In an interview with the CEO of an online art market and an author who was an early buyer of NFTs worth hundreds of thousands of dollars now, the two experts explained the process of buying NFTs to earn money.
Jacob Pabst, the CEO of Artnet, said people should “be cautious” when picking the next NFT to invest in. “You should read up carefully, compare prices, and look at price trends,” Pabst said.
Mike Hager, an investor, and author of the book “Reich mit NFTs” (“Rich with NFTs”), said that building knowledge is the most important factor.
“You shouldn’t just buy something blindly — you should learn the ropes first. YouTube videos, books, Twitter, and Discord are all good companions here,” he added.
Hager was among the first buyers of the Bored Ape Yacht Club NFTs. In May 2021, Hager paid about 1,800 euros for 10 NFTs. Now the 90-day average price of a single NFT from the collection is about 104 ether, or about $335,000, according to the marketplace OpenSea.
Pabst advised that people ask: “How long has the artist been working? What prices have they sold their other artworks for? How have the prices changed, and over what time period?”