Guess who’s back? Back again? NFT Myths is back, so tell your friends. In this series, we look at common NFT criticisms and explain where they’re right and what they get wrong. We’ve previously looked at environmental concerns around NFTs and, well, the right clickers!
If you feel a lot of FOMO in the NFT world, this one’s for you:
Is it too late to get into NFTs?
Quite a few people “struck gold” by buying Bored Apes before they became popular. Or getting a CryptoPunk when nobody knew about NFTs. Or getting a goblintown before their holders started to make weird noises on Twitter Spaces… And it’s easy to feel FOMO when others join life-changing communities or make great trades.
But there’s no “too late” for NFTs, just like there’s no “too late” for the internet. Like anything else, NFTs go through cycles:
- Projects fluctuate in floor price. If you’re eyeing something, you might be able to get in at a discount.
- New types of projects and media emerge all the time. You can always be early to the next wave. Right now it’s mostly about PFPs, but there are also membership NFTs or, say, music NFTs—truth is, no one knows what’s going to be big next.
- NFTs aren’t “over”. They’re a technology that’s here to stay for decades.
But the most important thing is to ask yourself: Too late for what?
While it’s easy to feel jealous of Twitter people bragging about NFTs trades, be intentional about your NFT journey. Do you want to collect art? Find a community you’ll love? Sell your own art as NFTs?