7 Rules For New NFTs Collectors | Past Project Rundown

Theme: 7 Rules of Jumping into NFTs for new collectors

With so many about to jump into the Coinbase NFT platform, we thought it would be good to throw out some helpful tips/rules…

1. Beware scams and rugs
   1. Double-check website, discord official links, and other NFT platforms to confirm a collection
2. ETH in hot wallets is risky
   1. GAS accidents
   2. Chips in a casino vs cash in checking/hand
3. Pretend to buy your first three NFTs and see how they would have done
4. Opportunity cost - avoid FOMO by finding another option for something to buy
5. Know your timeline to hodl or ffdl
6. Define your methodology. Judge the team, community, art and utility
7. Slow down, beware hot tips, usually means it has peaked. Most collections will go to 0.
   There will be another opportunity
   
   

• Affordable project: Past Project run-down - Keep us honest. https://docs.google.com/spreadsheets/d/1YmmUbz4ru4qovrbxv44zREyQGQIg8Fvsdck9fotzfnk/edit#gid=0 
• NFT News
  • Rantum NFT Market Data,  Cryptoslam.io
  • NFT Headlines: 
    • Optimism Announces the Much-Awaited OP Token and Airdrop
    • Non-Fungible Heroes NFT Project Signs With WME 
    • Aku Ethereum NFT Launch Ends With $34M Locked in Flawed Smart Contract - Decrypt 

Rough Transcript

[00:00:00] Today on all about affordable NFTs. We're talking about the seven rules of jumping into NFTs for new collectors. We know there's a lot of new Coinbase NFT platform, people jumping off that waiting list and jumping into a very interesting world of, you know, buying, selling, holding, flipping, surviving NFTs.

[00:00:20] So excited to share some of our rules that might just help you. And also if you've been collecting for a bit first off, Andrew, what he's in news.

[00:00:30] Hey, George Juliet. Let's see. What are we looking at out here? We've got what we talked about. This one, we've got optimism. One of the layer twos that saves you a lot on gas. They have announced. Oop he token airdrop or I'm sorry. I think it's the Opie token. But it's the token airdrop is announced.

[00:00:51] They haven't actually released the token yet, but you can go on and check the amount that that maybe you are eligible for other various qualifications in here. I do like some of the things that they've done, they wanted to both check if you've used the optimism network. But also check if you've done things like vote on No snapshots on.

[00:01:11] And I'm sorry if they, if you've contributed to get coins of their multipliers, if you've done multiple of these actions and those really add up. So we don't know what the value of this yet, but it is the value of the token yet, but it sounds like this will be a relatively substantial Airdropped for a lot of people and it should bring some liquidity to those options.

[00:01:33] Those people that are on optimism. One note that I happened to notice the the the NFT network quixotic it's the optimism. NFT platform saw it's biggest day in volume by a large share after the news that that was coming. So there's not a lot there that interests me quite yet, but it is maybe something to, to just keep an eye on and maybe familiarize yourself with if you know, if you are getting any of that optimism, token, it could be a fun thing to to check out later on.

[00:02:05] oh, I moved some money in and out of it, but I don't know if I did enough of the checklist for I'm on.

[00:02:10] like the app. I can't find it, but I'm the I'm excited and, you know, we kinda knew it was coming. Well, we'll say, have you checked if you're getting any,

[00:02:17] Yeah, I did. And I did qualify. So I'll say I'll get the link for so you can check this here and you can connect your wallet or put the or put another wallet address in and check that. And we'll put that in the notes. So it's exciting.

[00:02:30] I drop into our discord. You'll go, well, we'll put it there and I didn't get any, I didn't, I'm not eligible. I didn't do enough. Only two transactions. I didn't go vote on. yeah, optimism, user repeat optimism, user download or multisig centers. Yeah. Donated to get coin and priced priced out of the theorem.

[00:02:48] I don't even know what that means. Anyway,

[00:02:50] yeah, it was, if you've moved it, if you've moved east to other layer twos, if you've used polygon and stuff. So there were other bonuses in there. Another note here is that they announced this will be the first airdrop. They do have future airdrops plan. So if you did not qualify for this, you know, not worth just It will maybe worth still using the network to qualify for a future one.

