🧘♂️Tomorrow's Big Release
Market Meditations | May 4, 2021
Tomorrow there’s a special event with one of my favourite people on the internet.
Here’s a beginner’s guide for investing in NFTs. Tomorrow there’s a special event with one of my favourite people on the internet. Read, enjoy and share with your network. Let’s all build wealth together.
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1️⃣ What You Need to Know
Earlier this year, NFTs (non-fungible tokens) saw a rapid rise in popularity and now it seems that many celebrities, influencers, and personalities are getting involved in the space by minting their own NFTs. One entrepreneur in particular to whom we’d like to dedicate this segment is the Chairman of VaynerX and Founder and CEO of VaynerMedia, Gary Vaynerchuk, who plans to release his NFT project tomorrow 05/04. In honor of this launch, let’s discuss what you need to know before investing in NFTs and details of Gary’s launch.
2️⃣ Details on Gary Vaynerchuk’s Launch
We’re not compensated in any way for mentioning this project. In actuality, this segment is our small expression of gratitude for the value Gary has brought into our lives. Thank you, Gary, for influencing the way we live and work and for bringing an unparalleled and unbridled enthusiasm, positivity, and kindness to everything you pursue. We couldn’t be more excited to bear witness to the development and evolution of your project. Congratulations. Gary plans to release his NFT project on 05/04. It will be a Dutch Auction. A Dutch Auction is an auction in which the auctioneer begins with a high asking price and continuously lowers it until participants accept a price. If you would like to participate, Gary has mentioned that the floor is having 0.5 to 1 ETH. That being said, he has stated multiple times that he will be doing several airdrops and giveaways for people who cannot afford to invest. Check out the GaryVee NFT Discord if you’d like to learn more: https://discord.com/invite/ebq8Necj.
It’s important to remember that NFTs are only as valuable as the people deem it to be just like collectibles. If you’re investing in NFTs, a question that should be at the front of your mind is “what will drive demand for this brand or person?” We’ve seen the massive effect that Gary’s brand has through a variety of projects he’s carried out, whether that’s Empathy Wines (which sold to Constellation Brands), his sneakers (which now resell at big multiples), or One37PM, one of the most innovative communities of creators. Whether or not you believe in Gary, make sure that when you’re investing in NFTs, especially for the long run, that your values align with that of the project you’re investing in.
3️⃣ Where to Purchase NFTs (please note that we are NOT affiliated with or being financially compensated by any of the platforms mentioned below)
Rarible. Rarible is currently the world’s largest NFT marketplace that focuses primarily on digital art. The platform has experienced unprecedented growth recently with over 30,000 users in March alone. Best For: Traders or investors who want to get involved in NFTs without spending tons of cash. The average purchase on Rarible is $129 as opposed to NFTs that sell across other marketplaces for six to eight figures.
OpenSea. OpenSea is the second largest NFT marketplace focusing more on transaction volume than user acquisition. Best For: Traders or investors who want exposure to more than just digital art including but not limited to domain names, trading cards, collectibles, and virtual worlds, and are willing to pay a higher sticker cost per item.
SuperRare.co. As the name suggests, SuperRare focuses on high end, luxury items and actually has professional curators who suggest digital artwork. The average sale on this platform goes for $10,000+. Best For: It prides itself on being not only a marketplace, but a quasi social network where users can see who the top collectors and trending artists are. Therefore, traders and investors who are looking for luxurious and rare digital artwork and collectibles with a social network component may find this site handy.
Foundation. Self-described as “bringing together the new creative economy,” Foundation is a community-curated NFT marketplace that focuses on digital artwork. One key difference between Foundation and the rest is that creators must send an invite link for others to join. Best For: Traders and investors who want to purchase NFTs not only for the financial return but also for the community aspect. In other words, if the thought of being surrounded by artists, creators, and traders who want to “move culture forward,” excites you, then Foundation could be a good fit.
