Joshua Reiher, a civil engineer by trade turned NFT enthusiast, found himself engulfed in the NFT market since his first Veve NFT purchase in March 2021. Since then, he’s made over 6 figures buying, flipping, investing in NFTs and spends over 8-12 hours every single day researching this new market.
Joshua Reiher’s Veve NFT collection that contains over 135 collectibles cost him $4,000 USD and is now worth over $140,000 USD according to Ecomiwiki. That’s a $136,000 USD profit in less than one year.
Now Joshua Reiher has made it his mission to help others make the most of the financial opportunities currently available in the new market through his NFT educational brand, nft4noobs.
Nft4noobs’ purpose is to help educate people who are new to the NFT space (referred to as a “noob”) to make smarter purchasing, investing and flipping decisions. Nft4noobs posts daily videos on beginner’s “tips and tricks” and how-to get involved into NFTs, up-and-coming protiabled projects to invest into, potential scams to watch out for and more.
Joshua Reiher has made it his mission to help as many as he can by releasing a FREE Beginner’s Guide for his discord community where he documents his extensive real world insights, knowledge and experience including his biggest mistakes, his best practice flipping strategy, his best security measures to avoid getting hacked and other extremely valuable insights.
Below is a summary of Joshua Reiher’s biggest learnings when it comes to investing into NFTs to ensure beginners don’t repeat the mistakes he has made in the past.
1. DON’T GET ATTACHED
Beginner’s commonly get attached to the first few NFT collections they discover. Trust me – I’ve been there, done that. At first, I thought it was just me however, I have also had dozens of friends/family message me about their first ever project they minted and how it’s ‘the next big thing!’ and how I NEED to get involved ASAP or I’ll miss the boat! Don’t be this person.
This ‘right of passage’ noobs experience is purely stimulated by human emotions. Think rationally. Who is the team behind the project? Do they have the experience to continue innovating within the NFT space and grow the project? Or are they selling you a dream, just to run away with your money in a few months?
(Please note this does not apply to VEVE but it applies to most projects on Opensea, Solsea, Solanart etc – 95% of them are pure cash grabs and have no plan on sticking around for the long run).
2. DON’T FOMO IN
If you miss getting in early on a project, don’t worry. There will always be a new shiny project that volume will gravitate to in the future. There have been many instances where I have invested at the last minute into projects without fully understanding it because of the attention it was receiving – only to see it’s hype and value reduced in the span of hours, reducing its value significantly and making it a negative return on investment spend. In addition, other very similar projects with hype and similar perceived future value have been discovered shortly after.
3. DON’T ACT RANDOMLY
When looking to make quick flips on NFT projects (i.e. buy and sell shortly after for profit), it is important to understand the common NFT market cycle. Each project essentially follows the same market cycle primarily dictated by human emotion: Pre-project reveal hype increases the value in the project through the whitelist and public minting stage which then peaks at the project’s reveal. The project then often reduces in value post reveal.
You can make significant profits if you buy your NFT during its early stages and then sell (or flip) it just before or on it’s reveal when market value is peaking. If you have done your research and identified hyped projects, you are almost guaranteed to be able to flip it for profits following this market cycle. However, please understand that the NFT market is rapidly changing every day and this cycle may change over time.
4. DON’T BANK ON FUTURE RETURNS
We are still in the beginning stages of the NFT space. Since December 2020, the market has undergone incredible changes with millions of people entering this space. Being in the early stages of the NFT market, I have seen one of my NFT’s go from $8k to $100k back down to $20k in the span of weeks – showing the volatility of the current market. To best weather these changes, you should always be taking profits by selling your NFT at its perceived peak even if it’s only to cover your initial investment.
5. DON’T INVEST WHAT YOU CAN’T AFFORD TO LOSE
Whilst the NFT market is extremely exciting and there is so much opportunity arising everyday, you should be investing money you can not afford to lose. With new NFT markets, projects and assets being discovered everyday, comes extreme volatility and you could lose everything or be left holding the bag for years if you are not careful. Focus on taking profits and diversifying your assets to protect yourself from risk and volatility.
6. DON’T RISK YOUR MENTAL HEALTH
If you are losing sleep over your investments, you are over-leveraged. Your brain is your most important asset and you need to ensure that it is working at its full potential and capacity, particularly when investing money into assets/projects etc.
I have witnessed dozens of people make life changing mistakes because of brain fatigue. One person lost over $1.2 million dollars because he was extremely fatigued and connected his Metamask to the wrong Larva Labs website – losing all of his Cryptopunks (Cryptopunks floor price is over $300,000).
To assist in prioritizing your mental health, I make the rule of never trading after 11pm where, after this time, I start to lose mental clarity and am more prone to making bad investments without thinking critically in full capacity.
Want more of Joshua Reiher’s valuable insights or simply want to learn more about NFTs? NFT4Noobs is the best place for beginners to start learning about NFTs. With over 195,000 followers on TikTok, 23,000 followers on Instagram and 11,000 members in Discord, nft4noobs is becoming the #1 community for everything NFT related.
You can find nft4noobs on: Tiktok | Instagram | Discord | Twitter
