Day 12 After Buying My First NFT(I’m Learning Patience)

Hi guys, I have been talking about NFTs for a long time now, I was scared of missing out on the NFT trend so I bought some. Most trending valuable NFTs are on the Ethereum blockchain and they are very expensive. I have been avoiding everything that is connected to Ethereum because of its high gas fees. So I decided to explore NFTs on lower gas fee blockchain like Binance.

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So Pancakeswap announced it will be launching its own NFT market place with some NFTs. I felt this was my opportunity to get into the NFT train since I have been willing to buy some for some time now. The NFT market place was launched with a lots of pancake bunnies NFTs. Being my first time experience buying NFTs I rushed to buy three. I didn’t do any intensive research on it.

Now this is the reason I didn’t do any research, I felt it’s pancakeswap, there is no need to do any research and they have like 1 Million followers on Twitter. So people were going to rush their NFTs and the value will be less affordable if I don’t buy it that day. So I bought 3 just incase and I was surprised because they were extremely cheap compared to my expectations. After buying, I decided to check the quantity of NFTs.

I noticed that NFTs with value on other blockchains have a maximum quantity of 10,000. But the pancake bunny NFT quantities were 446,585 and the total item listed is 11,487. Although the number of listed NFTs keep increasing because the day I bought some, the total number listed was 6,000.

These were the price I bought these NFTs on the day of launch

Now these were the things I would have researched on before buying, the supply is too much and the demand is below the supply. Causing a lot of people to sell their NFTs below the mint price. The Volume of BNB keeps increasing everyday but the value of these NFTs are still way below the mint price or the price that was bought initially. The value of my NFTs floor price has gone down more than 30%.

These are the price now

This is the reason you don’t raise your expectations high based on what you see and read on social media. Social media had given me the idea that when you buy an NFT within few minutes, few hours or even few days, the value of your NFTs can be up more than 1000% and you will make a lot of profit. While this is true for some NFT cases, supply and demand plays a very huge role to that. But the pancake swap bunny NFTs have too much supply and lesser demand, causing the value reduce.

I’m still holding my NFTs and am not selling anytime soon, mainly because these NFTs are on the Binance blockchain and I love BNB, knowing fully well that my NFT can only be bought BNB gives me hope. Because BNB has proven to wanting to outshine ETH but unfortunately for BNB, it’s company Binance has been on regulators radar for some time now.

Patience is the only thing I can have right now, am really experimenting and am learning the journey of patience in NFTs. I’m not selling my NFTs even in the next 6 months. I’m just learning to be better next time when choosing an NFT to buy.

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