Bottom line: I both made and lost money on NFTs.
In early 2021, the word NFT suddenly appeared everywhere. Projects like "Bored Ape Yacht Club" and "CryptoPunks" were trading for hundreds of millions of won. My first thought was "why is a single image worth that much?" But curiosity crept in. Can you actually make money from this?
My First NFT
March 2021, I bought my first NFT. It was a "Hashmasks" piece — 0.1 ETH, roughly ₩200,000 at the time.
The buying process itself was straightforward. Install MetaMask wallet, buy Ethereum, purchase on OpenSea. But the gas fees were brutal. The gas fee was more expensive than the NFT itself. That was the first time I seriously wondered "is this really practical?"
The Money-Making Part
The first few months, I got lucky. Bought several NFTs and sold them at 2–3x. Art Blocks was particularly profitable.
But let me be honest — it wasn't because I was smart. The market was just hot. In 2021, everything went up no matter what you bought. Looking back now, it's clear that was a bubble.
The Money-Losing Part
From late 2021 through early 2022, the market crashed hard. Things I bought at 1 ETH dropped to 0.1 ETH.
The most painful trade was Cool Cats. Bought at 2 ETH, fell to around 0.3 ETH. An 85% loss. The only thought in my head was "why did I buy this."
Why This Happened
- Too many people entered purely to speculate
- Most NFTs had no practical utility
- Way too many projects flooded the market
- The broader economy deteriorated
In 2021, the vibe was "just buy NFTs and you'll make money." Now it's completely different. Most NFT prices have dropped over 90%.
That said, not every NFT died. Works by famous artists like Beeple and Pak, practical NFTs like domain names and game items, and projects with strong communities like CryptoPunks still hold their value.
What I Learned
Don't invest without proper research. I moved too fast on curiosity and FOMO.
Markets go up and markets go down. Timing your sell during an upswing is crucial — but far easier said than done.
Check if there's actual utility. NFTs that are genuinely useful tend to survive better than just pretty pictures.
Don't ignore gas fees. Transaction costs add up and eat into your profits.
Where I Am Now
I'm not actively trading. The market is unstable and gas fees are still a burden.
But I haven't given up entirely. I keep an eye on practical NFTs like domain names and game items, works by established artists, and projects with strong communities.
NFT technology continues to evolve, and the concept of digital assets keeps spreading. The hype has subsided, but the technology itself hasn't disappeared.
Skeptical but not dismissive — that's where I stand. I'll participate carefully if the right opportunity comes along. "No losses"... is what I'd like to say, but Cool Cats won't let me claim that.
This article shares personal experience and is not financial advice. Always make NFT investment decisions based on your own judgment and at your own risk.