Daniel100.eth is an NFT collector who started out in the space by trading his way up from giveaways to a CryptoPunk during the bull market of 2021. Daniel currently leads internal and artist operations and Transient Labs marketing and media.
Could you tell us about your story and how you got introduced to the NFT space?
Hmmm, where do I start… So back in 2020, I was under 18, and I had just learned about options, so naturally, I traded options under my mom’s name and turned $5k into $20k within a month through a couple of good trades. Then I lost it all. ALL of it. Back to square one, $0 in my savings in 6-8 months from January 2021, I was going off to university, so my finances were quite troubling.
I used Twitter to keep up with stocks, stock alerts, and options, then in early 2021, I learned about NBA Topshot from Twitter. At this time, it was manic and the cheapest moment available to buy was a $60 moment of a player I had never heard of. So, at first I tried flipping moments, to poor success, but from following the Topshot accounts on Twitter, I was able to learn about Ethereum NFTs, specifically a project called Ghxsts, but I had a very weak understanding of the Ethereum chain, gas fees and gas wars, and just general market knowledge. But I was fortunate enough to win a meme contest and win my first-ever NFT, Ghxst #59. I ended up selling it for 1.4 ETH, which was over $4k at the time, and pulled half of it into my savings and then decided to try to trade with the rest. On my first flip, I went from 0.7 ETH to 0.15 ETH, yet somehow, I was able to come back from that! This was just the beginning!
What inspired you to start collecting NFTs?
I at first was inspired to trade NFTs, but I could never fully satisfy a collector’s role as I was always in need of liquidity at my age (20), and it just wasn’t the time to collect. Yet I still tried, and I think the closest to collecting I have gotten was holding my Punk for six months.
But what really inspired me to stay in the space was the fact that we increasingly live our lives in the digital world (which I don’t necessarily agree with, but it has already happened). We join Zooms and Slacks for work, we answer emails 40% of our days, and then we spend the rest of our time scrolling social media and buying products that were advertised to us over the internet. I thought it was a no-brainer that people would have digital identities, somewhat like alter egos to their own identities. The digital identity takes away most potential biases and levels out the playing field, but even further than that, people have been milked, both consumers and artists, without receiving any type of reward for their loyalty. I loved the fact that artists receive royalties and that we (consumers) have a chance to actually own digital items and property and allow us to trade and sell them.
We are already “owning” digital items; for example, in Call of Duty, you can buy weapons packs, but I cannot send that individual item to someone, or relist it on a marketplace in a few years when that pack is no longer in their digital store. NFTs solve that and give more power back to the consumers!
What was the first NFT you collected?
What's your favorite piece in your collection?
That's a tough one, I would say either Toccata #248, Dragons #419 or Saint Pablo.
What are the things you consider first before buying an NFT? Do you look at any specific metrics or signals?
Yes! So, I think this depends on the category of NFTs and your personal collecting/trading strategy, but I will address this question to what I am currently buying. I got introduced to the Tezos ecosystem about five months ago, and there is a decentralized generative art platform called Fxhash. I am a little late to the party but still very early in my opinion, and first, I developed a collecting strategy. I decided to go for grails and collect 20-25 artists that have already secured their place within the Fxhash ecosystem
But when I am looking at which collection to buy from I use third-party tools to analyze metrics such as how old the project is, secondary and primary volume (more volume is good), the distribution of NFTs (if 1 holder holds 10% of the supply it’s a bit worrisome), and % listed are just a few I look at, after collections past my artist “test,” and the collection passes my “eye” test.
Is there any NFT category (pfps, music, photography, 1/1 art, generative art etc.) that you normally gravitate towards and why?
Awesome question! Ya, so I actually started with pfps, and then was fairly early to photography NFTs, which I really liked, same with generative art, but at this point, I really gravitate more towards digital art 1/1s, photography, editions by artists, and generative art on platforms like Fxhash and Art Blocks.
What kind of advice would you give someone who is just starting out as an NFT collector?
Don’t rush in. To this day, after initially spending 20 hours a day in Discords and Twitter for the majority of 2021, I am still learning. You won’t be able to learn it all, so I would recommend starting with learning about ETH and Ethereum as a chain and how it operates. And then I would do research on what I call “NFT Genres” (Photography, Music, 1/1s, Generative Art, pfps, Virtual Land, etc.) and find the one that interests you the most. Then make that your niche and your “‘specialty”.
What do you think is the most important thing for NFT collectors to keep in mind?
It can all go to 0. No matter what you are buying, you are still picking up quite a bit of risk with how new the technology is and the NFT “craze”. Spend what you can afford, and always be happy with what’s in your wallet.
What do you think are the most exciting opportunities within the NFT space over the coming 5 years?
Big question lol. I think the most exciting opportunities haven’t arisen yet, but the space will be flooded with them as more Web2 companies join and onboard new users. On the other hand, I think generative art is such a “new” genre of art, which has already carved out a name for itself, but in my opinion it still feels early, and hence is an exciting opportunity!
As a collector, is there something you feel is missing in the current NFT space?
Yes, I think collector tools are still missing. You have tools for traders such as Icy Tools or Nansen and whatever else is popular nowadays, but there really isn’t a proper dashboard for collectors to track everything going on, do risk management, and keep an eye on upcoming mints!
What’s the best piece of advice you have been given?
Practice gratitude. Not really NFT-related, but still is. Throughout my NFT journey, I struggled with depression, anxiety, imposter syndrome, and burnout. The mental toll that trading and collecting can take should not be underestimated. I was fortunate enough to find a few really awesome people in the space who were able to provide support and advice when I hit rock bottom.
Every day in the morning, I try to spend a few minutes texting my friend what I am grateful for, and he does the same. Big or small, it doesn’t matter. We all have something to be grateful for, and it’s easy to become disconnected from reality, so stay grounded and humble!
You can find Daniel100.eth on Twitter @daniel100eth