Cover photo

1 Year in NFTs: my biggest NFT loss (April-July 2022)

696 reflects on 1 year in NFTs. Continuing with today's reflection on my biggest NFT loss

Let's talk about NFT losses.

If I'm counting unrealized losses that I know I'm going to release and do it collection-based rather than single NFT-based, then it's probably going to be ENS. And I'm not factoring in my unrealized profitable positions because I'm not planning on selling them anytime soon. I'm estimating my total losses for the year to be in the double digits of Ether.

So what's my biggest NFT loss?

AnataNFT - a brand new form of NFT identity... In short, it's a 3D avatar NFT that mimics your movement. Sounds cool, though, isn't it? It was one of my first NFTs that I aped in after getting a Mav. And I repeat, I did exactly that—aped in! It was a Dutch auction that ended up having a really expensive mint price of 5.25E per piece. Afterwards, it went to 7E on secondary pre-reveal. Funnily enough, I remember reading someone's tweet about them selling for 7E and saying how happy they are with a profit and that it's going to dump. I thought they were so dumb. After the reveal, it ended up dumping, and I actually doubled down by buying another, 'rarer' one, for 5.3E. I thought it would probably be the next BAYC or, at worst, I would be able to harvest a tax loss. As it just continued to be a slow bleed, I decided at some point that it was enough. That was the aftermath.

Almost 8E down, 26.9K in dollars. All of that in just 86 days too. It's not as easy to make insane amounts of money by flipping JPEGs as I thought, duh?!

And if I held on to them until today? At the current floor of 0.67E or more, like with 0.5E WETH offers because there's barely any liquidity, I would have gotten 1E instead of saving 2.66E as I did.

Lots of lessons were learned:

  • I am not going to mint the next BAYC

  • Expensive does not mean good

  • NFTs are not useless.

  • Tax loss harvesting works

  • Small collections are not destined to moon

  • Hype is a big driver

  • WETH bids, especially collections offers, are the play

  • Liquidity is king

And many more that have been relearned, adjusted, and refined. Ultimately, those ended up influencing my trading decisions not in isolation by themselves but in terms of how the trading puzzle fits into my life in all its complexity and what impact refined takeaways have on my life as a whole.

Next up: bcard - project & community!


Collect this post to permanently own it.
Memoirs of 696.eth logo
Subscribe to Memoirs of 696.eth and never miss a post.
#696#696.eth#cryptocurrency#crypto#nfts#nft#loss#lessons#anatanft#3d nft#reflection#1 year
  • Loading comments...