[00:03:11] I think that's a great model actually, to reward people that have used it and incentivize new users. I think this could be, we're going to see a lot of, of airdrops I think coming up with these layer twos they've had a good discussion on this on bank list on the potential layer to. Wars and how they may use airdrops to incentivize usage.

[00:03:34] So you know, I think it's definitely worth taking a look at you know, if it's, you know, I'm willing to to take some of their, their marketing spend as a user and, and give them a shot.

[00:03:44] Yeah. And just to be clear when we talk about layer twos, I guess for the most part at the layer two is something built on layer one, but in the context of what we're talking about right now, it's layer two is built on a theorem specifically.

[00:03:55] good point. Yeah. Especially on this episode is we're talking about some, some, some new things. Let's a it's a generally a much cheaper network use and Ethereum much faster. They use optimism in particular roles up many of these transactions. So they combined them into one. And then confirm these in one transaction on Ethereum, so that you get the security of having it on the Ethereum network while reducing the fees that have to be paid.

[00:04:19] In optimism's case. Case the fees that you still pay a fee, there's still a big savings. So the savings that they take are put into the the public public goods portion of this, they, they use the funds to pub, to The fund public goods may S basically meaning developers, building different tools that could be used by the entire network and that are kind of needed to bring new people in.

[00:04:46] So it's, you know, ideally a, a sort of a flywheel where you're using the, the funds that are saved to build new apps, bring new people in, get more people using it and increase the fees to give back to the public good society of that network. So very interesting to see here. I think we'll see more.

[00:05:03] Definitely go check out if you are eligible and maybe move some ether over there, if you park and you know, be eligible for the next one.

[00:05:10] Yeah, that's a good that's a good tip there. Next you have fungible heroes and if ti project signs with WME and I believe this was a past featured project of ours and non-potable heroes, right.

[00:05:22] Yeah, that's right. Yeah. I thought we should mention this one. It's a, it is a past project we've mentioned. They started with, they signed with a big entertainment agency. There had been rumors of this for awhile. So there's definitely good. Seen some, some new action there. I don't know. I know a lot about what may be coming.

[00:05:40] You know, I'm sure there's rumors going around the discord and all, but nothing official of, of you know, anything announced yet. But you know, we've seen some other. Collections get involved with entertainment agencies and, you know, it does give an option for for new things to come out of it.

[00:05:56] You know, whether it's in film or some sort of you know, I don't know if more of a online entertainment thing, you know, that seems to be the, the play they've been going here. They published a comic book recently, and I think they have plans for another one. So could see it going that route as well.

[00:06:12] Yeah worth taking a look at the floor for non-refundable heroes. The gods is at 0.07 and unfundable heroes is 0.09. If I'm reading these numbers. Right. So still in the range of affordable, but we'll be going through a spoiler, our affordable project. Keep us honest, or we're going to meet backtrack on some of those pieces.

[00:06:30] So you just got your update on the. We jumped on it early.

[00:06:33] Yeah.

[00:06:34] This next one, this next one breaks my heart.

[00:06:37] Oh, this is a tough one. So we've got a, let's see the acoustic dreams project launched in minted and it was already priced at the bleed out for Eve to get into this. It was the act Utah. Several years actually to our dreams. But anyway, there's 34 million spent on this. They were trying to do a true Dutch auction that would allow everyone to pay the same price.

[00:07:02] Everyone would get everybody that paid over the final asking price would be refunded. But unfortunately the, it was not coded well. And. There's 44, 30 $4 million essentially locked away that nobody can access now. So that was the refund or I'm sorry, it's not the refunds. It's the total that was taken in by the, by the project I believe.

[00:07:23] Is that right? George?

[00:07:24] That's correct. In terms of the smart contract and just the guitars. This was a 3d avatar project based on Akio the original character created by a former major league baseball player, Mike and Johnson. Was inspired and thus then created a character who is a young black boy that dreams of becoming an astronaut inspired by an actual question he got from his nephew.

