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🌲 Survival Guide Tip #2: 1 ETH = 1 ETH
Surviving NFTs is more about mindset than the dollars and cents of it all. In fact, one would argue that you shouldn’t be thinking of *dollars* at all…
You should be thinking in terms of ETH.
There’s a saying in the space about this. “1 ETH =1 ETH”. Because Ethereum is a volitile asset, we have implemented this saying to keep ourselves oriented. ETH down big? Good thing 1 ETH = 1 ETH. ETH is at an all time high? That’s great, but did you know that 1 ETH = 1 ETH still?
It keeps you sane, but it also helps orient your goals better. So if you goal is to make $1 million dollars from NFTs, immediately check the price of Ethereum on CoinMarketCap.com or on the Coinbase app. Convert that goal into ETH.
Your mission during this journey should be to silo your NFT collection from anything else you own and buy on a daily basis. The price of the NFT doesn’t matter…unless it’s priced in ETH.
The best way to do this, is to start thinking like all of this is Monopoly money. You know the game, right? The one that takes too long to finish and exemplifies capitalism and all its faults?
Trust me here. It sounds crazy, but one of the first things you notice is how cheap things will look when priced in Ethereum instead of dollars. All those zeros can really help you in thinking something is cheap when it’s actually not.
It’s important because .01 ETH optically seems like a small amount. However, in crypto terms, that’s $100 probably more (at the time that I write this).
I don’t know about you, but $100 sounds like a lot. I wouldn’t spend that on a backpack for example, but a digital backpack as an NFT? I’d spend $100 on that easy.
Why are we framing NFTs in this way? To get you thinking more long-term. It’s a marathon not a sprint. And while the price of Ethereum will fluctuate, your goals and your expectations will not.
I once was hanging out with my brother-in-law, he (who worked in finance at the time) was truly skeptical of the value of crypto assets…Bitcoin, Ethereum, all of them. However, he conceded that cryptocurrencies did *sound* like the future of exchange.
If that’s the case, I asked. Then, why don’t you look at these investments as retirement funds or college funds?
He conceded that made more sense.
When your horizon is larger…when your runaway is longer…you have more time to achieve your goals. You have more time to think about the best opportunities. You have the flexibility to change your mind based on the new information.
I’m not saying any NFTs you’ll own will be enough to pay for a college tuition or even let you retire on a desert island someday. What I’m saying is that’s a possibility. And if it is then you should be stacking as much Ethereum as you possibly can right now.
So remember 1 ETH = 1 ETH. It’s not dollars and cents. It’s a tool that (if you’re lucky) could change your life.