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I Tried Making Money With NFTs

Published on: November 27 2022 by Jordan Welch

I Tried Making Money With NFTs

I Tried Making Money With NFTs

startTime durationTime text
00:00:00 00:00:04 right now thousands of people are making
00:00:02 00:00:06 millions of dollars buying and selling
00:00:04 00:00:08 nfts now you might be thinking what the
00:00:06 00:00:10 [ __ ] is the nft and i've been wondering
00:00:08 00:00:12 the same exact thing so i decided to
00:00:10 00:00:13 spend the next seven days learning as
00:00:12 00:00:16 much as i can and trying to make a
00:00:13 00:00:18 profit with nfts but first we got to
00:00:16 00:00:20 understand what this is all about
00:00:18 00:00:23 nfts seem complicated but the concept is
00:00:20 00:00:25 simple basically you're buying verified
00:00:23 00:00:27 ownership of a digital item like art or
00:00:25 00:00:28 music just like when you buy a car you
00:00:27 00:00:30 get a title or when you buy a house you
00:00:28 00:00:32 get a deed you're buying a contract that
00:00:30 00:00:34 proves that you own that item it's not
00:00:32 00:00:36 much different from traditional art
00:00:34 00:00:38 collecting except it's all digital and
00:00:36 00:00:41 recently there has been a ton of hype
00:00:38 00:00:42 around them with people like jay-z logan
00:00:41 00:00:44 paul and even visa banks spending
00:00:42 00:00:46 millions of dollars to buy this digital
00:00:44 00:00:48 art which has caused hundreds of
00:00:46 00:00:50 thousands of regular everyday people to
00:00:48 00:00:53 jump into the marketplace and prices
00:00:50 00:00:54 have gone way up because of this for
00:00:53 00:00:57 example let's look at the number one
00:00:54 00:00:59 rated nft project they're called crypto
00:00:57 00:01:02 punks and as you can see they're selling
00:00:59 00:01:05 for up to 7.5 million dollars the
00:01:02 00:01:08 cheapest punk you can buy right now is
00:01:05 00:01:10 370 000 us dollars now i don't plan on
00:01:08 00:01:12 buying any crypto punks but this
00:01:10 00:01:15 marketplace is too big to not give this
00:01:12 00:01:17 a try so let's see what i can do
00:01:15 00:01:19 all right i just bought my second nft
00:01:17 00:01:20 the first one i bought was to try
00:01:19 00:01:22 everything out and understand the system
00:01:20 00:01:24 and i was actually able to flip that
00:01:22 00:01:26 first one for around a ten percent gain
00:01:24 00:01:28 but because of all the fees i actually
00:01:26 00:01:30 didn't end up making any money so this
00:01:28 00:01:32 one is the one i feel like i'll make my
00:01:30 00:01:34 first profit on so this right here is
00:01:32 00:01:36 the nft i bought this is a project that
00:01:34 00:01:38 launched around two days ago and it's
00:01:36 00:01:40 been going extremely viral on twitter
00:01:38 00:01:42 and i think it has a lot of potential to
00:01:40 00:01:44 grow if you look at the top nfts in the
00:01:42 00:01:47 last 24 hours you can see it's right
00:01:44 00:01:48 there at number 11 and this thing just
00:01:47 00:01:50 launched i literally have no idea what
00:01:48 00:01:52 i'm doing but i think this is a good
00:01:50 00:01:54 idea so i'm gonna shop around i'll
00:01:52 00:01:55 probably buy another one tonight and
00:01:54 00:01:58 i'll update you guys tomorrow it's
00:01:55 00:02:01 literally 3 a.m i'm still up studying
00:01:58 00:02:04 this but i just bought another nft i
00:02:01 00:02:07 just purchased this al cabone which is a
00:02:04 00:02:09 new project that just came out and this
00:02:07 00:02:11 picture has still yet to render so i
00:02:09 00:02:13 have no idea what the actual nft will be
00:02:11 00:02:17 and when it launches there is a
00:02:13 00:02:20 potential for this value to go way up or
00:02:17 00:02:23 it can go way down even if i lose all my
00:02:20 00:02:24 money i am not too stressed about it if
00:02:23 00:02:26 you're going to do something like this
00:02:24 00:02:28 make sure you only invest money that
00:02:26 00:02:30 you're totally comfortable with losing
00:02:28 00:02:31 this is the way to do it is i'm having
00:02:30 00:02:33 fun
00:02:31 00:02:35 it's the next morning i'm actually about
00:02:33 00:02:37 to head to the gym and i checked my