[00:07:47] So it's like a really great story narrative here of someone bringing certainly a different perspective and audience into the land of NFTs and then a poorly coded contract. Some of the details of that, I think I almost understood it was effectively that they. You know, expected to unlock after X number of transactions, right?

[00:08:07] So there's going to be 5,400 whatever transactions. And that didn't account for some people that I don't know, minted more than one in one transaction minted, two mints at three. So they never hit that number, but now all the things are gone, so they can't get more transactions. And so in forever lands, like there's 34 million worth of Eve burned and gone.

[00:08:26] And, you know, they're, they're left, needing to, to refund and go about, you know, how, how you Yeah. So, I mean, unfortunately he Mike Johnson is a very successful, successful artist in the space and has brought in a lot through a, another, I think it's KU chapters of project. They are saying that they're going to, you know, make this, make this right. But obviously that is that's $34 million.

[00:08:52] It could have been going towards the development of this project. And there was a lot of excitement around it. And I, you know, I'm not saying that it's, that it's done, but it's certainly a big challenge. And, you know, it's really just to pad to see because it's, you know, it is a, you know, it was a poorly coded contract, but regardless it's a, it's an unfortunate outcome.

[00:09:09] Yeah, it's just, you know, we were talking about, it always seems like there's just so much news going on all the time. And I think that's in large part because we don't talk about. errors that happen in web two, we don't talk about, oh, you know, such and such, you know, site that no one really cares about wind down.

[00:09:26] You're like, all right. Yeah. Went down. It was some errors. However, in web three applications, when you make a mistake, it means that your drop can literally burn millions and millions and millions of dollars to a level of which gets to a newsworthy piece. So every week it seems like, you know, if there's a hack, if there's a mistake, The stakes are just much higher in the land of what?

[00:09:47] Three.

[00:09:48] Yeah, the big stakes here and yeah. Always try new things and there's a danger with that, but why don't we run down some of our past affordable projects? You know, we mentioned one here already, but I think we've got some new things to, to get onto.

[00:10:04] We do. So we will try to keep this somewhat quick because I'll just be honest. It took me like, I just buried my head for a month and I didn't have the time and energy to go and update the, like, you know, 60, some odd projects that we've got in here. But overall here's the game, right? We're we're tracking the date of when we actually had it on the podcast.

[00:10:21] So then it's the assumed you by the floor or whatever our note is. And then you just held it. We don't even have like, oh, you sold it at its peak. Maybe we can go back and be like, oh, if he had perfect knowledge. But it's just, if you had bought it and held it. And so the total gain would have been 2.5 eith a gain of 144% on your overall piece.

[00:10:42] So it's kind of, you know it's interesting and it's fun to look at. And also I think it helps me just look at it and I think everyone should do this themselves. Every time you look at a provider. Oh, I think I might buy this. I think I might buy this and we'll get this into some of our tips, like keep a track of it.

[00:10:59] Cause it's very sobering. When we look back, we're not going to cover them, but there's some, you know, there's some misses in here and we, we aim small, Ms. Small, but we also invest small. So we lose small. And I think that's an important framework for, you know, all about affordable thinking. And so that said we'll go into.

[00:11:20] Nifty Lee DGN. This is down off of its peak currently at 0.33, when I looked at it I don't know if there's anything new with regard to like comics we talked about that came out or pieces they're working on their.

[00:11:33] I haven't heard much newer to them. It's not one that I'm very excited about at this point. I sort of moved on with that one and, you know, I think we've seen a, I don't know, we saw them try out the plater earn model and it definitely had some excitement. I think we've seen I don't know a lot of people move on from this play to earn excitement.

[00:11:53] Not saying it's done, but it definitely isn't. As high in article's list. And I think that nifty, we be Gen-Z is sort of one of the other people that have tried this, and it's going to be a challenge. You know, we've talked about the challenges with, with these gaming things anyway. So it doesn't look great in my opinion, but who knows?

[00:12:10] It could turn around.

