I'm Buying My First NFT (What I'm Buying)!

so four years ago this guy bought an nft for just 74 and he recently sold it for over 2 million dollars so without a doubt there are a lot of people making a lot of money with nfts so i think it's finally time that i purchase my first nft now i want to make sure that i am buying one that's going to be a good investment one that i really believe in but i also want to make sure i'm not paying too much just in case a year from now it ends up being worth nothing so in this video i'm going to show you exactly what the first nft is that i'm going to purchase and why i think it's really a great choice for beginners now nothing in this video is financial advice and admittedly just a few weeks ago i knew very little about nfts but i will be showing you exactly what i'm going to be doing with them now if you're not familiar with what nfts are

it stands for non-fungible tokens that doesn't help explain it either so let me tell you an example let's say you have a one dollar bill and i as well and let's say we switch them i'm just gonna grab some as a visual all right i couldn't find any singles but i have hundreds so let's say you have a 100 bill and i as well if we switch these we end up with the exact same thing let's say someone else comes in and they have a hundred dollar bill and let's say we switch all these up many times and at the end we all take one of them we end up with the exact same thing that's what it means when something is fungible you can trade one for the other and get the exact same thing but let's say you have two unique things like art two pieces of art now if you were to trade these you would get two very different things that's what it means when something is non-fungible even if these pieces of art are worth the exact same price let's say this is a hundred dollars and if you were to trade them you would still end up with something very different that is what non-fungible means now the same thing applies not only in the real world but in the physical world i should say but also in the digital world as well when it comes to cryptocurrency so if you have one bitcoin and i we trade them you end up with the same thing that is fungible but if you have digital art and i have digital art those are non-fungible they are very different so in the world of blockchain technology and cryptocurrency we have these non-fungible tokens now non-fungible tokens they're really exciting because there's a lot of very practical uses for them but for right now for the most part the way that most people think about them are as digital art so this is a website right here

called open c it's a very popular place where people buy a lot of these nfts and you can come in here and see these different collections so anytime someone releases these nfts they usually make a bunch of them and sell them as a collection you can buy individual ones so if you looked at crypto punks right here which is a collection that's very popular you can see you can buy any one of these nfts digital pieces of art and then you will be the only one that owns that it will be unique to you so this one right here for instance is 98. 5 basically ethereum so you have to pay for it with the cryptocurrency called ethereum so how much is that well 98 point let's say five is worth about 98. 5 what is that 240 000 if you want to buy this nft right here now not all of them are going to be this expensive this turned out to be a very good investment for some people like the guy i showed you in the beginning who bought one for just 74 and sold it for 2 million but there are other collections that are not quite at that level yet so you can still get a better price so let's take a look at what's going on here like if we look at i'm just going to pick a random one 0. 87 ethereum that said 0. 87 which is just as of right now two thousand one hundred twenty two dollars still a lot of money but not as bad as the almost quarter million dollars so what people try to do here is they try to buy these nfts at a low

price and then hopefully sell them at a higher price later on now one of the problems is that you don't always know what's going to go up in price obviously and any one of these could really be worth nothing or never sell again and the other thing is that they're expensive some of them are thousands of dollars or tens of thousands of dollars and not only that but there's a hidden cost to buy these nfts which are these gas fees i'm not going to get really into what the gas fees are but just know that anytime you buy an nft you have to pay the price to buy it plus gas fees on top of that a friend of mine recently bought an nft for 300 and ended up paying 200 in gas fees so almost pretty much doubled the price of the nft because of the fees now as someone new to nfts this is a little bit frustrating for me because yes i'm going to do research and try to find a good collection and a good nft in that collection but what if i'm wrong i'll spend thousands of dollars on an nft hundreds of dollars on the gas fees and then the thing might never sell again so that's a little bit scary for me and i kind of was like i don't know if i want to get into these nfts it just seems a little bit too risky well there are solutions to this so all these

nfts i showed you these are all purchased with ethereum so they're on the ethereum blockchain they're kind of over here this is all ethereum stuff which includes the ether coin and these nfts as well but you can buy nfts with other cryptocurrencies so there's another cryptocurrency out there maybe you've heard of it it's called solana so solana's over here and with solana they have their own collections of nfts so here's another website called magic eden and anytime you purchase an nft on this website you're going to be purchasing it with solana so it's going to live on the solana blockchain what that means is right now the most popular way to buy different nfts is on the ethereum blockchain so those cryptocurrencies are going to be more money most of the time so lana is still kind of up and coming it's becoming very popular so the cost is usually lower for these nfts on magic eden and ones that are purchased with solana on the solana blockchain so there's a whole bunch of projects in here let's take a look at this one for instance days ducks this is just a random project i'm looking at actually all the projects i looked at so far have been just completely random so this one right here is 18. 5 solana so we plug that in 18. 5 is worth 1 67 so that's already cheaper than what we've looked at in the ethereum kind of ecosystem i'm sure there's even cheaper projects in here let's take a look at again a random one i mean these are popular collections that's showing us right now popular let's look at new ones and we'll look at this these unicorns this one is worth two sol so we plug that in that's just going to be about what like 200 to 180 dollars so much cheaper and the other thing that's really attractive to me about solana and purchasing an nft with solana is that the gas fees are much much lower so i don't have to worry about that either so there is a little bit of a risk here ethereum nfts are much more established than solana but i think solana is up and coming and this is me just kind of dipping my foot in the water am i dipping my toe in the water trying to understand how nfts work to purchase them maybe i'll buy some ethereum based ones later but for now i'm going to do solana because the cost is so much lower so the question is now which nft should i buy which one should i get started with so i spent a lot of time researching this there are a lot of really cool projects out there and i kind of developed a different criteria that i'm looking for when i'm looking for a collection that i want to invest in so i want to show you which one i've decided to go for and why i chose them so this is the project

