• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
Cult Of Money

Cult Of Money

Intersection Of Personal Finance And Cryptocurrency

  • About
  • Podcast
  • Contact
  • Cryptocurrency
      • How To Start

      • What Is Cryptocurrency And How To Invest?
      • What Is Bitcoin And How Can You Invest In 2025?
      • How To Invest In Ethereum (ETH)?
      • Most Common Crypto And NFT Scams (And How To Avoid Them)
      • Proof Of Work vs. Proof Of Stake vs. Proof Of History
      • How To Invest In Crypto In Your IRA Or 401k
      • Tools + Resources

      • Best Cryptocurrency Exchanges
      • Best Cryptocurrency Wallets
      • Best Crypto Savings Accounts
      • Best Tax Software For Crypto And NFT Traders
      • Reviews

      • Coinbase Review
      • Gemini Review
      • Binance Review
      • Ledger Wallet Review
  • DeFi
      • How To Start

      • What Is DeFi?
      • What Is Staking Your Crypto?
      • Centralized vs. Decentralized Exchange
      • Tools + Resources

      • Uniswap Review And How Do Decentralized Exchanges Work?
      • Reviews

  • NFT
      • How To Start

      • What Is An NFT?
      • Tools + Resources

      • Most Popular Play-To-Earn Crypto Games
      • Popular Projects

      • What Are VeeFriends And Are They Worth It?
      • Bored Ape Yacht Club NFTs Are Popular (And Expensive)
      • What Is The Sandbox And How Can You Play?
      • Why Visa Bought A CryptoPunk
  • Latest News
  • Personal Finance
      • Banking

      • Investing

      • Tax

      • Income Tax Prep Guide
      • Bookkeeping And Accounting For Crypto And NFTs
NFT

Why I Bought An NFT [And 5 Reasons You Should Too]

By Robert Farrington • December 19, 2021

At The Cult of Money, we want to help you navigate your finances. To do this, many or all of the products featured here may be from our partners who compensate us. This doesn’t influence our evaluations or reviews. Our opinions are our own. Any investing information provided on this page is for educational purposes only. We do not offer investment advisor or brokerage services, nor does it recommend buying or selling particular stocks, securities, or other investments. Investing in cryptocurrency and crypto assets is high risk. Don’t invest unless you’re prepared to lose all the money you invest. Learn more here.Advertiser Disclosure

There are thousands of financial products and services out there, and we believe in helping you understand which is best for you, how it works, and will it actually help you achieve your financial goals. We're proud of our content and guidance, and the information we provide is objective, independent, and free.

But we do have to make money to pay our team and keep this website running! Our partners compensate us. CultOfMoney.com has an advertising relationship with some or all of the offers included on this page, which may impact how, where, and in what order products and services may appear. The Cult of Money does not include all companies or offers available in the marketplace. And our partners can never pay us to guarantee favorable reviews (or even pay for a review of their product to begin with).

For more information and a complete list of our advertising partners, please check out our full Advertising Disclosure. CultOfMoney.com strives to keep its information accurate and up to date. The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product's website. All products and services are presented without warranty.

Earlier this year, I got extremely curious about NFTs. If you're not familiar, NFT stands for non-fungible token, and these assets have been growing in popularity over the last few years. As you're reading this, the idea of NFTs have been hot topics in a variety of communities.

In fact, NFT marketplace OpenSea just announced that they reached $10 billion in volume on the platform. And NFT NYC just wrapped up - adding more FOMO to those who haven't taken the leap yet.

With all this activity and conversation, I needed to explore the NFT space myself and see what it was all about. And the best way to explore is to simply do it - so I bought an NFT. In fact, I've bought quite a few NFTs at this point, and have even sold a couple as well.  

Here's what I've learned, and what you should consider if you're looking to buy an NFT.


Table of Contents
Quick NFT Overview
1. Join A Community
2. You Like The Art Or Artist
3. Join The Game

4. Stake Your Claim In The Metaverse
5. Flip It
Final Thoughts

Quick NFT Overview

Let's break down a quick NFT overview if you're curious about it. NFTs provide real digital ownership -  your ownership is secured on the blockchain with both your public and private keys. You hold the private keys in your wallet (ideally a hardware wallet like a Ledger).

