this is how Berry made thousands of euros with digital monkeys

NFTs have made significant progress in the past year. The technique is mainly used to sell digital artwork. Manners Magazine talks to Berry Vrolijk, Doopiecash’s crypto expert who spent three months dealing with NFTs.

With inflation and falling or even negative interest rates, the popularity of investing is increasing. In this section, we discuss with investors and investors who make their living in the investment world. This article should not be construed as financial advice. Want to start investing? So it is important that you first ask yourself these four questions.

What are NFTs?

Although NFTs are popular, it is still unclear to many what they entail. The acronym stands for Non-Fungible Token: a non-fungible and irreplaceable digital proof of ownership. It is a contract on the blockchain of a cryptocurrency. Currently, it is widely used for digital artwork, but there are many uses for the technique.

Art in the form of NFTs

The NFT world is still new to Berry Vrolijk. “We’ve been busy with NFTs for three months. We bought some NFTs and looked at what it does, how it works and how it moves.”

NFT, investment, investment
Mutant Ape NFT that Berry sold. (Image: Doopiecash)

“We bought a Mutant Ape for 6.7 Ethereum (almost 20,000 euros) and we sold it for 25 Ethereum (more than 74,500 euros). This is a positive result. But we have also invested in or monitored many projects which at all has not materialized,” says Berry.

It’s a cowboy world

“It’s still a cowboy world at the moment. (..) Making an NFT is quite simple. That’s why it’s such a dangerous market”, says Berry from experience. “We bought an NFT that was a derivative of a type of monkey. The Discord – a large social media site – had 300,000 followers. So we thought it was a well-known and hyped project.”

The most common NFT scams and how to spot them

“When the 10,000 NFTs went on sale, less than 5,000 were sold. In the end, there were 200,000 bots – fake accounts – in Discord. The developers don’t hear from them anymore, and so you know, we didn’t do very well ,” Berry says.

Don’t make the mistake yourself

But what can you learn from this? “It’s smart to buy an NFT from an artist you know or are known for. It is not a guarantee that something will be worth more, but you can be sure that it is a work of art.”

NFT, investment, investment
No sophisticated equipment or large office buildings are needed to make big profits with NFTs.
Berry at his computer at Doopiecash.
(Image: Doopiecash)

“There are also projects where real artists translate art into NFTs. Famous artists have a ‘bluechip’ (verification mark/blue tick). Then you have the certainty that it really is a work of art and not a random object of someone trying to empty your pockets”, says Berry.

Good works of art are also a risk. “Anything new or something you can invest in is fun. However, we will always give a warning. You must always be aware of the risks. (..) I still see NFTs as something speculative, because in the long term it has yet to prove itself. It’s a big jungle. There are gems in that jungle, but you have to know how to find your way. There are things that could become more true in the future. (..) It could be, for example, that an NFT from Cryptopunks will be worth a lot in 20 years because it is one of the first NFTs. But it might as well be worth nothing.”

A lot based on hype

“I think it’s a ‘hypecycle’ and eventually the NFT craze will die down. Still, I think projects like Cryptopunks and Bored Ape Yacht Club – the founders – are able to hold their value to some extent degree and may grow in popularity,” says Berry.

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So why is so much invested in speculative NFTs? “Art by artists with blue chips (‘good’ NFTs) is for sale from a few hundred euros,” says Berry. In addition to the fact that an NFT itself costs money, you must take into account ‘Gas Fees’. These are transaction costs that you pay when buying and selling an NFT. How much it is is very different from which cryptocurrency you use.

Despite the sometimes high costs, “the return you can achieve is enormous. But a lot of return also means a lot of risk”, concludes Berry.

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Investing in NFTs: How Berry Made Thousands of Euros with Digital Monkeys

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