right here it is called dronies now the first thing i was looking for when i was trying to choose an nft collection to start with was i wanted to just make sure it was a cool project and this is really cool it's very much my style so all these different collections or projects if you want to call it that they all kind of revolve around a certain theme now this one is all themed around these dronies so i don't know if you've ever heard this crazy conspiracy theory and i think it's i hope it's mostly a joke where a lot of people said that all the birds or all the pigeons in the world have been killed off by the government and replaced with surveillance dronies these surveillance birds and that's what this whole thing is kind of talking about and revolving around it says dronies are spy drones that have been created by an unknown manufacturer and they're spying on everyone so the whole our mission as operatives who are buying in the nft project is to kind of uncover this conspiracy and mystery that is right up my alley i love these sort of thriller mystery things i'm all about it so i think this is really cool now initially when you buy one of these

dronies you're just going to be getting the actual nft the actual image of one of these dronies but then as time goes on this is going to develop and evolve they have plans to maybe do a tv show with this and as that happens we're going to start to get more into the mystery of what these dronies are which i think is just really cool in fact they have a whole road map here that you can look at and this is one of the really important things that you should look at for any nft project that you're going into what do they plan on doing with it because like i said before these aren't just images there's actual utilitarian purpose behind nfts you want to make sure that this is something that's actually going to be used and these aren't just collectible images so you see they have they're going to do some merchandise and they're going to start planning out their whole storyline for dronies there's a lot of really cool stuff they're going to do some in-person events as well that you'll need to have an actual nf a droney nft in order to attend it which is really cool so that's a roadmap and all that really excited me and really much my style the second

thing i love about dronies and second thing i i'm looking at when i'm looking at projects is who's creating it and luckily this has a really awesome team behind it this is made by a company called unfold and they are a design agency that has done some really just amazing work with some big companies so this is their website and they've worked with paypal facebook ripple weebly remax so this is like a legit company right it's not just someone just kind of making this on the side you know these are people who you can actually see who they are they're committed they are very active on twitter and in the discord group so you can always actually talk to the people who actually are creating it they do these live broadcasts on twitter where you can actually join in and ask them questions and actually get to know the team i've been doing this a lot on twitter and that really makes me feel more confident that they are legitimate and are actually going to work to make this a good project they've also partnered up with solana labs themselves which just adds more legitimacy to the entire project i just feel like there's a lot of transparency here behind who they are and what they are doing

the other thing i look at is what's the community like behind this project and this is a really strong awesome community so the communities for these projects usually exist on discord so you should join the discord of any nft that you're looking at you can come in here and this is really cool because this is actually where if you come in here they have something called the dossier where is that so this kind of gives you the whole storyline so far you kind of get into the whole mystery behind what dronies are really cool and then you can come in here and chat with other people who are interested in the nft just kind of get active in the community and this is really strong you can see all the people that are in it currently 27 000 members and i also really like that they prioritize engagement so any nft is

going to have something that's called the whitelist and what the list is it's basically like if you're on the white list you get to buy the nft earlier than anyone else now most nfts in order to get on the white list they just want you to invite more friends over to the discord but dronies they prioritize engagement so the more you're engaging with the community the more you're posting on reddit the more likely it is that you will get on the whitelist and be able to buy your journey before anyone else and in this case actually at a cheaper price as well so really cool that they are really all about community here and they help you with education they're putting out information on what nfts are and how to purchase them which i found really helpful as a newbie myself and the final

thing i looked at is do these look cool and i think that these look absolutely awesome so they release some kind of previews of what some of these nfts will look like here's one i mean these just look so freaking cool right here it's like a ghost one um my favorite one's coming up this one i think is awesome too um where's my favorite one that they released i mean these just look really cool there we go right there i would love to be able to get that one right there i think it's going to be worth a lot as well so overall i think this is an awesome project so i'm happy to invest in this and get started with this without the expectation of ever making any money with this now

now one of the really cool things about getting into a project this early is that it costs you less to get in right now these dronies these nfts are not yet available for sale the way this works is there is something called a mint and the mint is what releases these nfts into the world so you buy these nfts when you're minting them directly from their website like their website right here once it's available i'll be able to purchase them with solana directly here on their website that is called the mint once the mint happens then these items these nfts will go up for sale on a secondary market like magic eden so the goal for a lot of people is to buy during the mint because usually it's a lot cheaper during the mint right now dronies their plan is to sell these dronies at 3. 25 solana if you are on the public mint or if you get on that white list just three solana so right now these are going to go for three if these go up to 15 you've just 5xed your initial investment so what i would love to do is i want to be able to purchase two of these during the mint get in early and then sell one later to cover the cost of both of them and then i can hold one of these nfts one of these dronies for myself because i think is an awesome project and i want to hold this long term and be part of the dronie community so the mint for this happens next week i'm going to screen record everything that i do hopefully and release it to you guys on youtube eventually so if you guys want to see that video make sure to subscribe to the channel i do hope i'm able to get the two dronies that i want and they don't sell out before i get in on it if you guys enjoyed this video make sure to give it a big thumbs up and more importantly if you guys want to check out dronies yourself in the description down below i will have links to their discord which you should definitely join check them out on twitter and i'll have their website down below do your own research see if it is a good fit for you and if you do want to mint them or mint another project just check out this video right here that teaches you exactly how to mint so you can be prepared