[00:12:11] You really don't and I think there's actually a really great lesson here of any game promise in a roadmap because they actually delivered the game. I went and played it. I moved my little character around and I bounced off the walls and it was amusing. And then I was like, do I really want to play? Like, I'll just be honest, a flash version of a game of me running around.

[00:12:30] Or do I want to go jump on my Oculus and go do something more dynamic? Yeah. No. I think the brutal truth may be that, you know, layering in a web to game with your avatar running around.

[00:12:40] in a, in an interface is like it's fun once, but does that really drive utility with a capital? I don't know. But we're both still holding at that's a quick summary there running down the list I say with Zed, they have a token drop coming.

[00:12:56] The snapshot has already been taken, so that may open up a whole lot of new, interesting pieces of the price of courses is hilariously low. The legendary Nakamoto that I would have recommend you getting would have lost you point to eith. So I'm sorry to anyone who took that advice, but I think it's important to note that.

[00:13:15] Long Zed, but I think I have to make it much longer. We had the sandbox in here which is up from one where it recommended it. But as down, certainly from its high, which is interesting to watch the sandbox come back down. So it peaked when we were tracking it, you know, about 3.3, I think it got up a little higher than that.

[00:13:32] And it's currently trading at 1.6. You know, we talked about the sandbox land and that land issue. You know, as, as number go up when it comes to number of land plots, other things go down and in terms of price what's next, when you want to talk about Andrew

[00:13:46] You know, we we've got some that we've just recently mentioned on here, so I don't think it's worth getting into those. Let's see. Red

[00:13:54] The stars. I have a stars has been up and down and that's one that I keep looking at because I think it's one that well, I shouldn't say even up and down, it really hasn't moved all that much, you know, because it is such a low price, but I think that is you know, that's a relatively good thing for a, a project that is still.

[00:14:11] Ricky reputable. So I dunno, it's still one that I keep coming back to and think maybe, maybe that could get some more attention at some point.

[00:14:19] Yeah.

[00:14:19] see they're out. But when it, yeah, you're right. When we look at this, there's a lot of things that just aren't. You know, they are great. And I wouldn't recommend them at this point.

[00:14:28] In many cases, you know, and, and you know, I think that's something to kind of keep in mind and you know, how many of these projects are just, I don't know, lingering aren't going anywhere. And I think we have to kind of keep. keep that in mind as we go forward and picking projects, you know, are these things.

[00:14:45] And I don't think that we're usually saying they're likely to take off, but you know, is it worth it at some of these with some of these small projects? And it has me thinking a little bit more.

[00:14:55] Yeah, it's again, it's great to sort of look at it in the rear view mirror and maybe we'll go next time and say like, you know, would you still look at it? I made notes in here for that. I would say one thing that I've seen moving a little bit is the the Wagner w GMI, the, that sort of access to a tracking thing that we frankly love.

[00:15:15] And. 0.3, three, last time I checked and you know, that, that was an interesting interesting one because it has utility. And also we're looking at utility in the sense that maybe as more.

[00:15:27] people jump in and need to track more projects might be a play, but there's a lot of those coming out. I'll say in terms of, Hey, finally, a way to look at all of your all of your portfolio.

[00:15:36] Yeah, I think that's that's good to keep in mind. There are, you know, just because something is doing something now you've got to remember, will they be the ones or will they be the only one doing that? Will they be the leader in that area? And that's something that I'm trying to keep in mind going forward here.

[00:15:53] Know, maybe we could get into some of the discussion in another, another episode, but, you know, I think if it is good to look back through this and see, you know, what has you know, what has been a success, what hasn't. And I think it's, you know, we'll also get into some of the, our rules to keep in mind when you're doing this, because, you know, you've got to know your timeline and, and understand what your, you know, what you hold and, and kind of what you're looking for out of the project.

[00:16:18] And in many cases,

[00:16:20] Yeah, last one. I'll say, cause I could go on for, I mean, I actually keep up on a lot of these, but I'll, I'll leave it with human park actually had their drop, which was a really cool interactive metaverse type of style coming out of the land of. Zed, but it's a different project being run by that, that studio over there.

