETH in profits so I could have invested in other projects.

After HeadDAO, Jungle Freaks was the next mistake I made. This, too, was about not taking profits.

Actually, it was a very good project. Alex Becker mentioned it in the same video he mentioned Moody Krows and MekaVerse.

But I wasn’t on the whitelist. It was very difficult to get on the whitelist because there were tons of people in Jungle Freaks’ discord.

There were many people interested in this project and it was the most famous project that people talked about at the time.

So I had to buy it from the secondary market at 0.9 ETH.

In fact, I could get it at a lower price like 0.4-0.5 ETH when the people who got on the whitelist minted and sold it.

My friend told me that it was a good idea to get it from the secondary project at the time because there would be a gas war in the public sale for sure.

I thought I could mint it in the public sale, but I didn’t.

From my records, I never got any NFT in the public sale if that project is very famous.

What I learned here was that minting the NFT in the public sale is very difficult and you have to pay more gas fees than other people if you want to get it.

You need to risk paying high gas fees if you want to mint successfully. There is a chance of not getting it too and you will lose the gas fees for nothing.

So I bought it at 0.9 ETH from the secondary market after they were sold out in the public sale.

Although the price I bought has doubled from the price after the launch in the secondary market, it still seemed like a good investment because the floor price of Jungle Freaks went to almost 2 ETH.

I didn’t flip my Freak when I saw the 2 ETH floor.

There was also someone who sent me the offer to buy my Jungle Freak at 1.4 ETH and 1.8 ETH. That was almost 2x what I bought it for.

Did I sell it?

NOOOOOO! Hahahahahaha!!! 🤣🤣🤣

Even though I learned the mistake of not taking profits from the Moody Krows and HeadDAO, I still didn’t sell it.

Everybody said that this Jungle Freaks is the next bluechip; even Alex Becker also said that at the time.

Many people believed it could reach the price of the BAYC or CyberKongz.

I thought I’d hold it for a while and sell it for at least 10 ETH.

The floor price of the Jungle Freaks was stable at around 1.5-2 ETH for like a week. I got many offers for my Freak, but I still didn’t accept.

Until one day…

There was news that the artist of Jungle Freaks drew a racist cartoon in the past. In fact, he had worked for a publisher and just did the work he was assigned, and that was about 10 years ago.

Anyway, that happened over a decade ago, but many people on Twitter and YouTube talked about it and said that it was unacceptable.

My friends sold them at a loss. Many people in the NFT space did the same. Alex Becker sold them at 0.00001 ETH (I couldn’t remember the number of zeroes actually).

I sold mine at 0.3, which was a 0.6 ETH loss as well.

The price of the Jungle Freaks went down fast, from almost 2 ETH to 0.00001 in just a few hours.

If I exited it at 1.8 ETH when someone offered to buy my freak, I would have made 0.8-0.9 ETH in profits easily.

But who knew this could happen?

What we can control is taking profits whenever you can.

Another project where I made another mistake was Fox Game.

At the time, the model of the Play-to-Earn (P2E) NFT was very new.

There was a project named “Wolf Game” that was created with the idea of owning NFTs, staking them to earn tokens, using those tokens to create another NFT, and stealing NFTs from other people.

In this game, people can buy Wolf or Sheep NFTs, stake them in what they call a “Farm,” and people who hold the Wolf can steal the Sheep NFT from other people.

It was a very new idea at the time.

And the most important thing was that Gary V., the famous influencer, bought many Wolves and Sheep from this game.

After he spent a lot on this game, tons of people followed and the floor price of this project reached 10 ETH in just a day.

Yes, it went from 0.15 to 10 ETH in just one day…

I didn’t jump into this project because I felt like I had lost too much in the NFT space, and I tried to study trading crypto tokens instead, which have more liquidity.

I missed it and there were many clones developed of the Wolf Game.

One of them was Fox Game.

I didn’t want to miss the wave this time, so I immediately jumped into this project and got whitelisted for two of my wallets.

This project was actually horrible at communication and always missed their deadlines.

They did the “stealth launch” which was not scheduled, to launch the project.

I needed to set up the alarm every two hours when I went to bed because I didn’t want to miss anything. But they postponed the launch date many times and I didn’t sleep well for many days.

I still have no idea why I still tried to mint this project. I just completely FOMO’ed.

Until the launch date, it was around 4:00 am, I finally minted 10 NFTs for each wallet. I spent around 2 ETH and got 20 NFTs in total for the Fox Game.

I went to bed immediately after I successfully minted them because I was very tired.

This time, the floor price was at around 0.1-0.2 ETH. I believed it could reach 1 ETH at least because the P2E NFT was very new at the time and the Wolf Game had some issues as well.

The people would move to Fox Game – I thought.

I didn’t take profits… again… because I was too greedy and thought it could reach the 5-10 ETH floor just like the Wolf Game.

But a few days later, Fox Game had some issues as well and the game was paused for many weeks.

The floor price started dropping to below the mint price quickly because they couldn’t play the game.

If I left the game, I could make just a little loss but I didn’t do it. I just staked my NFTs and earned the useless tokens.

When the game was back, it was still not smooth and now the project owners completely disappeared. I just lost another 2 ETH for another shitty project… again.

As you can see, I spent 1.5 ETH on one Moody Krows, 1 ETH on Sphynx, 0.9 ETH on Jungle Freaks, and 2 ETH on the Fox Game in just a few months.

These were the wrong moves I made and they made me start investing in NFT projects a lot more carefully.

In the next episode, I’ll share the turning point that makes me trade the NFT differently.

—ifourth | Nifty Nuggets #446

P.S. You can see that there are tons of opportunities in the NFT market.

What I share here happened in just a few months and you can see that the NFT market evolves very fast.

From a Profile Picture NFT, Breeding NFT, Staking NFT, to P2E NFT, these were created in just a few months.

So, there is no rush to invest in the NFT market. If you missed an opportunity, there will always be new ones for you to win.

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