I agree on this to some extent. However, I'd refine it a bit further. I'd say that understanding the NFT technology is not the issue here, instead, understanding and being able to predict the adoption of the masses should be the main focus point from the point of view of making profits out of it.
People make profits from these sort of things in mainly two ways:
- Profits through cashing in the hype (i.e. as long as the bubble lasts).
- Long term steady profits.
The first case is already happening, you'll have to figure out who's buying what and why and you'll have to cash in within this bubble.
The second case however, is about understanding the eventual adoption of the masses. People who can get that, will make most Long term and steady profits. This is not unique to NFTs, this is true for almost all the financial bubbles.
Surely only some people will make money and many will lose money; and once the bubble is burst, many people will want to liquidate even the NFTs that have the potential to become extremely valuable in the long run. People who'll correctly predict the long game, will collect those at that point and make huge profits years later. Undoubtedly though, only a very few people will correctly predict the long game
This is my humble opinion anyways. Of course other people may disagree.
I guess I've already answered the question to some extent. Obviously I'll not show all my cards in public, but in the spirit of cooperation, I'd say this much: I'm eyeing in it for the long game, not for some short term profits.
If enough people do the same thing, it'll only be good for the entire ecosystem. A huge number of people losing a lot of money cannot be sustainable in any financial system.
So I'd suggest everyone not to rush in based on hypes, instead:
- First try to visualize the future around it.
- Then try to predict the adoption of the masses.
- Then test that prediction against short term patterns of adoption.
- Then invest responsibly, follow a well tested strategy like the 80/20 principle.
Of course, following a strategy doesn't have to mean a very slow process. Timing is important, but in the long game, it's not the most important factor. The most important factor is that you have a vision and that vision is well planned, well tested and well executed.
All the best wishes.
Regards,
Fayaz.