Most people think of NFTs as digital art - such as pictures of Apes or Cryptopunks. But they can be much more - such as access to events and communities (like VeeFriends), proof of ownership and royalty processing, and more.

You can buy an NFT on a marketplace like OpenSea or Rarible, connect your wallet, and buy! You can also bid in auctions, and sell via these platforms as well.

With that being said, there are a variety of reasons why you might want to buy an NFT - and I break down some of my thoughts and purchases below.

1. Join A Community

The biggest reason (at least today) in my opinion is to join a community. The best NFT projects are also centered around a community in a space. Take, for example, VeeFriends - which is Gary Vaynerchuk's community of enthusiasts. Ownership of an NFT gets you into his event for three years, as well as potentially other rewards.

Many NFT communities are online - and most use Discord. If you're like me, you may have never used Discord before. So, check it out - I view it as a combination of message boards and chat rooms, meets Twitter and social media.

When you buy certain NFTs, you can get access to communities that share your interests. Some of these communities may be in person (or host in person events), but most will be virtual.

For example, one NFT project that I'm bullish on is Royal Society of Players. This is a poker-based community, and purchasing card NFTs gives you access to poker tournaments and more. This project has built a strong community and is continuing to add value to members. You also gain incentives to build the best hand - a royal flush!

Royal Society of Players

2. You Like The Art Or Artist

Just like with regular art, you can buy an NFT becuase you like the art or artist. Maybe the art means something to you? Maybe you've followed the artist and they're creating an NFT, and you want to own one.

In my case, I have enjoyed Carl Richard's sketches when it comes to money. If you're not familiar with Carl's work, he runs Behavior Gap, draws sketches for the New York Times, and talks a lot about the intersection of money and psychology. I actually own a physical print he created and gave away at a conference I attended years ago. It hangs on my wall in my office.

So, when I saw he was launching an NFT collection, I had to jump in and purchase one. Here it is:

Carl Richards Spend The Money 3 of 9

Note: that's some solid advice as well.

3. Join The Game

Have you heard of play-to-earn gaming? This is the latest phenomenon in gaming - in which all of your "inventory" is NFT-based. And you can earn cryptocurrency tokens for playing the game.

There is a burgeoning use-case for leveraging NFTs in gaming, specifically because you can have ownership outside of proprietary systems. This also allows game developers to create games that may utilize the same inventory.

For example, imagine a game that's created today, where you can get an NFT sword. But then another creator leverages the same NFTs in their game (and vice-versa). There's a lot of potential there.

But in practice, some games, like Axie Infinity, are already allowing ownership and earning within the game. In this game, you buy your Axies, you level them up, you can breed them, and you can sell them. There's a full exosystem both within the game and outside the game to have transactions.

Here's what my Axie's look like:

Axie Infinity

4. Stake Your Claim In The Metaverse

By now, you've heard of Mark Zuckerberg's renaming of Facebook to Meta - a play on the metaverse idea. So what is the metaverse? Basically a virtual world that allows you to interact in both the virtual and real world simultaneously. 

Many people envision this as a "Second World" type setting - where there's a virtual world and you can own land, property, transact, interact, and more. And what happens in the virtual world can impact the real world - and vice versa.

One of the biggest projects in this space is Sandbox. This is an NFT-based metaverse that is backed by major players in the crypto and gaming space (and some notable celebrities like Snoop Dogg). Big companies like Atari are already buying up large lots and staking their claim - but smaller players are also doing the same.

Plus, there are companies like LandVault that are even building out the spaces in the metaverse.

Some of the "best" lots in Sandbox at selling for more that 13 ETH, which is about $60,000.

Here's a small picture of what the Sandbox map looks like today. All the little squares are plots of land.

Sandbox Map

5. Flip It

Finally, we can't talk about NFTs without talking about flipping them. Because, let's be honest, that's (sadly) what most people are buying NFTs for today. The goal of flipping is to either buy an NFT for a low price (or mint an NFT), hold it for a period of time, then resell it for a higher value.

