Inside the Mind of an NFT Legend: GMoney's Insights
From CryptoPunks to Adidas: GMoney's Journey in NFTs
GMoney is a legend in the NFT space.
He is the founder of ‘Admit One’, a community focused on driving innovation in the NFT space.
In a podcast episode on Web3 Breakdowns, he shares his journey in the world of cryptocurrency, his experience as a trader, and his thoughts on the future of NFTs.
Here are the top takeaways 👇️
GMoney's Crypto Story 🚀
GMoney first entered the world of cryptocurrency in 2017, but sold his assets in Q1 2018 because he believed the technology wasn't quite ready yet.
He returned to the crypto world in 2020, when he became interested in NFTs after playing Fortnite and seeing players spend large sums of money on in-game skins.
This sparked his interest in NFT projects, and he eventually came across CryptoPunks, a digital collectible created by Larva Labs in 2017.
He purchased a CryptoPunk for 140 ETH (Ethereum) in January 2021 and wrote a tweet thread about it, which gained a lot of attention and helped solidify his reputation in the NFT space.
Since then, he has transitioned to working full-time in the NFT industry, building the Admit One community and launching his own crypto-native luxury clothing brand, 9dcc. He's even teamed up with Adidas to bring the brand into the Web3 world.
His Investing Philosophy 📈
As a trader, GMoney believes that one of his strengths is his willingness to learn from anyone.
This has allowed him to be successful in various markets and sectors.
He's had success in the crypto, decentralized finance (DeFi), and NFT spaces, and attributes this to his curiosity and his willingness to learn about new technologies and industries. His advice to others is to not be afraid to try new things, but also to be mindful of their risk tolerance and not bet the farm on any one investment.
The NFT Boom 💣
So, what caused the sudden surge in popularity of NFTs?
According to GMoney, it's a combination of free and easy money being available, the scarcity and deflationary nature of digital assets, and the right story being told at the right time.
He also believes that bubbles in any asset class occur because people are convinced that the technology or asset will change the world, leading to valuations getting ahead of themselves.
However, GMoney thinks the technology behind NFTs is here to stay and will change our lives in the long term. He expects the NFT market to continue to grow and mature, with more companies and brands entering the space and developing long-term plans.
The Adidas Collaboration 🏆
GMoney shares the story of how the collab with Adidas came about, stating that he was first approached by someone from the brand's Web3 team in April of the previous year.
Despite initially not being sure if the person was actually from Adidas, he agreed to chat and the two ended up having long conversations about the potential for collaboration.
He was excited about the possibility of a company like Adidas helping to onboard the masses to the world of NFTs.
The relationship continued to evolve, and he eventually met with senior-level people at Adidas' headquarters, confirming that the collaboration was the real deal. He believes that Adidas' entry into the NFT space will be a catalyst for other major brands to follow suit.
On DAOs and Governance 🧑💼
GMoney also discusses his views on distributed autonomous organizations (DAOs) and governance in the NFT space.
He believes that DAOs will play a significant role in the NFT market and will help to democratize the decision-making process.
He also thinks that it's important for NFT projects to have clear and transparent governance structures in place, as it helps to build trust and foster a sense of ownership among community members.
Overall, this interview with GMoney offers a unique perspective on the current state and future of the NFT market. If you're interested in learning more about NFTs and the role they're playing in the world of cryptocurrency, be sure to give this podcast a listen.