Nifty Gateway. Nifty Gateway is a marketplace for Nifties (their word for digital collectible). Best For: Traders and investors looking for an alternative to Rarible.
4️⃣ How to Buy (Step by Step Guide)
Now that you’re familiar with the platforms you can use to purchase NFTs, we’ll give you a step-by-step guide on how to purchase.
Step 1: In order to transact on any of the platforms above, you’ll need to create a digital wallet. Metamask is often, but is not the only, choice for this digital wallet. To install Metamask, simply go to Metamask.io, click “download now” and install on your browser of choice. It will be added as an extension to your browser. Then follow this sequence: Get Started, Create A New Wallet, Create Password, View Seed Phrase, Confirm. Make sure to write down and save your seed phrase as this is the only way of logging into your wallet if you forget your password. If you’d like a more in-depth tutorial, check out this fantastic article written by Team GaryVee.
Step 2: Marketplaces like the ones we have mentioned allow purchases and sales in many tokens but ETH is typically the main currency of choice. Therefore, if you want to purchase NFTs, you’ll need to buy ETH from an exchange like FTX or FTX.US and send it to your Metamask. Make sure that you send enough ETH to cover not only the NFT you’d like to purchase but also the transaction fee.
Step 3: Now you’re ready to navigate to a platform and purchase an NFT. Let’s use OpenSea as our example, but the process remains the same on each platform. When you use this type of platform, there’s no need to create any sort of account. All you have to do is “connect” a Metamask wallet to the platform and you’re ready to go. To do so, follow these steps:
Navigate to the top right hand corner of your screen. Here you should see a button or phrase that allows you to connect your wallet to the platform. Click connect. We’ve pasted an example of what this might look like on two platforms below.
Next, click on the wallet you’d like to connect. You should see a pop-up on your screen asking you whether you’d like to connect the wallet and to confirm this. Do so now. Here’s an example of what this will look like:
Once your wallet is connected, you can browse the website for NFTs you’d like to purchase. When you come across something you like simply click “Buy Now,” “Checkout” and then “Submit.” That’s it! You now own the NFT.
We hope this article helped you better understand the things to consider when investing in NFTs and how and where to purchase them when you’re ready. Check out our full NFT Guide if you’re interested in learning about the different types of NFTs, risks associated with purchasing them, and why they’ve become so popular in 2021.
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3 Market Developments
S&P Dow Jones Indices launched its first three crypto indexes yesterday. They carry ticker symbols: SPBTC (for bitcoin), SPETH (for ethereum) and SPCMC (a ‘MegaCap’ combo of the two). The indexes are poised to add more visibility to BTC and ETH data among Wall Street traders hungry to decode crypto price action.
The new contract is worth one tenth the size of a single Bitcoin, which provides traders with an additional tool to hedge their digital currency price risk. Addressing the demand for smaller-sized contracts and setting the stage for wider mainstream adoption of digital assets. With the use of cryptocurrency derivatives growing exponentially since CME launched the first ever Bitcoin futures contract in December 2017.
DOGE tapped fresh lifetime highs today in the wake of a new exchange listing. Multi-asset brokerage platform eToro has announced support for the cryptocurrency, citing strong client demand. The new listing opens dogecoin to some 20 million users spread across the globe. The quick recovery from a 40% April 23 flash crash shows a strong “buy the dip” mentality. The project, which started as a joke in 2013, has rallied more than 9,000% this year with the likes of the NBA team Dallas Mavericks, medical supplier CovCare and several others adding support for dogecoin as a payments alternative. Tesla CEO Elon Musk has also been prone to tweeting about the coin, often prompting price rises as a result.
Some of you may remember the above disaster girl meme from 2005. It pictures Zoë Roth, aged 4 in front of a controlled fire started by firefighters. Zoë has now sold the original photo as an NFT. But how much did she sell it for?
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According to the Guardian, Zoë (now 21 years old) plans to use the money to pay for her college tuition.
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