Crypto is for the rich, NFT is for the richer?

Bitcoin Talk and Cryptocurrencies
1

I met up with my cousins today just for a casual get together, and we got to talking about crypto! :smiley: Haha. Actually, I just found out that one of my cousins was one of the highest ranking Axie Infinity players in my country when it was at its peak. :sweat_smile: I was super shocked to know I could be talking to a millionaire. :smiley: HAHA.

And then we talked about crypto and NFTs. They say they donā€™t really dabble in crypto, but are more focused on NFTs. :open_mouth: He mentioned crypto punks and how he has a few of those. :thinking: This was when some of my other cousins also joined in and said they donā€™t have money for these things just yet. :open_mouth: Then, one of my cousins said that once they save enough money, they would first check out cryptos because it seems like NFTs are only for those who are already pretty rich. I couldnā€™t argue cause money is also one of the biggest reasons why I donā€™t have NFTs. :sweat_smile: What do you think?

2

NFTā€™s definitely have a higher barrier of entry than crypto. Both fields are new and so we do not know how they perform in various conditions such as a recession. If I had to choose I would rather spread my money around a few cryptos than lock it up in one NFT.

3

Oh dang. Is he rich???

4

Same here actually. :confused: I feel like I need to be more financially stable before I become confident in investing in NFTs. Haha. :smiley: I guess my cousin really has THAT much money right now. :sweat_smile:

5

I mean, their family has always been rich. :sweat_smile: But judging from his statements during our conversation, he didnā€™t explicitly say that heā€™s a millionaire, but his brother hinted that heā€™s become a millionaire. :open_mouth: HAHAHA.

6

Wow. Has he quit his job?? Or does he still have a full time job?

7

I think he still has a full-time job. :sweat_smile: Heā€™s a programmer so, I mean, he also gets paid a lot for that. :sweat_smile:

8

Just destined for riches either way lol. Maybe heā€™ll build the next Wordle too

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9

NFT currently has a higher barrier of entry than crypto. Both provide good profits, and as always, do your research before investing because there have been recent crypto drops that have affected higher values of investment.

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10

Get in early enough it is not for the rich

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11

I would love that to happen. :stuck_out_tongue: Haha. And once it does, you guys here will surely be the first ones I tell it to. :sweat_smile: As you can tell, Iā€™m a very proud cousin.

12

Thatā€™s a good point. :open_mouth: I guess this is where this image of NFT being for the ā€œricherā€ is rooted. :confused:

13

But I guess a lot of people are already in it so prices have skyrocketed. :sob: Those who donā€™t have the money to afford the NFTs at their current prices might have to wait for the interest to die down before they can get in. :sob:

15

I do not think so. I donā€™t think NFTs are just for rich people. Many people are even richer but still choose to invest in cryptocurrencies. Here it depends on the preferences of each person. You can be poor, and because of these 2 types of investments, you can get rich. It all depends on you and what you would like to invest in crypto or NFT. You have to consider that NFTs are non-fungible tokens compared to cryptocurrencies, and they cannot be traded or exchanged for one another. Before investing, I was very skeptical, and I didnā€™t know what to choose to invest in for the first time. But I read a lot about both types of investments, and in the end, I chose the crypto investment. And by the way, Iā€™m fine, and Iā€™m very happy. I think the information I find on https://octocrypto.io helps me a lot. It makes me confident in my investments.