I'm not really an NFT guy, but I'm all over the crypto space these days, so even NFTs can't be avoided forever. So this article is all about how I got sucked into the NFT loop and how to make the most of it.
About six months ago, I won a WL (whitelist) spot on some X competition, which guaranteed me the possibility of buying 5 Archies in the closed WL sale. If I recall correctly, they cost about $10 each and I ended up buying two. Shortly after I sold the other one with a pretty substantial profit I decided to hold on to the second one as there was a promise of future WL spots for Archies holder.
Hold NFTs To Enter The Loop
Holding the single Archies NFT then gave me a spot in yesterdays Ghouls collection launch and I managed to mint the maximum of two NFTs. The cost was only 5 USDC each so minting those was a no-brainer as the floor price of each collection on the Ambur marketplace is way higher than that.
The Ghouls floor price has obviously fluctuated quite a bit since there were probably many people eligible for the WL spot but weren't interested in holding those and instead bagged a solid 2X.
Since the paper hands are now mostly out, the floor price has risen from $8.2 to $10 this morning and I expect it to keep on going.
Benefits of Holding NFTs
I actually listed one of my Ghouls as well but after reading more about the project I decided to delist it and keep on holding.
So why I'm so bullish on these?
If you are familiar with the Cosmos ecosystem you probably know that staking certain tokens might make you eligible for future airdrops of projects launched on Cosmos. For example, Dymension dropped a very decent airdrop of $DYM token to $TIA stakers while being a loyal $SAGA staker grants you more $SAGA in their ongoing stake drop program.
I now sense a similar loop of future benefits created here with these Archway NFTs. Without the Archies NFT, I probably would have not heard about Ghouls but gladly I did because holding Ghouls opens a set of new opportunities.
Here's a good thread about upcoming perks for Ghouls holders.
Besides benefits for Ghouls holders, the project is also focusing on charity work which is always a pleasure to hear as this crypto space can often be a pretty cold place. More about that in this post.
The Importance of Securing a WL Spot
This is sort of a vicious cycle that is feeding itself after each and every launch but in a good way!
After the WL sale, there's always a public sale where the remaining NFTs of the collection are sold. However, since the past Archway collections had a quite low supply, all the NFTs were sold in minutes, at least these two I took part in went very fast and many were left out.
Since there has been more demand than supply, the ones left out were left with only an option to buy from the market. This then pushes the floor price up making the WL buy a very solid choice. In fact, I'm still bummed I didn't buy the max amount of 5 Archies when I had a chance... while the price was only $10 each, they quickly climbed over $100.
The fact that Ghoul's NFTs have utility and perks is also a key component in creating demand. Even though $TIA, for example, is a great project, I'm sure many were attracted to it simply because of the airdrop promise. Also, I'm sure that when the first holder benefits of Ghouls are out, there will be an increased demand for them as people see it's actually worthwhile holding one. This will then be reflected in the price making it a great buy.
Conclusion
I am still going to remain mainly as a coin guy but tipping my toes in the NFT pool sure has been an interesting and lucrative opportunity. Besides, it is pretty hard to get out since there are benefits for holders such as the ones presented above.
The lesson learned from the two WL launches is to always buy the maximum amount I'm entitled to. If it's 5, then sell 4 when the price is right but hold at least one to be able to enter future WL sales. Rinse and repeat.
By the time of finishing this post, the floor price of a Ghoul is $9.99 which is still a very good price in my opinion. You can check out the Ghouls and other collections here: Ambur Marketplace.
Thank you for reading!
Ongoing Airdrops:
🔹 Grass - $GRASS token launch surprised everyone, don't miss the second season!
🔹 Sonic - Fantom is going to rebrand as Sonic. Play arcade games for a chance to get a $S token airdrop - invitation code: 2ljo4b
DISCLAIMERS:
This is NOT financial advice.
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