00:02:35 00:02:40 gmail and i'm super hyped both of the
00:02:37 00:02:42 nfts i bought last night actually ended
00:02:40 00:02:44 up selling while i was asleep which made
00:02:42 00:02:47 me a total of
00:02:44 00:02:48 953 dollars in profit now of course
00:02:47 00:02:50 there's a lot of fees and stuff on the
00:02:48 00:02:53 back end but i would say i made at least
00:02:50 00:02:55 500 profit off these two sales and i
00:02:53 00:02:57 literally bought these last night at the
00:02:55 00:02:59 last minute put them up and they sell
00:02:57 00:03:01 while i was asleep so i'm gonna try to
00:02:59 00:03:03 take these profits now and roll them
00:03:01 00:03:06 into something else and also there's a
00:03:03 00:03:08 new project that's launching today and
00:03:06 00:03:10 it's going to be minted which means i
00:03:08 00:03:12 can be one of the very first people to
00:03:10 00:03:14 buy the project so i think i'm going to
00:03:12 00:03:17 do that for this one and that will be a
00:03:14 00:03:19 big w or it won't so far so good though
00:03:17 00:03:21 i'm about to go work out i came home and
00:03:19 00:03:24 made a crazy play let me show you what i
00:03:21 00:03:26 did i went through and minted this new
00:03:24 00:03:28 project which is these right here so i
00:03:26 00:03:30 bought it early and once it releases
00:03:28 00:03:32 these are gonna become different
00:03:30 00:03:34 characters and if they're rare i'll be
00:03:32 00:03:36 able to make good money off them even if
00:03:34 00:03:38 they're not rare because i bought it for
00:03:36 00:03:41 such a cheap price i will be able to
00:03:38 00:03:42 flip these for a profit this is a bigger
00:03:41 00:03:44 project probably one of the more
00:03:42 00:03:47 expensive nfts i bought you see with
00:03:44 00:03:49 0.68 but i think it's pretty cool and
00:03:47 00:03:51 it'll probably sell in the next couple
00:03:49 00:03:53 of days and then this is another one
00:03:51 00:03:56 that i minted and as you can see it has
00:03:53 00:03:59 yet to release yet so once these six
00:03:56 00:04:02 nfts release i think my portfolio should
00:03:59 00:04:04 go up significantly but at the same time
00:04:02 00:04:05 i have no idea what i'm toking about so
00:04:04 00:04:08 let's see what happens and i'll update
00:04:05 00:04:08 you guys very soon
00:04:10 00:04:16 i just took three massive l's in one day
00:04:13 00:04:18 i'm toking about my momentum is gone
00:04:16 00:04:19 let me show y'all what happened so these
00:04:18 00:04:21 two were actually the ones that i was
00:04:19 00:04:24 the most excited for this is a brand new
00:04:21 00:04:26 project that i bought early before the
00:04:24 00:04:28 actual art has even been revealed just
00:04:26 00:04:30 because it was super hyped and i knew
00:04:28 00:04:32 that people were interested so i spent
00:04:30 00:04:34 around five thousand dollars on two of
00:04:32 00:04:37 them today in the discord i got the news
00:04:34 00:04:39 that the reveal is gonna be postponed
00:04:37 00:04:41 for another week and once that news went
00:04:39 00:04:42 live the price of this thing went down
00:04:41 00:04:44 to the bottom i was expecting these to
00:04:42 00:04:46 be revealed today and double my money
00:04:44 00:04:48 but what actually happened was that i
00:04:46 00:04:51 lost all the profit i've made so far in
00:04:48 00:04:53 this challenge and these things are the
00:04:51 00:04:55 eggs that you saw before that finally
00:04:53 00:04:57 hatched and they look
00:04:55 00:04:59 so stupid
00:04:57 00:05:01 like look at this little hippo i'm not
00:04:59 00:05:03 into this art i'm not into this project
00:05:01 00:05:06 at all and the value of them on the
00:05:03 00:05:08 marketplace is less than what i paid for
00:05:06 00:05:11 them and i actually think this guy is
00:05:08 00:05:14 cool and he will eventually sell but 99
00:05:11 00:05:15 of my portfolio is garbage and i don't
00:05:14 00:05:17 know what to do because nobody wants to
00:05:15 00:05:20 buy any of this stuff so at this point
00:05:17 00:05:22 i'm thinking about putting more money in
00:05:20 00:05:24 and buying a real solid project instead
00:05:22 00:05:26 of these little tiny projects that are
