This investor bought a Bored Ape NFT for $1,700 in 2021 and plans to HODL. He explains why the crypto meltdown didn’t stop him from quitting his job to work in Web3.

Keith Martin, 31, and his Bored Ape NFT

Keith Martin bought a Bored Ape NFT in May 2021 for around $1,700 — just as digital assets began to boom.
It’s now worth almost 100 times that and he told Insider at the NFT.NYC conference he won’t sell any time soon.
To Martin, the crypto bear market is not a concern, and he even quit his job to get into Web3.

When Keith Martin bought his first Bored Ape Yacht Club non-fungible token in May last year, he paid less than $500 and seemed certain to flip it for a profit, given the market was just starting to boom.

But things didn’t turn out that way and Martin clocked a loss on his maiden trade.

With a lesson under his belt, he soon bought another one for around $1,700, or 0.64 ETH, this time, determined to hang on to it, given his belief in the prospects for the digital assets market.

“After I sold initially, I immediately bought back another Ape for more money, because I really didn’t want to miss out on what could happen next,” Martin, 31, told Insider at the NFT.NYC conference Monday. 

At the time, one ether token was worth about $2,700. Today, it’s worth about $1,111, having fallen victim to a vicious rout in cryptocurrencies this year. In the meantime, Martin’s prized Bored Apes NFT is worth roughly $111,000 at current market prices. Martin’s NFT transaction receipts were reviewed by Insider. 

“There wasn’t a lot going on back then, whereas nowadays there’s like 10 new projects a day,” Martin said. “A year ago, there was like only one new project every few days. So being on Telegram and Twitter, a lot of people at the time were saying Bored Ape would be the next CryptoPunks, so I bought one.”

Martin, who goes by …read more

Source:: Businessinsider

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