[00:16:37] But the floor is currently pointing to three, five, but frankly was zero. They dropped it for free. All you had to do is design one and they sent it to you. So, you know, the cost basis can't be beat. And I also think there's something to be said for the original batch of these nudes as they call them these avatars that are part of the original batch.

[00:16:56] And so it's still affordable if you missed it. I still think there's a window and they have a, a pretty impressive. At a pretty impressive start and roadmap out of them. knew that you would not throw a dart out here. Should we get into it?

[00:17:07] I think let's get into our rules, our seven rules of jumping into NFV fees for all those new collectors coming in. Huh?

[00:17:16] Okay, let's do it. Number one, be aware of scams and rugs. We talk about this quite a bit, but this means to me that when you are looking at pressing mint or pressing buy on whatever platform you're looking at, you should double check the site. You should. Double-check the discord official links section official links section.

[00:17:34] You should go on to other platforms, other NFT platforms, and just confirm that that collection looks like the collection that you're buying in. And always assume the first thing you have found when searching on open seat is a scam because the scams are literally optimizing themselves to show up in that feed.

[00:17:52] I think that's a good number one.

[00:17:54] Yes, scams are everywhere. Everywhere. Don't click on links ever. I mean,

[00:18:01] Don't trust us, Trust us,

[00:18:03] trust there. If I don't trust there, if

[00:18:06] trust, but verify.

[00:18:07] know, really verify, you know, make sure that you, so there's a lot of things you can do. You can look at the contract. If you're trying to admit something, get the contract address, go into ether, scan, put it in there.

[00:18:18] If you like, this is, if you don't understand what that means, don't mint. Don't mint. Okay. If you do make sure that you're looking at the current. Address and just check that there's actually activity there. That's a big, big, a very easy way to just see that it is a valid contract. And if you aren't sure in any situation, I mean, there's situations where you're getting the link directly from discord and you see it as official links and it matches up with everything else.

[00:18:44] Well, you just do it three times, but assume that there's someone trying to scam you every time you do something and in NFTs,

[00:18:52] Correct. Yeah. Check the domain you're going against. And so even after saying this, you're probably not checking enough. Number two, ease in hot wallets is risky. What do I mean? The amount of ease that you're carrying around in your wallet, in your hot wallet, while it just means that the thing that you're using to authenticate on different sites, we know we talked about web three applications, like.

[00:19:12] Is if that can be immediately quickly accessed, anytime you click a click, a contract. And so that, you know, one thing could be gas accidents, meaning that like, oh gosh, my gas I had, I was playing with my settings or it's a, it was a weird time to buy something and gas was absurdly high and was like twice the price of the thing I was trying to buy, but I had to buy it so quickly.

[00:19:31] I just clicked because we're trained to click quick. And so one of the things that can save you and does it happen to me is like, I don't keep much in my hot wallet and I accidentally pressed the thing that would have been an extra thousand dollars in gas. And like had I had that in there, it would have cost me that much that transaction would have gone through.

[00:19:50] So I actually deliberately keep a small amount or a smaller amount of E in my hot. Just for that sort of, you know, to thine own self be true. Cause I clicked quickly. The other mentality piece here is that having Ethan in a hot wallet is kind of like running around with chips at a. You're just a little bit more like likely to quickly put it on black by this quick thing you can FOMO in so fast.

[00:20:15] Oh, it's right here. But if you have to force yourself to move from system one to system two, thinking, meaning you take more than 30 seconds to think about it. It can, it can force you. So think about that, that kind of difference. Any other nuance on this tip?

[00:20:30] Yeah, I think that, I mean, that's like in part is, is good. Just a mentality that you don't have it right there available. It takes a little bit extra. He even takes maybe some, some gas to actually have to move it, not such a bad thing. And just separating things, you know, even as a, you know, putting it all in one, one.

[00:20:48] It means that if that wallet, if something happens to that wallet, you're really at risk having five separate wallets, not such a bad thing. If one does get hacked, not saying that, you know, you want one to get ever get heck, but it is, you know, it's a way to, and to help help keep yourself a little bit safer.