00:05:24 00:05:28 gonna hopefully blow up buying into
00:05:26 00:05:30 something that's already established
00:05:28 00:05:31 obviously in the nfc world that would be
00:05:30 00:05:33 a crypto punk but i can't afford a
00:05:31 00:05:35 crypto punk so i've been looking into a
00:05:33 00:05:37 few other options i'll let you know what
00:05:35 00:05:39 i decided to do it's been a full day
00:05:37 00:05:41 since the last update and i have some
00:05:39 00:05:42 news to share this nft game started to
00:05:41 00:05:44 stress me out so i took a small break
00:05:42 00:05:47 yesterday the only thing i really did
00:05:44 00:05:49 was i listed all those ugly hippos for
00:05:47 00:05:52 sale at the lowest price possible i sold
00:05:49 00:05:54 each of them for a loss i guess i could
00:05:52 00:05:55 have held them for a bit longer to make
00:05:54 00:05:57 some profit but i was getting tired of
00:05:55 00:05:59 looking at them the other two that i
00:05:57 00:06:01 bought before the release day have just
00:05:59 00:06:03 shot down in value so i'm just waiting
00:06:01 00:06:05 until those get revealed which is gonna
00:06:03 00:06:07 be after i post this video so i'm
00:06:05 00:06:08 basically taking an l on those last
00:06:07 00:06:10 night i found this project that i really
00:06:08 00:06:12 liked the art was super cool and the
00:06:10 00:06:15 price was going up and up so i bought
00:06:12 00:06:18 this for almost 3 000 and now it's worth
00:06:15 00:06:20 like 500 bucks maximum i'm really just
00:06:18 00:06:22 taking so many l's in this nft space i
00:06:20 00:06:25 have one day left of this challenge so
00:06:22 00:06:26 let's see if i can maybe turn it around
00:06:25 00:06:28 i found this one project that i really
00:06:26 00:06:29 like it's called the rumble kongs the
00:06:28 00:06:31 way i actually found out about it was
00:06:29 00:06:34 from steph curry because he bought one
00:06:31 00:06:36 and the concept is pretty dope basically
00:06:34 00:06:39 you can buy these characters right here
00:06:36 00:06:41 and enter them into a virtual basketball
00:06:39 00:06:42 league you can see that each of the
00:06:41 00:06:45 characters have their own traits like
00:06:42 00:06:47 defense shooting and vision and coming
00:06:45 00:06:50 in the next weeks are going to be live
00:06:47 00:06:52 leagues that you can use your kongs in
00:06:50 00:06:53 so this is an interesting project
00:06:52 00:06:55 because you could have art that looks
00:06:53 00:06:56 really cool but a lot of the times you
00:06:55 00:06:58 can't really do anything with it but
00:06:56 00:07:00 these guys have created a whole road map
00:06:58 00:07:02 on how these can be used and it's really
00:07:00 00:07:05 dope to me i bought this guy with the
00:07:02 00:07:06 top hat for around point eight nine
00:07:05 00:07:08 eight and i was actually able to flip it
00:07:06 00:07:12 for around one each which gives me a
00:07:08 00:07:13 profit of 0.1 each which is around 372
00:07:12 00:07:16 and i was actually able to scoop this
00:07:13 00:07:19 one up for the low i bought this one for
00:07:16 00:07:22 .87 and right now the cheapest one
00:07:19 00:07:24 available on the market if we go to buy
00:07:22 00:07:26 now you can see the cheapest one
00:07:24 00:07:28 available is .89 if you look at the
00:07:26 00:07:30 activity you can see people are buying
00:07:28 00:07:32 these literally every couple of minutes
00:07:30 00:07:33 so i think that if i relist it i'll be
00:07:32 00:07:35 able to sell it for a profit we're gonna
00:07:33 00:07:38 find out very soon pray for your boy
00:07:35 00:07:40 this nft game got me stressed just got
00:07:38 00:07:42 back from the gym and today is the last
00:07:40 00:07:44 day of my challenge now i got this play
00:07:42 00:07:46 today that i think is going to change
00:07:44 00:07:48 the momentum of this whole challenge
00:07:46 00:07:50 i've been doing a ton of research and i
00:07:48 00:07:52 found this new nft project that is about
00:07:50 00:07:54 to release in the next 15 minutes i'm
00:07:52 00:07:56 gonna be able to jump in and buy it
00:07:54 00:07:57 right at the release date so i can get
00:07:56 00:07:59 it for the cheapest price possible this
00:07:57 00:08:01 is called minting the nfc and i'll be
