MLB Topps NFT UPDATE
Apparently, I did it wrong. Awesome, I appreciate the instructions that were provided (heavy sarcasm).
After my epic fail outlined in Part 1, I decided to sell some more of my Topps NFTs and attempt to get them over to a coin I was comfortable with. This time it was about 100X easier. Unfortunately, at the time of publishing this, neither Topps or Wax address the withdrawal process anywhere on their sites. That leaves you to trial and error or perhaps finding someone more versed in the world of alt coins.
This time, after listing the NFTs and selling them on the marketplace, I transferred the WAXP from my Wax wallet (USD equivalent of $465) to a Bittrex wallet. I did not have to ‘burn’ WAXP to WAXE. The transaction fee to get the WAXP from my Wax Cloud Wallet to Bittrex was minimal and met my previous expectations (a couple of bucks). I actually already had a Bittrex wallet that I had setup a couple of years ago and never actually used. Converting the WAXP to Bitcoin on Bittrex was super easy, and again, carried no major fees. I then transferred my Bitcoin on Bittrex to my Coinbase account. After it was all said and done, going through all 3 transactions, I lost around $18 to fees.
Friendly unsolicited advice to Topps and Wax: Add a step by step breakdown to your customers on how they can navigate the process of getting their money out. The frustration I experienced was simply unacceptable.
After my mishap, my friend Ryan (who bought some Topps NFTs at the same time) found a breakdown of instructions on Reddit. He followed them (using Kucoin instead of Bittrex and was successful as well). I am including screenshots below of the instructions:
Summary: Even after the ridiculous fees I had to pay on my first attempt, I still almost doubled my initial investment with what I sold. I also kept a few NFTs for my personal collection (some of which are currently pretty valuable). I am excited about the next release.
NBA Top Shot UPDATE
Dapper Labs has started to release some more NFT packs in the last couple of weeks. Taking a hybrid approach of the usual limited drop but this time offered a reservation process of some ‘base’ packs where you are guaranteed to be able to purchase them. Meanwhile, the TopShot NFTs have seen a major correction on their value (not a bad thing).
I just watched GaryVee on CNBC’s Squawk Box talking about the release of his new platform, VeeFriends. Here is a press release his team put out this morning:
The big takeaway I appreciate with what he is doing is that the NFTs/tokens will have utility attached to them. Simply put, in addition to the value of the NFT/art, there is also real-life monetary value that will make it likely an easier sale (more likely to see people adopt).