So I bought my first NFT today on NBA Top Shot. I just wanted to figure out how to do it and be prepared for future drops there.
My goal was to buy the cheapest card I could and use it as a learning experience.
The first thing I learned is that you need really fast internet because when any card shows up in the marketplace under market value it's gone within seconds. I was able to land a couple of those but by the time my payment processing got through somebody had already claimed it.
So I spent a lot of time trying to buy an Eric Bledsoe at $17 and then I immediately put it back up for sale in the marketplace for $19 which would give me about $1 in profit (5% selling fee)
It might not sell because the market hasn't moved but the idea was just to get in and out and not hang on to a card unless it's super rare.
I think the key for me is to get in line when they drop packs and then decide what I'm going to do with them. I don't think buying the cheapest card on the market will ever get me anywhere
The people that make money seem to spend about a hundred bucks for a card that they know has incredible value and then flip it for a nice profit. But they really know what they're doing and I've been around a while I just wanted to see what the transaction process was like and hopefully, I'll either keep my card or the market will go up and somebody will buy it for $19.
I believe NBA top shot is going to be a very very popular way to purchase NFTs because these cards are being sold as memorabilia and not as NFT is per se. it's a marketing thing geared towards the collector market and so far they haven't been able to keep up with demand.
it's very addictive especially for me who knows basketball much better than I know cryptocurrency. However, I can see people getting wrecked in here but right now even the common cards are very scarced compared to what's coming because so many people will join.
But I do think this market will be subject to crashes just like everything else but in the long run, these moments will be desirable for collectors.
So if you're interested go get an account, yes they're back open now, and wait for some drops for some packs or try your luck with your favorite player.
I'm just excited because 6 months ago I never thought I would buy an NFT up an athlete. It's really cool