NFT: An investor bought an NFT coin for $1,700 in 2021 and plans to HODL. He also explains why his crypto market meltdown didn’t stop him from quitting his job to work on Web3.
- 1 The first NFT coin trade failed, but the second did too
- 2 “I definitely see the crypto space and NFTs as the future”
- 3 Martin not considering selling NFT coin collectibles
- 4 Will the next generation choose to buy Bitcoin or a gold bar in the future?
- 5 Share this:
The first NFT coin trade failed, but the second did too
Keith Martin purchased a Bored Ape Yacht Club in May last year. He paid less than $500 for this NFT coin. Given that the market was just starting to explode, he seemed confident he would turn it into a profit. However, things did not go that way and Martin suffered a loss on his first trade.
However, his belief in the future of the digital asset market has been influential. With the lesson he learned, he bought another one this time for around $1,700 (0.64 ETH). Martin, 31, told the NFT.NYC conference on Monday:
After selling at first, I immediately bought another NFT coin for more money. Because I really didn’t want to miss what would happen next.
At that time, 1 ETH was worth around $2,700. Today, it’s worth around $1,111, as it fell victim to a vicious rout in cryptocurrencies this year. Meanwhile, Martin’s award-winning Bored Apes NFT is worth around $111,000 at current market prices. Martin made the following statement:
There wasn’t much back then. Whereas these days there are about 10 new projects a day. A year ago, there was only one new project every few days. So being on Telegram and Twitter, at the time a lot of people were saying that Bored Ape would be the next CryptoPunks. I bought one too.
“I definitely see the crypto space and NFTs as the future”
Keith Martin, who uses IllusiveApe on Twitter, co-founded a marketing company in 2017. But when he started getting into NFTs about a year ago, his passion shifted to digital assets. In June, he quit his job at the company he helped found. He currently works for Tribe, a Web3 company. Because his passion for the NFT industry has become his main focus. He states the following on this subject:
I definitely see the crypto space and NFTs as the future. So I thought there was no better time to get involved than now.
Martin not considering selling NFT coin collectibles
He adds that while he started out as an investor and trader, he now sees himself more as a collector. Because he has no plans to sell his favorite NFTs, including the original Bored Ape NFT and the CryptoPunk NFT he bought. Meanwhile, CryptoPunk NFT was around $51,000 in May last year.
Martin does most of his marketing work for the Tribe, which he did for his previous company. On the other hand, he says the work is more exciting now as he sees Web3 as the future. NFTs today may seem like they’re just about art and profile pictures. But they are powered by complex Blockchain technology. Keith Martin explains here:
You name the industry, NFTs will mess it up. See where some of the smartest people are going. Big time developers, anyone in the computer science field. All of the brightest minds are moving into this space. That makes me really optimistic.
Will the next generation choose to buy Bitcoin or a gold bar in the future?
AmkNews.com NFTs had a tumultuous year in 2021, as you follow. But weekly sales are down more than 80% from a peak of nearly $1 billion in January, according to data from NonFungible.com. Meanwhile, the market cap for cryptocurrencies exceeded $3 trillion last year. But then it recently dropped below $1 trillion.
However, even in the midst of the bear market, Martin says he will buy more crypto. In addition, he notes that he plans to stay on course by collecting more NFT coins. It also explains the following:
I ask myself about my son who is currently scrolling virtual screens. Would he rather buy Bitcoin or a gold bar in the future? And the answer seems obvious to me.
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