NFT NYC: Bored Ape NFT Holder Explains Why Crypto Crash Didn't Stop Him From Entering Web3 Space

• Keith Martin bought a Bored Ape NFT for around $1,700 in May 2021, just as the digital asset was starting to boom.

• It’s worth almost 100 times what it was then, and he told Insider at the NFT.NYC conference that he won’t be selling it anytime soon.

• For Martin, the cryptocurrency bear market is not a worry, and he even quit his job to enter the Web3 field.

Last May, Keith Martin bought his first Bored Ape Yacht Club non-fungible token for just under $500, and given the market was just starting to boom, he seemed certain he could flip it for a profit.

But this was not the case, and Martin lost money on his first trade.

He learned his lesson and quickly bought another one for about $1,700 (0.64 ETH), this time, he decided to keep holding it because he was confident in the prospects of the digital asset market.

Martin, 31, told Insider Monday at the NFT.NYC conference: "After I sold initially, I immediately bought back another Ape at a higher price because I really didn't want to miss out on what might happen next. matter.".

At the time, one ethereum was worth about $2,700. Today, it is worth around $1,111, a victim of this year's vicious crash in cryptocurrencies. Meanwhile, Martin’s prized Bored Apes NFT is worth roughly $111,000 at current market prices. Insider viewed Martin's NFT transaction receipt.

Martin said: "There were not many projects at that time, and now there are 10 new projects appearing every day. A year ago, it seemed that there would be a new project every few days. On Telegram and Twitter, many people said at the time, Bored Ape is going to be the next CryptoPunks, so I bought one."

Martin, who goes by the name IllusiveApe on Twitter, co-founded a marketing company in 2017. But when he started dabbling in NFTs about a year ago, his passion turned to digital assets.

In June, he quit his job at the company he helped found and now works for Web3 company Tribe, as his passion for the NFT space has become his main focus.

“I definitely see the crypto space and NFTs as the future, so I think now is the best time to get involved,” he said.

He added that while he started out as an investor and trader, he is now more of a collector as he does not intend to sell his favorite NFTs, including the Bored Ape NFT he originally bought, and his A CryptoPunk NFT purchased last May for about $51,000.

Martin insists that while he does much of the same marketing work for Tribe as he did for his previous company, the job now is more exciting because he sees Web3 as the future.

He added that today's NFTs seem to be only about art and avatars, but they are underpinned by complex blockchain technology.

Martin said: "Name your industry and NFT will disrupt it. Look at where the smartest people have gone, senior developers, anyone in the field of computer science. The smartest people have entered this field. This makes I feel very optimistic."

According to data from NonFungible.com, NFT has made great progress in 2021, but weekly sales have fallen by more than 80% from a peak of nearly $1 billion in January. Meanwhile, the market capitalization of cryptocurrencies has recently fallen below $1 trillion after soaring above $3 trillion last year.

But even in a bear market, Martin said he plans to continue buying more cryptocurrencies and collecting more NFTs.

“My son is already scrolling through virtual screens and I’m asking myself, will he want bitcoin or a gold bar in the future? The answer is obvious to me.”

This article is compiled from Markets Insider

Original link: https://markets.businessinsider.com/news/currencies/nft-nyc-bored-ape-yacht-club-holder-explains-job-web3-2022-6