By Trevor. H – December 18, 2021
It is 2021 going on 2022 and crypto currencies and nfts (non-fungable tokens) are all the rage. Not too long ago the news that a digital artist sold his nft for over 60 million dollars left people thinking “wow.”
Is all of this legit and can you make money in this industry? Of course you can earn money, and you could lose everything all the same. Let’s be honest here, the reason for all this nft hype is because of Bitcoin growing at insane rates in past years. Also with our good friend Elon Musk tweeting about Dogecoin, and also, people’s belief in tech.
Elon Musk seems to talk about certain cryptos “going to the moon” rather than his rockets flying to Jupiter, but he can say whatever he wants because he is pretty freakin’ awesome.
What is the meaning of nfts?
This question is heard around the globe,”What is the meaning of nfts?” Is it a meaning, opinion or speculation? When you bounce around through social media, we are seeing the stories of all the winners who are making big money from nfts. The meaning is that you can gamble on it and hope for the best.
Many social media influencers enjoy bragging about all the money they make with meme coins, etc, but where are the people we don’t hear about, the losers?
Let us look at all the people who think they are the greatest gamblers, only to go to Las Vegas and lose everything. Are those people going to advertise that they lost piles of money in one night? I know if I lost a whack of cash, I would not be rushing home to tell my wife.
In gambling, there are people known as ‘suckers.” These are the people who think they have it all down, all figured out, when in fact they are the profit target for all the other players at the table, the winners.
I, myself, absolutely suck at gambling. Thus, when one of my pals invites me to gamble against him, I feel disrespected because it feels as if he is hunting for my cash. It is ok to be the sucker once or twice in your lifetime, but being a permanent meal ticket for others reflects terrible judgment.
In 2021, heading into the new year, the meaning of an nft is the same as gambling. It is a complete risk. There is a saying that goes “lose what you can afford to lose.” If someone is interested in the hype and wants to get into the nft market, perhaps investing a small amount makes more sense.
Also, I can’t go to a local shop and purchase a watermelon with an nft of some ape who looks drunk. Presently, it seems as if the only way to use an nft for profiting is if it rises in value, you can sell it, making your profit. The utility of it is limited. Thus, moving forward.
Should I buy nfts or not?
My response is, do your research, lots of research. Go on YouTube and try really hard to find a trusted source. These days, it is easy for someone to go online, hear a “rags to riches” story about some dude who made millions in crypto and then risk all their hard earned money.
The greatest investors in the world would never tell their peers to put all their eggs into one basket.
Let’s look at it in such a way. Let me ask you a question.
What is your net worth?
If my net worth was 10k, investing 500 dollars in nfts wouldn’t be life changing and it would have virtually 0 risk when it comes to stressing over my investments. What would you do with a 10k net worth?
Now, if your net worth is 10k and you are thinking about risking half of it on nfts, you have got some kind of courage, amigo.
Here is a short story that you may enjoy – When I was 21 years old, I played bingo for the first time. To my complete surprise, I won 80 dollars. I never played bingo again after that day. In my life, I will always be “up” in bingo. There are people who take the money and run like myself and there are people who keep playing until they lose some or lose all.
Should people take risks? Absolutely. Investing in companies. Investing in property. Investing in a spouse. These are all risks. But with the right research, your percentage of profitability can rise.
Ask yourself, how many people do you know who have lost money in real estate? Ask yourself, how many people do you know who have lost money starting a restaurant? It is getting riskier as we go. What about nfts? Do you have a bunch of friends making big profits from nfts or are you only listening to influencers on IG, who are not one of your peers?
Fun Fact – Many months ago I tried to purchase Etherium on an online app but there were some technical problems and I could not. If I was to purchase at that time, my Ether would have doubled in value. Am I kicking myself over it? Absolutely not. My Ether could have been hacked or it could’ve dropped significantly in value.
From what I gather, your crypto ntfs are not insured on the blockchain. Is your money insured while sitting in a bank account?
In my lifetime, I have made the most money in real estate. I haven’t made it by investing in nfts of drunk looking apes.
If someone was to ask for the best way to invest, the safest way to invest, it would not be crypto, digital apes, gambling or even starting a restaurant.
Invest in yourself. Learn skills such as software engineering, Python. Make a solid monthly income from a high-demand, stable job and then have some fun gambling away a tiny percentage of your net worth.
Who knows, maybe you could get rich off a picture of some drunk, digital ape, having a cigarette.
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