How Mere Mortals Cash In on NFTs
Over 64% of those buying NFTs do it to cash in on it, the DEXterlab’s survey says. However, only about 42% managed to profit from their purchase. You’d say these are happy owners of BAYCs and CryptoPunks that are sold for millions despite the bear market. Not all of them. OneArt has gathered stories of people who defied the market and raised money in a matter of hours or days.
$10.5 million in 48 hrs for golf club membership
Mike Dudas, known as an investor and founder of The Block, once came up with an idea to set up a DAO for golf lovers. The future organization would resemble a leisure club but with more members’ control. No sooner said than done: LinksDAO’s NFTs were sold out in two days. 9,090 items brought their creators $10.5 million.
Four months later, LinksDAO announced a partnership with Callaway, a golf equipment provider. It will offer NFT holders discounts and deals on branded products.
$738,000+ in half an hour for bulls
Cam Rackam was one of the many artists hit by the pandemic crisis, with canceled exhibitions and meager commissions. Inspired by BAYC and Beeple’s success, the artist teamed up with @wallstmemes to create Wall Street Bulls.
It took 10,000 items just 32 mins to be sold out, and about ¼ were purchased in five minutes! The entire collection was worth $2.6 million, and the creator received over $738,000.
~ $120,000 in less than six hours selling quirky duck NFTs
Thorne Melcher and Mandy Musselwhite didn’t mean launching a collection if not for the crisis. Job loss, mortgage, growing bills — everything came crashing down. One bank account was negative, another didn’t even have $1. The couple had to invent something to save the farmstead, which was also a home for ducks, geese, and other animals.
Thorne and Mandy minted 10,000 tokens featuring Dastardly Ducks. Their friend helped to pay the gas fee; the community did its best to spread the word about the collection. The collection was sold out in less than six hours…
…followed by proposals for cooperation. The collab with celebrity chef Cat Cora resulted in Yo Kitties — a project raising funds for Ukraine and homesteaders. As for the couple, Mandy says NFTs allowed for more financial support and creative freedom.
Almost $20,000 in two days for a meme reposted by Elon Musk
Eva Beylin didn’t expect the success of her Love in The Time of Web3 meme featuring a couple that stares at BTC and ETH prices. Until Elon Musk reposted it (with no credits to the original author).
The same night Eva minted NFT. In two days, it was purchased anonymously for ~ $19,800. Eva planned to reinvest her proceeds in purchasing other artists’ NFTs. In this way, she decided to support the technology that gave her windfall profits.
$1+ million in nine months selling Toy Faces and Toy Rooms
57 items have brought Amrit Pal Singh more than $1 million in about nine months. The Toy Faces project existed before, but it was his first experience minting tokens featuring Steve Jobs, David Bowie, Audrey Hepburn, Daft Punk, Hayao Miyazaki, and more celebrities. The prices varied but didn’t drop below 1 ETH at the time of selling.
The Toy Rooms project includes 3D images of rooms, such as Pepe’s Room, Bedroom in Arles, Hobbit’s Study, and the Simpson’s D’oh. The prices range from 1.22 ETH to 4 ETH. Secondary sales bring the illustrator a 10% royalty, and now NFT space is his full-time job.
Both Toy Faces and Toy Rooms are exhibited in the Toy Cafe — a metaverse gallery and cafe on Cryptovoxels. It also showcases other artists’ works, e.g., CrypToadz, Robotos, and Doodles.
~ $80,000 per month as a “DeFi enthusiast & NFT advisor”
Before becoming a famous @MsCryptomom1 with over 44,000 followers on Twitter, Brenda Gentry worked as a mortgage underwriter and earned $70,000 yearly. Last year, she got her first substantial investment returns, with the crypto portfolio surpassing $400,000.
Now her Gentry Media Productions consults on NFT and DeFi projects. Brenda says crypto space gives freedom and helps destroy credit limitations. She also sets her hopes on P2E gaming that, in her opinion, can really help users in developing countries.
What’s the secret?
Well, you’ll need hype, a stroke of genius, a pinch of luck, and being in the right place at the right time. But there also are things that you can really influence to stand out:
- Utility like LinksDAO’s. Think about improving user experience and try being one step ahead: what will your community need in a month/year/two years?
- A strong community like Dastardly Ducks’. Add surveys, contests, and extra perks, engage with the members and influencers, and help onboard newbies.
- Fun + experience like K.I.A engaging NFT holders to help “protect the world from evil.”
Also, try to keep an eye on existing and emerging trends. There’s a great deal of tools to track them, such as Nansen, Dune Analytics, DappRadar, Crypto.com, and more. Check OneArt’s digest to choose the best implements that will help you analyze NFT and crypto, understand the trends, and use data to leverage changing market conditions.