How can you get rich by trading online memes (NFTs)? Mitchell and Rose explain what they are doing

The Nyan cat, the very first tweet and a picture of the kiss between Madonna and Britney Spears. Non-fungible tokens or NFTs are popular. More than 300,000 people worldwide are trying to make a lot of money fast.

Rose van der Haven has also recently joined the trend. Last month, she bought her first NFT: a work by video artist Micha Klein.

Always make a little profit

The trick is to make a little profit every time, Rose now knows. “Ultimately, it’s an investment and I want to cover my costs.”

But she does not only sell her NFTs. “Once I got an offer on one of my NFTs and I almost sold it on, but if you do, you also have to pay transaction costs. I did not think it was worth it: I liked the picture too much to it. .”

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NF … what?

An NFT, or non-fungible token, is a unique online file, such as a jpeg image, tweet, or meme (an Internet joke). You buy an NFT with cryptocurrency, after which it is stored in a digital cash book, also called blockchain. Everyone can see who owns NFT.

Each NFT represents a unique digital object that cannot be replaced. Unlike euros or bitcoins, which can be exchanged for each other indefinitely. NFTs are traded on a digital marketplace. Rose uses Open Sea, but there are several such websites.

Roses NFT

A work by video artist Micha Klein, Rose’s NFT

get rich quick

Yet most people do not buy or sell NFTs because they think they are ‘nice pictures’. They do it because there is money to be made. The prices of NFTs are getting higher and higher.

This is how Nyan cat sold for almost six tons. At some point, founder of the Facebook group NFT-Nederland Mitchell Harfst will make a living from the money he earns from selling NFTs. “Last week I sold a picture with a profit of 9,000 euros.”

Work less

He says Harfst felt like selling an NFT with such a profit as a win. “I’m actually an electrician, and I used to work full time, but I’m getting more and more involved in NFTs.”

He now works 2 to 3 days a week, the rest of his time he spends on his NFT trading. “This morning I was sitting at my computer at 4am and usually shut down again around 12pm.” Harfst eventually wants to quit as an electrician and start a business in NFTs.

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Tips for starting NFTs

Mitchell Harfst from the Facebook group NFT-Nederland has had great success in trading NFTs. He gives tips.

  1. Make sure you do good research before you spend money. And do not spend too much money, because the first three projects will probably be bad buys.
  2. The team and their vision behind the NFT project you want to buy must be well known. Otherwise, I do not trust it.
  3. Check out the social and community: If someone has 3 million followers, you’re almost certain there’s enough money for it so you can make money on it.

Community

To be successful, you have to be in a good community, says Harfst. “An NFT is often part of a collection Bored Ape Yacht Club (BAYC): it’s a collection of pictures of monkeys that always look a little different. You buy one to become part of the BAYC community. “In such a group, all sorts of useful tips and tricks about the NFT world are shared.

“The more expensive your NFT is, the more exclusive the community is,” according to Harfst. “You buy from the elite. You can imagine they have better tips for getting rich quick than the people in a ‘cheap’ society.”

A Bored Monkey NFT in 'Real Life'

A Bored Monkey NFT in ‘Real Life’

Blind depending on servers and databases

See great pictures and make money; shouldn’t we all be on the NFTs? No, says Jaap Henk Hoepman. He is an associate professor of computer science at Radboud University and has for years been critical of developments around crypto and NFT.

“It is not without risk, because there is no formal supervision such as with physical banks,” he explains. “The only verifiable rule is that there is only one copy of each NFT, so you can not copy it. But otherwise you have to rely entirely on the system.” The question is whether one can do that: If, for example, Twitter stops working, the value of the tweeted NFT will suddenly change completely.

To brag

Hoepman himself therefore has no NFTs. “I really do not see the point of it. You have to ask yourself what you are buying. Everyone can see NFT, so it is not the case that you have ‘extra’ access rights, for example.”

The picture or tweet is therefore available to everyone, but if you look up who it belongs to, you will see your name. “The only thing you can do is pat yourself on the shoulder, brag that you own the first tweet.”

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Interesting transaction means

Rose sees the value of NFTs: “It’s the future and it’s going to change things, just like the internet did or bitcoin, for example.” Rose finds it interesting as a means of transaction, and she is not afraid of the risks that Hoepman mentions.

“Ultimately, it’s just about being aware of everything that happens on the web,” he nuances himself. “Just like with phishing emails, with NFTs, you have to make sure you buy a real copy.” His advice is just to use common sense.

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