At the beginning of December 2021, I immersed myself in the world of licensed NFTs. I downloaded the Veve app, looked at the opportunity, and jumped in with both feet. Initially, I was drawn in for the financial opportunity; if digital Apes, Cats, Punks, and Rocks are selling for 6 figures, what could a Superman, Batman, or Mickey Mouse sell for? I bought some gems on the app and started buying.
If you haven’t read some of my past pieces about NFTs, I have had mixed experiences and feelings. Gas fees on Ethereum frustrate me and I don’t feel confident enough to pick the next breakout project(s) on Opensea or other secondary marketplaces. Meanwhile, the NFT market just keeps booming.
On a scale of 1–10, I would probably identify myself as a 4 in terms of how much I enjoy collecting. As a child, I collected baseball cards, shot glasses (souvenirs from vacations), some comic books, and random card sets. None of this carried into adulthood and if I won the lottery tomorrow, I probably wouldn’t be buying many collectibles in the physical realm.
Nonetheless, collecting was a fun hobby and I have fond memories of going to baseball card shows in hotel convention rooms and trading with friends. The purpose for sharing my background is for you to understand I don’t consider myself to be the comic book guy from the Simpsons and I don’t feel I have any special prior knowledge giving me a leg up.
With all this said, entering the Veve app in December, I was a complete rookie which is how you may feel today.
Understanding your Goals
Collecting and investing are individualized activities. An entire spectrum exists that will be somewhat unique for everyone. For example, a 70-year-old investor looking at retirement will most likely invest differently than a 25-year-old investor with no kids or a mortgage. Collecting is similar. Perhaps a 70-year-old collector wants the first copy of the Spiderman comic he read as a child while a 25-year-old collector is more interested in a Harley Quinn collectible.
The first thing I did was identify what my goals were in creating my collection on Veve. My goals initially were to look for long-term financial gains. But as I interacted more with the app and got…