[00:21:06] Okay. Number three, pretend to buy your first three NFTs and see how they would have done do your own. Keep your, you know, keep yourself on. Hypothetically do it. You know, when I was when I was a kid actually like I think some of us had this like go, you know, you had this pretend stock, stock picking and stock market where you'd like, pick your thing and track it.

[00:21:27] I think you should do the same thing and just realize what would have happened, you know, give yourself a budget and be like, I'm going to hypothetically, you know, start my own investment thing and I'm going to put three down. I'm going to put one eighth into it and then see how you would have done. And I think you'll realize like, oh my gosh, if you just get rubbed once you're like, well, this is interesting.

[00:21:44] What did I miss? What did I get? Right. So I would say play it as a game first before you play it with with real, with real stakes, if possible.

[00:21:52] Yeah, absolutely. I think that is, you know, it, it helps you to understand where you're buying it. Are you buying it at the right point? Are you just doing it? Because it was pumped by an influencer at the right time, or you being somebody else, you know, are you there exit liquidity as, as, as often said, you know, you don't want to be in that situation and learn if you are following the right people.

[00:22:13] And that is, you know, that's not easy to say who the right people are. It takes time. I would say to, to understand, and I, I don't know. On social media, but who are you looking at? Who are the people that you trust in the space and go slowly because you know, the people that are worth trusting, aren't going to make it are generally going to just show up and tell you that it's a FOMO event.

[00:22:35] You know, and maybe that's getting into our next one. Here is FOMO certainly plays a part in this game.

[00:22:41] I think for FOMO, it is, it is the currency. It's the emotional currency of a lot of these projects. And so one thing to think about anytime you're about to buy is consider the opportunity cost of that money. Let's say you're going to mend something for 0.3. Well, look at least several other projects that are out there.

[00:22:59] That what else could you get for points? You know, could you go and get an avatar, look through our affordable list and be like, there's still some stuff there that might be worth shopping. It may not be as hyped in the moment. It may be in a cooler sort of state in terms of launching what's going. But I would say, look at look at that to tie it, try to tamp down your FOMO.

[00:23:20] I know for sure this would have helped me so much. If one of my rules is just like, before you buy, what else could you buy with this money to spend five minutes? Well, and then suddenly it was like, oh, because what's going to happen is you get sucked into another rabbit hole and then you get to like compare next

[00:23:36] that's a good point. There's always another collection. There's then there's another one coming. They're making more of these things. There may be some rarity to that in that collection in itself, but there's another collection coming and you can keep your teeth ready for that.

[00:23:50] No, your timeline, just going into a project. Are you going to hold all this thing or photo of this thing? I mean, fold for dear life, you know, you're just trying to flip for deal life or hold it. So it's just a mentality and just acknowledge that.

[00:24:01] upfront. I can, I can say I make the error of getting into a thing and then getting too attached to it and not flipping it when I probably should have.

[00:24:09] Yeah, I think that's really. And to put in there, you know, are you trying, are you looking at this as a short-term flip, are you looking at this as something that you're ready to hold for, you know, for a year or longer and try to understand that when you're buying it, because it really, you know, if you do think it's a short-term flip and the price goes wrong, you know, maybe that is time to just go ahead and get.

[00:24:28] Quickly because it's not one that you want to be holding for it long-term at that point. And you know, it's too bad, but sometimes you do have to do that, you know, on the other hand, it's I like getting into ones that I'm much more comfortable holding for a year. And oftentimes those. Going to appreciate quite as fast for whatever reason they're there.

[00:24:48] They're slower. They aren't the quick ones. It seems, you know, we do see that momentum plays a big a big role in NFTE. So those longer ones don't always get that that same mentality from everyone.

[00:25:00] next one. I have. Come up with your own rubric, consider what your rubrics is. The checkbox of that you have, we have a checklist that involves judging the team, judging the community, the art and the utility, some combination of that saying, okay, there's a balance here. And sometimes it's weighted toward one or the other, but come up with your rubric of what you think and then try to apply it and just acknowledge that like, oh, this checks some of these boxes, but maybe I'm compromising on the team, which is not done.

