Bought My First NFT Today (NBA Topshot)
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
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I am having an eye on NBA Topshot as well! Not really for business reasons but collecting basketball moments seems to be fun. Well, the "cards" having and maintaining their price is a huge thing too of course... :)
Hopefully more packs will be released soon
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there is a drop today and tomorrow so it should be fun. Not sure I'll be lucky enough to get a pack but I'm hopeful. I think if we learn the market there is good money to be made.
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I hope they appreciate in value for you. I tend to lean more towards NFTs that I can use such as an item in a game. You can own your NFTs in games on HIVE or other block chains and they can be used to help you on you way to generate more crypto.
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I'm just going to learn NFTs with NBA Topshot because basketball makes sense to me. Hopefully it will lead to bigger and better things.
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Bledsoe wouldn't be my go to, he is not a top 20 pg in my book... Just roasting, respect for getting involed with Top shot, I want to soon, but have been hesitant to load up on it with everything going on on over here. GL
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I just got him because he was the cheapest I could get my hands on and learn how to buy, pay and sell. Now I have an idea. I have him listed for sale at $1 profit lol so hopefully someone will buy. He's in a relatively early set so will have appeal to later collectors but I'm happy to sell if I can.
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Unless you are a collector or you can snag a really good deal packs are definitely the way to go. It is just a matter of being able to get your hands on them! I know they go fast in many of the NFT sales. Most of the stuff over on WAX has been selling out in seconds just like the TopShot stuff. Congrats on getting your first NFT!
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I think it will be a fun hobby. NBA Topshot suits me because I know basketball. I hope to just snag the packs or get a good deal on the coveted cards. It's still early enough where all cards should have some value to future collectors. I will flip the crappy ones for minimal gain and hope to get a few good ones along the way.
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I can see WAX and TOPPS doing something like this with Baseball down the road. It will be a huge boon for that blockchain which isn't getting the attention it deserves.
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I imagine they are working on it already. They will do something this season. Id love that.
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You are probably right! I certainly hope so!
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thanks, much appreciated @shortsegments
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i don't really like nba topshot, not because of the project, the idea is awesome but i like nfts for the artistic aspect. On the other hand though, Topshot is one of the top nfts project with massive amounts of money moving everyday so it definitely worths!
I am looking forward to seeing your progress there!
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I don't really like the nfts they have created but there will be a few million people desperately trying to get them. They are doing a drop tonight and not everyone will get one. Thats why I like it.
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Have you looked into @splinterlands or @risingstargame? They are two NFT projects that I am investing into. We have others like https://dcity.io if you are interested in them.