NFTs? Metaverse? Minting? Cryptopunks? Bored Apes? Lazy Lions? You might be wondering what is an NFT and why someone would pay thousands or even millions of dollars to purchase one. While some people see them as “just pictures on the internet,” others view them as the future and back up that belief with huge sums of money
Celebrities such as Tom Brady, Steph Curry, and Reese Witherspoon are getting in on the action, and Visa even made headlines when they purchased a Crypto Punk NFT for over $150,000.
This week’s guest goes by the online handle of Keyboard Monkey, and he’s one of the most successful NFT traders and a prominent influence in the field. With a decade of experience in trading stocks and cryptocurrencies, he was able to spot the NFT trend early on and take full advantage of the upswing.
This week, he joins the show to break down the mindset driving these astronomical values, explain the space in as simple terms as possible, and describe the success principles that allowed him to spot this trend and become an early adopter.
Time Stamped Show Notes
[02:43] Welcome To The Show Keyboard Monkey
- 03:16 What is an NFT, and why would anyone pay millions of dollars for a jpeg?
- 05:53 How trading in the NFT market compares to trading in conventional markets.
- 07:52 Keyboard Monkey’s advice for beginners looking to dip their toe into the NFT market.
[09:39] What does the future of NFTs look like, both in the near future and long term?
- 11:44 How the mindset of a successful NFT trader differs from a stack daytrader.
- 15:14 Advice for those who aren’t ready for the volatility of NFTs, and just want to trade traditional stocks.
[17:18] Why NFTs are secretly one of the strongest networking plays available today.
- 17:26 Where to start if you want to learn about NFTs and become part of this rapidly growing community.
- 18:47 How owning specific NFTs is almost like having a golden ticket giving you access to a huge network of highly successful people.
- 26:19 How NFTs are creating massive opportunities for artists, photographers, programmers, and other creatives.
[28:08] Wrap-Up—Thanks For Checking Out This Episode Of The Primed Mind Podcast!
Key Learning Points
- Ask Yourself “Where is my edge”?: Success in any industry comes with having some substantial edge over the competition. In our fast-paced world, new “Once In A Lifetime” opportunities are popping up seemingly every day. It can be difficult to tell the difference between chasing shiny objects and real, high-quality opportunities that you should pursue. In these situations, the best question you can ask yourself is “Where is my edge?” and if you don’t have a good answer, you should probably pass.
- Successful People Stay Skeptical: Those who are able to achieve and maintain success over the long term continuously question and update their approach and mindset. They continue to be curious about their craft and are not content to just coast. The moment you stop growing is the moment your trajectory starts to point downwards.
- Networking, Networking, Networking: This could probably be a “Key Learning Point” for every episode, but that just goes to show how critical it is. When you look at the NFT market, it’s easy to see that networking and communities are the fuel that’s driven its explosive growth. NFT ownership is like being a part of an exclusive club that doesn’t require an Ivy League diploma. Even if you never plan to own an NFT, they are a fantastic case study for the power of networking.