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The DeFi Chronicle: Part 3-How I plan on turning a $50,000 investment into $1 million with Veve and Omi
I’ve bought some NFTs in the past year (all of them under $500 per piece). My biggest challenge has been trying to understand the NFT space and think out which investments are a fad and what could maintain or grow in value over the next 5–10 years.
Check out this data from CoinGecko on the top 10 most traded NFTs:
A handful of reasons gave me pause from moving heavily in the NFT space. In addition to it being overwhelming, I concluded that I’d stay out of NFTs for the following reasons:
1) The floor prices. A Bored Ape Yacht Club sells for a minimum of 59 ETH which has a value of $242,000 at the time of writing. Even the cheapest item, PudgyPenguins start at nearly 1 ETH or about $4000. This is out of reach for most people.
2) How do I know which (if any) will grow or maintain their value. I’m pretty sure that the top 3 should maintain value in the future, but do I really have $32K worth of ETH to risk on a single NFT in this asset class?
