November 28, 2022
Stop Obsessing Over Price
So many of us are drawn to trading cryptocurrencies and flipping NFTs because of how incredible the financial returns have been in the past. I’m sure we’d all like to go back in time and mine a few thousand Bitcoins, or mint some Bored Apes and sell them right at the peak of their market value.
Price is what the mainstream media always focuses on; Bitcoin makes the most prominent headlines when it’s either hitting new all-time highs or crashing severely. However, obsessing over price can be dangerous.
The cryptocurrency markets are still incredibly immature. Price does not always accurately capture value, and this is especially true when it comes to NFTs. I’d like to share my personal experience as an example.
NFT from the Dead Diamond Society (#569)
After hearing murmurs that owning a Dead Diamond Society (DDS) NFT would allow you to meet and party with Shaquille O'Neal, I decided to purchase a skull at floor price. This was four months ago, and while the NFT has held its price in USD, I’m down about 40% in terms of ETH.
Does this concern me? Absolutely not.
Regardless of crypto’s current dip in the market, the value I’ve received from being a DDS holder has surpassed my expectations. Because of my DDS NFT ownership, I was able to attend a private party where I networked with investors from all over the world, met Hasbulla, and watched Shaq DJ a private set. While I didn’t get to meet Shaq due to a last-minute cancellation, I appreciate the team’s effort to coordinate a Hasbulla meet and greet. It was great to put a face to so many usernames, and I even got to meet and chat with the DDS co-founder.
Hasbulla looking thrilled to meet me.
While you could probably assign a dollar value to the private party, the networking, and the celebrity meet and greets alone, I know it’s typically $270 to meet Hasbulla, the true value of my DDS NFT has ultimately come through the experiences it has given me.
For myself, the price of this NFT is largely irrelevant. Sure, if it crashes to $5 or rises to $5,000, I may have to re-evaluate my stance. But as of now, the overall value has been well worth the investment.
This article is not meant to endorse the Dead Diamond Society, but rather reframe the perspective on the potential price and value of an NFT. Beyond social perks, NFTs can bring value in building a personal brand, unlocking new and exciting opportunities, enhancing your network and granting access to special deals.
NFTs are so much more than JPEGs that you can buy or sell for a quick profit. I believe collectors should always consider the long-term connections and experiences that come from being part of a growing community and social movement.
And most importantly: Stop obsessing over price.