Keith Martin proudly presents his bored app NFT. Phil Rosen / Insider
Keith Martin bought a boring NFT app for about $1,700 in May 2021 – just as the digital asset boom was just beginning.
The famous NFTs are now worth almost a hundred times that. However, Martin told Business Insider at the NFT.NYC conference that he wouldn’t be selling any time soon.
For Martin, the ongoing crypto bear market is not a cause for concern – in fact, he even quit his job to join Web3.
When Keith Martin bought his first irreplaceable Bored Ape Yacht Club token in May last year, he paid less than $500 and thought he would sell it for a profit. After all, the market boom had only just begun at the time. But everything turned out differently – and Martin suffered enormous losses on his first trade.
He learned from the loss and soon bought another NFT for around $1,700 or 0.64 ETH (Ether), but this time with the firm intention of holding it. He said he firmly believes in the future of digital assets. “After I sold the first one, I immediately bought another app for more money,” the 31-year-old told Business Insider at the NFT.NYC conference last Monday. He didn’t want to remember what would happen next.
Back then, an ether token was worth around $2,700. However, after the world’s second largest cryptocurrency crash this year, the current price is only around $1,111. Meanwhile, Martin’s estimated Bored Apps NFT costs around $111,000 at the current market price. Viewed Martin’s NFT transaction receipts from Business Insider.
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“There wasn’t much going on back then – today, on the other hand, about ten new projects are added every day,” says Martin. “A year ago there was only a new project every few days. Back then, many users on Telegram and Twitter were rumored that the Board app would be the next crypto, so I bought one.
Martin, who calls himself IllusiveApe on Twitter, co-founded a marketing company in 2017. But when he started researching NFTs about a year ago, his passion turned to digital assets. In June he finally left the company he co-founded. Instead, his newfound enthusiasm for the NFT sector led him to Tribe, a Web3 company. “I see crypto and NFT as the future, so I thought there was no better time than now to get involved,” he said.
He said that when he started out as an investor and trader, he now considers himself more of a collector. So he has no plans to sell his favorite NFTs, including his native bored app NFT and a cryptopunk NFT he bought for about $51,000 in May last year. Martin claims that while he does as much marketing work for Tribe as he did for his previous company, the work is more exciting now that he’s helping tinker with Web3. Web3 is a concept for a new type of World Wide Web that brings together blockchain, smart contracts and decentralized applications and is based, among other things, on the token economy.
NFTs, he said, seem like they’re all about art and profile pictures today, but they’re based on sophisticated blockchain technology. “NFTs are going to transform the industry you’re in,” Martin said. “Look where the big developers and everyone else in computer science is going. All the brightest minds go in this area. That makes me very optimistic.”
According to data from NonFungible.com, NFTs had a record year in 2021, but weekly sales are down more than 80 percent since peaking at nearly $1 billion in January. And the cryptocurrency market cap has now fallen below $1 trillion after surpassing $3 trillion last year. But even in the midst of a bear market, Martin said he plans to stay the course by buying more cryptocurrencies and collecting more NFTs.
“I wonder how my son is doing who is already using virtual screens,” he said. “Will he get bitcoin or bullion in the future? And the answer is clear to me.”
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This article was translated from English by Lara Hansen. You can find the original here.