00:07:59 00:08:02 one of the first owners it's not gonna
00:08:01 00:08:04 be easy to do it because there's only
00:08:02 00:08:06 three thousand of them but i got a fast
00:08:04 00:08:08 computer i got good internet i think
00:08:06 00:08:09 i'll be able to get it done if i get it
00:08:08 00:08:11 i'm super confident that i'll be able to
00:08:09 00:08:13 at least double my money so i'm gonna
00:08:11 00:08:15 set up my computer and wait and i'll let
00:08:13 00:08:17 you guys know if i succeeded i also took
00:08:15 00:08:19 another massive w yesterday i bought
00:08:17 00:08:22 this guy for
00:08:19 00:08:24 .84 and you can see that overnight i
00:08:22 00:08:27 flipped this for one each which gives me
00:08:24 00:08:29 a profit of 0.2 eth which as you can see
00:08:27 00:08:31 comes out to a profit of around 630
00:08:29 00:08:34 dollars let's go baby we got five
00:08:31 00:08:36 minutes left until this releases so i
00:08:34 00:08:38 think i got it i was one of the first
00:08:36 00:08:40 people on the site and it looks like i
00:08:38 00:08:42 got it because it says thank you and it
00:08:40 00:08:44 looks like i was able to send them that
00:08:42 00:08:46 transaction right there so i think we
00:08:44 00:08:48 took a w on this one i'm still waiting
00:08:46 00:08:50 on them to send me the nft so there's
00:08:48 00:08:52 still a chance that i didn't get it but
00:08:50 00:08:53 i think i did i was really quick it's 10
00:08:52 00:08:56 p.m and i've been literally waiting like
00:08:53 00:08:58 11 hours to get this nft i finally got
00:08:56 00:09:01 it and when i checked the marketplace
00:08:58 00:09:03 for this i was really disappointed once
00:09:01 00:09:05 again my genius ideas did not go as
00:09:03 00:09:08 planned this is the nft that i was
00:09:05 00:09:10 waiting all day for and it's really
00:09:08 00:09:12 nothing special with this drop there was
00:09:10 00:09:14 a chance to get a rare or legendary card
00:09:12 00:09:16 which was worth up to three to five
00:09:14 00:09:18 thousand dollars but this one that i got
00:09:16 00:09:19 is worth about a thousand dollars which
00:09:18 00:09:22 is still so crazy to think about because
00:09:19 00:09:23 i only paid 800 for it but regardless
00:09:22 00:09:25 i'm not gonna make that much profit on
00:09:23 00:09:27 this at this point i'm pretty much done
00:09:25 00:09:30 with this so let's go calculate the
00:09:27 00:09:32 money that i made or lost and see where
00:09:30 00:09:34 i'm at with all this so here's the
00:09:32 00:09:36 results of my first week flipping nfts i
00:09:34 00:09:38 just added up the total from all the
00:09:36 00:09:40 wins and losses that i took from this
00:09:38 00:09:43 last week and the profit i came out with
00:09:40 00:09:47 is 0.265 each this translates to about
00:09:43 00:09:48 1050 u.s dollars for seven days of work
00:09:47 00:09:50 that's not counting the nfts that are
00:09:48 00:09:52 still sitting in my wallet all of these
00:09:50 00:09:55 combined have a value of around 2 which
00:09:52 00:09:57 is close to 8 000 but nobody's buying
00:09:55 00:10:00 them so are they really worth 8 000 so
00:09:57 00:10:02 is it possible to make money with nfts
00:10:00 00:10:04 definitely but you have to be extremely
00:10:02 00:10:05 careful doing this it's honestly a
00:10:04 00:10:07 straight-up gamble and you can lose all
00:10:05 00:10:09 your money fast don't just jump onto the
00:10:07 00:10:11 next wave because jake paul tweeted
00:10:09 00:10:13 about it you have to go through and do
00:10:11 00:10:14 research on the company to make sure
00:10:13 00:10:16 that they're legit and they actually
00:10:14 00:10:18 have a plan to make this thing work in
00:10:16 00:10:20 the long term it's only been one week
00:10:18 00:10:22 and you can't expect to see crazy
00:10:20 00:10:24 results from anything in seven days but
00:10:22 00:10:25 i had a lot of fun so i think i'm gonna
00:10:24 00:10:27 continue on this journey because i know
00:10:25 00:10:29 it can be massive so my next update will
00:10:27 00:10:31 be me either showing you a hundred
00:10:29 00:10:33 thousand dollars a week in profit or
00:10:31 00:10:35 posting a gofundme donation page thanks
00:10:33 00:10:42 for watching