5 Reasons Why You Will Lose Money in the NFT world

Look, I had never been a tech-savvy person.

I like to read the emails from the New York Times newsletter and stay up to date with the world. This is what has helped me understand the concept of NFTs.

My warning for this article is that you don’t have to take it personally (let alone considering it financial advice).

I’m writing this article after having studied 12 blog posts, listened to 2 podcasts, seen 5 videos, and tried selling my NFT once.

The only thing I can reassure you is that:

1. I will be blatantly honest with you
2. I will crush your dreams of becoming rich with NFTs
3. I won't even like to apologize. Somebody has to do it.

You are sitting in front of your computer thinking, “Oh, that’s cool, I can probably do that. I’ll just make a CryptoPunk and sell it for thousands of dollars”.

No, you actually won’t, and there are multiple reasons for that.

You Are Not An Artist

I don’t care if it’s actual, digital, or imaginary art. You aren’t an artist (If you are, you can skip this article, though).

When it comes to the NFT business, if you aren’t an artist or an experienced graphic designer, there are two options. You will spend money to have the work done for you or spend money to start making your own ‘beginner’ work. In any case, you will have to spend money.

An actual artist doesn’t have something to lose when he digitalizes his work, and his following audience might even be more ecstatic, having the ability to own a part of his work by some simple clicks.

The same people that think that they will become wealthy from selling an NFT when they have zero contact with the world of creators are the same people that don’t give props where props are due. For the record, I honestly hate these people.

To be fair nonetheless, NFTs aren’t only about art. They are also about creating, spending, and investing, which leads me to my next section.

You Have Not Studied Enough

The only people that I'm not a fan of those who always try to make a quick buck by literally doing nothing. These people try to monetize their work by selling BS products (but that’s another discussion).

You won’t make money by not studying. I don’t care which niche you are following or who you are working for. There’s no easy way to financial success by not studying or doing the work.

And there’s no difference with the NFTs. If you think you will transform some actual art into your digital product and make millions, you are big-time mistaken.

Any investment in the NFTs is the same. You will not get rich because you aren’t informed. You aren’t informed because you want to make a quick dollar.

You have to work, study, understand the market, grasp the trends going on, and even contact some of the creators, and that’s not even about making money. That’s about understanding whether you want to pursue this business.

You Are Not Dedicated

I want you to listen to me, and I want you to listen to me clearly: There is no easy money. This is a lie, a miracle, a point of the imagination.

If you want to prove me wrong, I encourage you to become an NFT creator or investor. But please, start developing this lifestyle.

Start working so that you can make hundreds or even thousands of dollars some years from now. If you aren’t dedicated, you will lose money. You will keep losing money by ‘hopping’ on every trend without being aware of the effort and the work you have to put in and make some money.

Either keep doing what you are doing the best or take the risk and discover a new world. Don’t start with the trip but get back since you want the easy road.

You Have Unrealistic Expectations

As you can tell up until this point, I'm not too fond of things. Another thing that I hate is expectations. Maybe more than everything since they have been responsible for many of my past setbacks.

The NFT world doesn’t allow you even the slightest of expectation.

I am certain that you got more interesting in this world after seeing the guy Mike “Beeple” Winkelmann. Now everyone wants to be like him. I would even love to be like him, and I don’t deny it. Come on, who wouldn’t want to sell a piece for $69 million. Think about it.

Now that you took your time, Mike deserved every penny of that check because he was dedicated to his craft. The art piece presents 5,000 art pieces combined, which were all the pieces he published every day since he started as a digital artist in 2007.

Don’t expect to be like Mike. Don’t expect to be like anybody because you will build your empire, and you will work your way up if you actually want that.

Once you start seeing through people that have made it, you will be furious that great progress hasn’t led to perfection, but that is the way life goes.

You Don’t Have A Personal Brand.

Enough with the influencer talk. You don’t have a personal brand to sell or advertise your NFT. Let me give you an example.

Gary Vaynerchuk is one of the most influential men on the internet, and I love his energy. He dedicated his whole life earning money from generic research and never actually monetizing the content he provided, which wasn’t only free and of great quality.

On March 5th, 2021, he is dropping his own NFT project, and the world is going crazy over it. And justifiably. He has provided the followers so much value that his relationship with the audience isn’t about giving them a program for $297 and upload some motivational quotes on his Instagram page.

Gary has built an audience upon quality relationships, trust, and patience. This is a prime example of not having a mainly artistic background but relying on the other factors of hard work, dedication, progress, and knowledge.

Don’t get me wrong. I love the digital world, and I love good opportunities to make money. Nonetheless, this isn’t an opportunity of exploiting the digital world, ripping people off, and making some lucky and easy money.

This is an opportunity of working your way up in a decentralized system where the sky is the limit, and you can show the whole world your work. I don’t think that this isn’t an opportunity for non-artists.

But I strongly believe that the people that haven’t been involved in the digitalization industry need to take some time to reflect, get informed, build an audience, and decide whether they want to chase the long-term benefits of this blockchain ‘treasure’.

This article is for informational objectives only, and it should not be regarded as Financial Advice. This is an informative analysis, and I would encourage you to consult a financial expert before making any significant financial decisions.