Jan. 13, 2022
Over the last week, as Jerome Powell continued to terrify the markets with talk of accelerated interest rate hikes, I was buying NFTs.
Investors were freaking out, selling high-risk assets off in droves. Tech stocks and crypto got hit particularly hard. On Monday, bitcoin dropped under $40,000 – it’s lowest price since September.
It seemed like everyone had turned bearish on cryptos. Not me. I wasn’t willing to give up yet.
I was perusing my favorite Solana NFT marketplace, Solanart.io. One project I had taken an interest in early on, Bounty Hunter Space Guild, had a floor price up 3x from when I had first bought mine. They can still be purchased for less than 3 SOL ($429).
Compare that to Opensea.io, where similar projects on Ethereum have floor prices many times higher. In fact, a hot new Ethereum NFT project called PHANTA BEAR, currently has the lowest minimum bid at $168,345.50.
Most NFT sets on Solanart have a floor price around $200 and are therefore very accessible. One set that has taken off recently is Shadowy Super Coder. A couple of months ago you could buy one for a few SOL. Currently, the floor price for Shadowy Super Coder on Solanart is 108 SOL ($15,498). This sort of growth is not unusual in the world of NFTs.
Often the best way to get a rare NFT at a good price is to mint one. This is done by locating an NFT drop, which is simply the release of a non-fungible token project. It refers to the date, time, and minting price of the NFT. This is done on the project’s website which allows you to connect your crypto wallet.
(I’ll be showing you how to do all this in Crypto Cycle, my premium research publication that’s launching this month. Click here to learn how to get notified when you can order.)
Most popular NFT sets are a collection of generative images or generative art. By using a generative algorithm no one knows what their NFT will look like exactly. Some minters will receive an NFT with very rare attributes which increases its scarcity. This gives the minting process something of a lottery aspect. Of course, after the minting is complete, you can purchase the NFT you want on a marketplace if it’s for sale.
CryptoPunks, for example, has a total supply of 10,000. By using a generative algorithmic engine that randomly assigns attributes to each punk, no two punks are the same. This is the case for most popular NFT sets today.
One thing currently hampering the popularity of Solana NFTs is the lack of a mobile wallet. Ethereum has long had mobile wallets, namely Metamask, but others as well.
But Phantom, the most popular wallet for Solana, is currently only available as a desktop browser extension. This creates a barrier to entry for many people in the NFT space since most retail crypto and NFT trading is done on smartphones.
This is changing, however. Phantom has announced that they’re releasing a mobile version of their wallet imminently. This comes on the heels of news that they reached over 1.2 million users on their desktop wallet.
I think that the successful release of this mobile wallet will be huge for NFTs on Solana. This will onboard many users who have been trading NFTs on Ethereum but are turned off by high fees.
It will also open up the DeFi ecosystem on the Solana blockchain to more and more people.
We’ll be taking advantage of it in Crypto Cycle, which will be live in the next two weeks. All the reports for the initial “Crypto U” series are written. It’s going to be fun — and I think highly profitable — as we take $50,000 and show you how we’re allocating it in the crypto space.
Please click here to learn how to get notified when you can order.