Episode of My First Million with Sam Parr and Shaan Puri.
Transcript
Note: This transcript was auto-generated from YouTube captions. It may contain errors and lacks speaker identification. A full Gemini audio transcript will replace this.
Kind: captions Language: en [Music] my bad investment strategy that i hear often right now and this is gonna sound weird because i’m doing the milk road clearly i’m bullish on crypto is um i’m gonna give you two categories one is nfts in general um i think that so much money is gonna be lost and made but lost the losses will out far outweigh the gains um for for in nfts uh when we look back like five years from now um i think it is nuts what people are doing with nfts uh they would you know like if you if you basically just described the same asset class but without the word nft you know you would you’d say like yeah cool how much money are you putting into baseball cards how much are you putting into you know works of art how much how much money are you putting to these why do you believe that this digital art that you put this picture of a penguin you bought is the better investment than those or how about let’s just simplify it i’m going to give you 15 seconds to describe why you bought this nft and the only thing you’re not allowed to say is that i think it might go up right and like you know the the answer for most people is this sucker’s going up right and then the second worst answer they give you is the community it’s like oh you really you bought it for the what does that mean what is the community tell me about this community oh it’s a community of people who all want this sucker to go up oh cool so you’re all cheering for the same you know like you know greater full outcome and so i think for a huge number of obviously there’s going to be winners in nfts right people are going to do well um some projects also if you like it buy it yeah if you’re literally buying because you like the picture of the art and you really want to own that penguin fantastic but be honest with yourself almost everybody who’s doing it right now is doing it because they think you know i’m hoping that this is the next one that goes up like crazy and um just call it what it is if it’s a lottery ticket it’s a lottery ticket and just say you’re buying lottery tickets for you know thousand dollars pop and uh if that’s really what you want to do do it but i just think it’s generally quite a bad strategy for people to do you were the first one who told me about nfts and you bought one that i thought was awesome and i’m not even a basketball fan but you bought this kobe one and he like was dunking and turning into an angel and i was like oh that’s pretty awesome that’s sick um but you sold it and you made a profit like ten thousand dollars in profit right yeah i bought it for maybe like i don’t know six hundred eight hundred dollars and then i sold it for ten ten grand like a month later what’s it worth now it trades for about twenty five hundred dollars now and i actually the reason i i actually think that might be an nft i’m like proud of that one that was a just for to learn and be i thought the art was cool but i thought that was so cool that i almost went back and bought it again yesterday i was like i actually really like this like this is just a really cool i agree a piece of art and um this time if i buy it it’s not to you know learn or to see if it’ll go up it’s because i actually like this one but i have so many other nfts in my my like in a wallet that are just like you know you know i bought it because hey maybe this is going to be the next one that people pour their money into and i get this fabulous run-up um but those are scratch-off tickets and like do i really want to be buying 300 dollar that eight hundred dollar scratch off tickets like seems like a pretty bad idea it seems like it’s not investing at all actually it shouldn’t even be called an investing strategy how much money um what what i’m i sound so ignorant what’s the w when you say that like when someone says um you know they’ve bought uh a thousand dollars of bitcoin although it’s now worth a million dollars what do you call the thousand dollars your uh your basis yeah your basis so what was your basis for um how much did i put into nfts yeah so these uh probably in total maybe like five grand stuff like that five ten grand i didn’t buy any of the like super expensive nfts and uh yeah so you know i did well because i early on there was this thing called nifty gateway and they were doing curated drops so it was like one of the good things that around was like yeah yeah they’re doing well still um so that’s where the kobe one came out of there’s this artist that i had followed for a long time it’s got bosslogic he makes all the ufc posters so you’ve you’ve definitely seen this stuff because uh um he’s like joe rogan will repost his stuff uh from time to time so he boss logic did the kobe one so that’s why i was like oh i actually like this artist i follow him i’ve bought like uh you know like a print of his before i’ll buy his nft so that was a good move and then the other one then i got caught up in the hype and bought like five of of this like thing called the aku um it’s just like a whatever you can google it aku and uh i bought those just thinking like oh are these all just like you know positive flips and so i bought five of them for i want to say like 700 each and then i’ve sold four of them uh each one for about fifteen hundred dollars now two to two thousand dollars so i basically like doubled my money on four of them um and then i kept the last one just to like just to own basically um so i did well with those and then i have other ones in my wallet that like you know i bought for a few hundred dollars and they’re worth i think zero like i think they literally like you could not i could not give it away if i wanted to just give it away to somebody our friend so nobody would pay the gas fee to pick it up our friend jack was selling a uh it was like a lock box it was like a box that was like and after you bought it it would be unveiled like what the art was and i thought that was actually kind of neat uh i’m not like jack’s my homie i’m not like if it was like if i was like someone who’s like i’m a true fan of where i was like i’d be honored to own anything you’ve made then maybe i could see myself doing that but people were doing that with him and it was pretty amazing yeah yeah i think nfts are cool they’re gonna have a place i just think that most the way that most people are investing in them right now is scratch off lottery tickets and i think that that’s a bad strategy you