[00:25:29] Okay. That's minus one. So, you know, have some fun and develop your own methodology.

[00:25:34] Yeah, absolutely. And think about how, what you also have, you know, you don't need to obsess illegally, double or triple down and have different the same, or have collections that are doing the same thing over and over. If you, if you have some that are much more focused on art, you may want. And I've made a better portfolio and have some that are more utility-based, you know, and start thinking about those.

[00:25:56] But I would say, always look at the team behind the project, no matter what that is extremely important. Look at that team. We've talked about whether docs or undocks is the right way to go. There are, you know, in most cases we believe docs is way better and certainly having a, a track record of success.

[00:26:15] Pretty much a requirement. So look for these things and no matter what you do, make sure that it's a team that's going to stick around and be at this.

[00:26:23] Love it. And you got a number seven for us.

[00:26:25] Yeah. Well, I mean, maybe it's just putting a lot of these together, but slow down, you gotta slow down, be aware of the hot tips. There's people telling you things that are, they are telling you this to get you to do something in the moment. Feel like you got to go, go buy that right away. Cause there's only so much time.

[00:26:44] And it turns out at the same time they're actually selling happens all the time. Be careful and really slow down and think, is it something that you want to hold? You know, as we've mentioned, is there another option out there? Most of these collections are going to go to zero. We're going to see if there's, there's going to be some big winners.

[00:27:02] We've seen some huge winners and we've seen some, some mediocre winners and we've seen so many scams and some, so many legit projects that just aren't going to make it and it's too bad, but you've got to know that and be. Just be wary, slow down. Take your time.

[00:27:21] Yeah. And I would say even, not even the malfeasance there, cause it Can come from a friend who's intends to hold, but here's, here's the, the social nuance of somebody giving you a hot tip. It means that the project is getting toward a boiling point, a tipping point, a social proof layer that enough people have told a friend to tell a friend.

[00:27:40] That, you know, not saying it's a Ponzi scheme, but there's a point at which that falls off the edge and new buyers aren't coming in. And so if somebody is giving you this sort of excited tip, like, oh, go do this thing right now. How many people you have to just realize, have been told the same thing prior to you hearing us, which means where are you on the hype cycle of this project?

[00:28:00] And a lot of times I've found that even I'll just shout out to myself when I've gotten really excited about a project, that's like hype, it's like pumping. I'm like, oh my God, everyone's talking. Yeah. I'm not the first to know. I'm not the one who knows at that level. I'm usually when I'm the one, I'm the one who gets it.

[00:28:16] Right. Like even with the gray boys, I just got lucky. I threw a dart at that and it would probably be like, we're going back to that. One of the better hits. But I got lucky with that. I didn't know anything. I was like, I guess like, all right. If that thing goes up, that thing will go up. I didn't know, in the moment.

[00:28:29] So keep in mind. If somebody is excited saying, you have to do this now, it probably means 1700 other people have already followed suit and you might be at the like price you.

[00:28:41] know, price, inflection point, which is a dangerous place to play.

[00:28:45] Yeah, that's a good point. No, that you are generally not the first one to hear the news. So there are other people playing on that news and selling on the house, on the news, on the room or whatever it may be. We know that a hype is a big thing in NFTs. And the news when it is delivered is often not, not so not so good for a pro projects, Bryce.

[00:29:06] Well, that's what we got for you. We always remind you in the show closing, but you know, don't risk, which you can't afford to lose. Andrew. You said it most, I will say it pretty confidently. 90% of the projects are going to go to zero. And even you can look at our, our list are our scoreboard. You can look at it.

[00:29:25] We kind of know a little bit about this stuff, I'd say. And even still with us throwing darts that are somewhat informed as best we can look, we, we missed on some of these, you know, they're, they're down, some are out. But it's fun. So keep in mind, these are JPEGs on the internet that we call web three, Andrew.

[00:29:46] Thanks for helping us with this.

[00:29:48] All right. Good talking, George.

[00:29:51] Good talk. Good luck out there.