gmoney regrets buying high in CryptoPunks NFT collection

Back in January 2021, gmoney made headlines when he purchased the most pricey CryptoPunk of the time, Ape Punk #8219, for 140 ETH, which equated to $150,275 back then. This buy gained a lot of attention due to gmoney’s Twitter thread discussing the digital scarcity of CryptoPunks, hinting at the NFT craze that was yet to come.

Coming from a traditional finance background, gmoney dabbled in crypto starting in 2017 but really got interested in NFTs towards the end of 2020. Hailing from New York, he dove into various high-profile collections and currently boasts 271 Chromie Squiggles, multiple CryptoPunks, an Autoglyph, multiple Beeples, and a Justin Aversano Twin Flame, among others.

gmoney’s NFT journey began with a CryptoKitty in 2020, but it was his realization during the 2020 pandemic, as he spent a lot of time playing Fortnite, that opened his eyes to digital ownership.

“I saw how much kids were spending on skins in Fortnite and it hit me that digital scarcity was going to be a big deal,” gmoney shares. “It’s similar to how I found opportunities in the market mispricing things in my previous career, leading me to crypto and then NFTs.”

Although gmoney was concerned he might have “bought the top” when he purchased his Ape during a crypto downturn, he remained optimistic about his long-term vision for the investment. Reflecting on the purchase, he says, “I wanted to hold onto it for five years and sell it for $5 million at an auction house, not realizing I could have done that in five months.”

Despite initial fears about buying at the peak, a quick rebound in the market reassured gmoney. Witnessing Flamingo DAO purchase an Alien Punk for a substantial amount shortly after his own purchase helped him regain confidence and dive deeper into the NFT space.

FOMO played a role in gmoney’s decision to buy the expensive CryptoPunk, especially after missing out on their rise to $1,500. Credit to his peers Snowfro, Nate Alex, and Justin Trimble for convincing him of the value of owning CryptoPunks during the minting of Chromie Squiggles.

Like other prominent NFT collectors, gmoney takes a long-term view of his portfolio. Emphasizing a buy-and-hold strategy, he believes the scarcity of items like Punks, Squiggles, and Autoglyphs will make them historically significant and likely end up in museums as digital artifacts.

gmoney’s collection evolved since 2020, but he still holds a special appreciation for the Squiggly collection by Nate Alex, considering them to be both historic and timeless. Despite the rapid pace of the NFT market, gmoney opts to hold onto his existing collection, believing in their enduring value over quick gains on new investments.