While there have been some amazing stories of people minting NFTs for fractions of an ETH, then reselling them for hundreds, that's pretty rare.

It can really be hard to find a good project that won't pull the rug on you. That's NFT slang for scam - where the creators of an NFT project hype up the community, roadmap, and features, but after the initial minting, they disappear with all the money earned.

Sadly, most NFT projects will have little value - either because of scams, or simply because the developers can't build the community and roadmap out.

But even with those risks, flipping NFTs can be fun (and profitable).

I've been able to profitably sell 4 NFTs to date - with profits (gross sale minus fees like ETH gas costs) ranging from just $60 to $230. 

However, I've also minted some projects that were clearly rug pulls, so I do have some worthless NFTs...

Final Thoughts

There are a lot of use-cases for NFTs, and more will emerge in the future. But as of now, these are what I think are the main reasons why you should consider buying an NFT (or why you would).

There's a lot of potential. There's a lot of great communities that are doing fun and rewarding things in the NFT and crypto space. But there is a learning curve on how to transact and connect in this space.

So take your time, research projects, get on Discord, and try it out!

Robert Farrington
Robert Farrington

Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.

He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.

He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.

3 shares
  • Share
  • Tweet
  • Email
  • Print

Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.

Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors’. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone’s responsibility to ensure all posts and/or questions are answered.

Subscribe
Login
Notify of

2 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
RobS
3 years ago

Thanks for the write-up, I’ve heard a few of these ideas but appreciate your simple descriptions to help learn a little more.

0
Reply
Author
Robert Farrington
3 years ago
Reply to  RobS

I’m glad to help. Have you tried any of them?

0
Reply

Primary Sidebar

  • Facebook
  • Instagram
  • Pinterest
  • RSS
  • Twitter

Editor’s Picks

  • 8 best cryptocurrency exchanges ranked | Source: Cult of Money

    8 Best Cryptocurrency Exchanges Ranked For 2025

  • crypto savings accounts

    5 Best Crypto Savings Accounts For 2025

  • Cryptocurrency Bonus Offers

    8 Best Crypto Promotional And Bonus Offers

  • best crypto wallets | Source: Cult of Money

    Best Crypto Wallets For 2025 (Software And Hardware Options)

  • Best Portfolio Trackers For Cryptocurrency And Stocks

    Best Portfolio Trackers For Cryptocurrency And Stocks

  • best tax software for crypto and NFT traders | Source: Cult of Money

    Best Tax Software For Crypto And NFT Traders In 2025

Popular Posts

  • proof of work vs. proof of stake vs. proof of history

    Proof Of Work vs. Proof Of Stake vs. Proof Of History

  • Why I Bought An NFT

    Why I Bought An NFT [And 5 Reasons You Should Too]

  • Dogecoin Experiment | Source: Cult of Money

    My Dogecoin Experiment: What I Learned From Investing $2,000 In DOGE

  • common crypto and nft scams

    Most Common Crypto And NFT Scams (And How To Avoid Them)

  • Bookkeeping and Accounting for Crypto and NFTs

    Bookkeeping And Accounting For Crypto And NFTs

  • what is a 51% attack

    What Is A 51% Attack? (And How Is That Game Over For Crypto?)

  • what is staking crypto

    What Is Staking And How Can You Make Money With Your Crypto?

  • what are veefriends

    What Are VeeFriends And Are They Worth It?

  • how to file a complaint against crypto exchanges

    How To File A Complaint Against A Crypto Exchange [Crypto Regulators]

Footer

Pages

  • Best Cryptocurrency Wallets
  • Best Cryptocurrency Exchanges

Categories

  • Cryptocurrency
  • DeFi
  • NFT
  • Personal Finance

About

  • About The Cult Of Money
  • Contact
  • How We Make Money
  • Advertise With Us
  • Bluesky
  • Facebook
  • Instagram
  • Mastodon
  • Pinterest
  • Reddit
  • RSS
  • Threads
  • TikTok
  • Twitter

Copyright © 2025 | Cult of Money | Privacy Policy | Terms of Service

3 shares
wpDiscuz