Posts

Hive Punk: You Are Not Spending Hive On NFT You Are Storing Hive On NFT

avatar of @readthisplease
25
@readthisplease
·
·
0 views
·
3 min read

The reason am so excited about getting a
Hive punk is because of the characteristics of NFTs and the fact that they are on Hive. Before I decided to mint the Hive punk, I have always been skeptical about buying NFTs on Hive. This is because, I never knew anything about NFTs until I joined Hive. So this made me really scared trying to choose the right NFT to buy in the Nftshowroom. When I read about NFTs I was filled with this impression that the moment I buy my first NFT I can flip it and make 1,000% profit off it.

I decided to try out buying the Pancakeswap bunny NFTs because I felt pancakeswap was more popular and I can easily flip it and make some profit. So I bought and made a mistake. I didn’t understand the concept of Rarity, and how important it is in choosing an NFT to buy, especially when buying from a particular collection. In my primary knowledge on NFTs I had this impression that what makes NFTs special is the concept that it’s a unique non fungible token. This means that you have the bragging rights of saying you own a Jpeg image that no one owns in the world and it has your name on it. But unfortunately I bought an NFT from the pancake swap bunny that had like same Jpeg but in tens of thousands of copies. That’s one bunny but 50,000 copies, nothing unique about them. I didn’t know, I FOMO and bought because I was scared that if I wanted to buy it later it would be more expensive, you know how the early tales of how NFTs sells out fast is.

So I bought like 3 different pancake bunny NFTs and started waiting for when they were going to go to the moon. Unfortunately the value of these NFTs have been dropping like crazy. This is because it doesn’t have any rarity and the supply supersedes the demand. Who would like to have an NFT that is Similar to the same 40k+ other people’s own. Nothing unique, nothing to brag about. This was something I was supposed to check and investigate before throwing some BNB money on it.

image Let’s go back to the Hive punk NFTs, they are 10,000 unique punks. Ever since I bought my Hive punk, I haven’t seen a similar punk somewhere. The other day @themarkymark made a compilation of all 10,000 punks on a 4800x4800 pixel image. This way you can view all punks and see how unique each punks are from the other.

I was able to zoom mine and found my Hive punk, I also searched around to see if I could see another punk that looks like mine. But fortunately for me I didn’t. Even if I did find another punk that looks like mine, it means we are just 2 individuals that own this John Glover Hive punk. Which is way better than my panacake bunny NFT that am sharing the same Jpeg to a whooping 40k+ people. Nothing special, nothing unique, just spent money on buying a not special Jpeg with my BNB.

So going with the title of this article ”You Are Not Spending Hive On NFT You Are Storing Hive On NFT”, this was the reason I decided to buy the Hive punk. First the rarity and the second the fact that whenever I want to sell Hive punk in the nearest future I will have to sell it in Hive not in fiat rating. I minted for 20 Hive, in future I will like to sell it for 20,000 Hive. That’s 100,000% increase and profit I have made in probably 5 years from now. Who knows the value of Hive could be let’s say $200. That will be really cool, because 20,000 X $200 will be $4,000,000. So I have successfully stored my 20 Hive on an NFT that has yielded to be worth 20,000 Hive. That’s really great and I will be coming back to this post to show you all proof in the future how I saw the future and made myself $4 Million from a $17 (the price of Hive when I bought it) investment .

Posted Using LeoFinance Beta