Flipping NFTs might not be as profitable as marketed
The NFT picture and profile picture market is one of the aspects of the crypto industry that I have a had time seeing the purpose. I understand the concept of ownership but I feel like it is being abused by a lot of these projects.
It might sound a bit hypocritical coming from someone with a hive punk as his profile photo. In fact, until today, I'm yet to see the purpose of this punk other than the fact that it is "verified" on Peakd.
It might be anti-progressive to say this, especially considering that I have a couple of punks on the market but I honestly can't think of a reason why anybody will actually buy my punks.
Don't get me wrong, I'm not trying to talk down on anybody's project because I understand how difficult it is to actually start a project. I also know from my experience that it takes a lot of effort to actually grow a community.
Anyway, in my mind, I think this phase of NFT pictures will come and go, and only the projects with working projects will actually survive. To put it differently, if your NFT PFP project doesn't have utility beyond being something we can look at, it will fade into the oblivion.
The numbers don't lie
If you take a look at the market history of Punks on hive, you'll find that the situation is quite grim. In the past 7 days, only 8 Punks have been traded, all ranging between 6 hive to 26 hive.
Also, it is worth noting that all the sales of Hive punks in the past week have been between 9 distinct accounts. What I'm saying in essence is that there's not enough activity in terms of trading volume right now.
For what it's worth, there's some work related to punks going on in the background but it isn't really getting the Hive community pumped. It is pretty much the same thing with hive folks that's hardly ever talked about these days.
In fact, the last publication by the Hive folks account was all the way back in February. In any case, the project has a [roadmap]9https://www.dlux.io/hivefolks/) and if you connect with it, you could take a punt.
I generally like to avoid labels in general, because most times, things aren't always as they seem on the surface. So what I do is just work with what's in front of me, and talk about what I see, rather than give a sweeping comment.
Outside Hive
Cointelegraph reporters and analyst aren't shackled by my inhibitions because they are privy to even more in-depth information than most of us.
In a recent publication, the crypto news agency talked about the general situation of the NFT market. A recent poll carried out showed that only 46% of people are actually flipping their NFTs for profit.
Another poll also showed that a vast majority of people buy NFTs with the sole aim of making money from it, rather than any idealistic purpose. So, in essence, a lot of people have been hugely disappointed by NFT flipping as a whole.
For what it is worth, the article also pointed out that NFTs still has long term uses in the future. Perhaps NFT sales will improve when the market is in a better condition.
I've also noticed that the NFT crowd are always jumping from one project or the other and the projects keep popping up out of nowhere. Sometimes you're rugged and other times you're not, but it is always on to the new thing.
Many of these projects will be useless in the long run though. I honestly think that NFT pfp projects are nothing but a fad and if there's no value proposal in the mix, that project will eventually lose relevance.
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Actually despite the last few days being slow Hive Punks sales have gone up a lot. I posted about it recently.
Hive Punks are also the cheapest Punks out of all other chains by far allowing everyone to own one.
Hive Punks was a proof of concept to show what was possible on Hive while improving the Punk formula with a even better product. I don't think anyone though this was even possible before this.
I could have charged 5x more and likely sold out but I didn’t.
Unlike any other Punk offering, these can be expanded on by anyone with the motivation.
Some people really enjoy NFTs just like people enjoy baseball cards.
Most importantly, well I can’t say that right now.
As I said in the article, big respect for the work you put into it. Getting the community together is never a simple feat by any stretch of the imagination and I truly applaud your effort.
Even when I'm not too familiar with aspects of a project, I'll support it anyway because I believe that it's a success for the community as a whole.
Personally, I'm not a card collector but I'm also not in the business of flipping for profit. When I decided to mint Punks, I was hoping to like actually use them for stuff, rather than just look at them 😄.
Despite my general feeling,, I'll be keeping tabs on your account and the blockhead games account to hear about new developments. .
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Well, I have friends who love NFts, and they are always on the lockout for more NFTs to probably flip or hold.
Thus, you could only be speaking for yourself on this one. There are lots of folks out there who are waking up and creating more NFTs because there's a market for it. And a lot of people are enthusiastic about it.
Most importantly, they are fascinated by the fact that something that didn't have any worth initially could turn to a valuable asset all thanks to the birth of NFTs.
Oh absolutely speaking for myself here. I think it is a cultural thing for me. In a different comment, Marky talked about baseball cards and other collectables that I honestly can't wrap my head around their worth.
My view of NFTs has always been the same tbh. I only care about utility; not simply being a collectible or even flipping them. I want to use my NFTs to do stuff, you feel me?
Yes I feel you. But may I ask what kind of stuff you intend to do with them?
Idk tbh. I always just hoped for some utility, perhaps the NFTs grant certain permission and stuff like that. Nothing serious
I think I get it. You are hoping someday, the fact that you own a certain NFT will pave way for something bigger, juicy, and better for you, right?
Exactly.
That's a cool way to go about it. And it's enviable too. I hope all your heart desires will be granted. You're on the right track. Keep moving forward. Cheers.