Depending on who you ask the market for non-fungible tokens, or NFTs, is either dying or just beginning. One investor who falls in the latter category joined Benzinga’s “Moon or Bust” show to talk cryptocurrency and NFTs.
Investing in Crypto, NFTs: Known as GmoneyNFT or Gmoney.eth, the crypto enthusiast invests in cryptocurrency and NFTs.
“I’ve been involved in crypto since 2017,” GmoneyNFT said. He found out about Bitcoin (CRYPTO: BTC) in 2010 but didn’t start investing until years later. While Bitcoin was GmoneyNFT’s entry into crypto, he also invested in the ICO boom years ago.
“I like ETH long term,” GmoneyNFT said of Ethereum (CRYPTO: ETH) being one of his favorite investments in crypto.
The big “aha” moment for GmoneyNFT on the opportunity of NFTs came from popular game Fortnite. While playing the game during quarantine, GmoneyNFT realized that a popular topic was friends and family asking him what skins he owned in the game.
GmoneyNFT didn’t see a competitive advantage for owning skins in the game but quickly saw the value they could offer.
“There’s gonna be something here,” he said.
GmoneyNFT saw the opportunity coming from NFTs with the opportunity to use them as a skin in Discord, Telegram and other places.
“This is your skin in the metaverse,” he noted.
Related Link: What Is a Non-Fungible Token?
CryptoPunks: GmoneyNFT bought his first CryptoPunk in December 2020. The purchase was highlighted in a Twitter thread called “Why did I purchase a 24 x 24 pixel image yesterday for 140 ETH” from GmoneyNFT.
“I originally bought a Zombie, I paid about $20,000 for it at the time, sold it for $1.4 million a few months ago,” GmoneyNFT said on his CryptoPunk.
GmoneyNFT’s thesis on CryptoPunks came from the interest in using digital images as avatars and seeing the limited supply of CryptoPunks.
“My thesis was the same way when you’re in a bull market, the price of cars goes up, the price of houses goes up,” he said.
Only 10,000 CryptoPunks will ever be made and there are seven billion people worldwide, GmoneyNFT noted in the potential for the value down the road.
“I still think there’s a ton of upside in CryptoPunks,” he said.
Co-host Logan Ross mentioned Jay-Z buying a CryptoPunk and using it as his Twitter profile pic and suggested that other celebrities could continue to buy CryptoPunks in the future.
Investing in NFTs: Moving beyond CryptoPunks, GmoneyNFT is investing in the infrastructure of NFTs and thinks there could be a huge opportunity for fractionalized versions of expensive NFTs like CryptoPunks.
GmoneyNFT suggests investors and collectors interact with the NFT world on Twitter, go into Discords and find people who are like-minded and prefer similar things.
“If you’re into basketball, you’re going to like NBA Top Shot,” GmoneyNFT said.
When asked for newer NFT projects that look appealing, GmoneyNFT highlighted the Bored Ape Yacht Club.
GmoneyNFT is a member of a DAO, a decentralized autonomous organization, that purchases NFTs as a group.
“We bought the Dogecoin meme, the actual pic, the Shiba,” he shared.
GmoneyNFT said the Pleasrdao group has bought four or five pieces at this point including the Dogecoin meme for $4 million.
GmoneyNFT said natural human behavior is wanting to show off to friends which increases the opportunity in higher priced NFTs like CryptoPunks and large pieces like the Doge meme.