Thread by Lamboland

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The secret to being a successful NFT trader:
This thread is about why people want the NFTs they want.

Why you want the NFTs you want.

Let's begin...
The NFTs we desire is mimetic or imitative, not intrinsic.

To simplify...

We want NFTs other people want because other people want them.
For example:

Cryptopunks are desirable because other people want them.

If nobody wants a Cryptopunk you wouldn't want one either.

(h/t @NTmoney)
Models are...

People or objects who influence what NFTs we want.

It is models-not our "objective" analysis-that shape what NFTs we desire.
Models can be...

- Founders
- Traders
- Content creators
- Friends
For example...

If @gmoneyNFT buys an NFT it signals that "smart money" is bullish on this NFT.

Other investors now buy in based solely on the fact that gmoney bought one.
This is the reason why...

Art looks "better" as the floor price increases.

The more other people desire an NFT, the more we desire it too.
We don't care what is being modeled as much as we care about who is modeling it.

For example...

If a terrible trader I follow buys a cryptodickbutt NFT I don't care.

If @punk6529 buys a CDB I'm interested.
So, everything boils down to choosing the right models.

But the problem is people think they have the right models, but in reality they don't.

For example...
People are getting trading advice from content creators who are either...

1) Unprofitable traders
2) Haven't traded in months

Just because someone gets a lot of likes doesn't mean they're a good model.
So what does make a good model?

Well it's a few things...

Here's 3 steps you can take to pick the right models for yourself:

Here's how you can pick the right models:
Everybody has models of desire.

If you don't know yours, they are probably wreaking havoc to your portfolio.

Here's 3 steps to you can use to pick the right models:
1. Establish a clear hierarchy of values

Outline what values are most important to you when deciding what models to follow.

Examples values:
- Profitable trading history
- History of holding NFTs long term
- Accumulates NFTs less than 1 ETH
2. Check the models trading history

1) Find the model's wallets
2) Plug them into datalpha.io or wgmi.io premium

Now you can see if that model is a profitable trader or not.
3. Rank your models

Some models are worth following more than others.

Rank your models from most to least important.

How you rank your models will affect the NFTs you'll want in the future.

So, don't skip this step!
That's it!

Each week I spend 20 hours studying an NFT founder, trader or project and I write a thread summarizing what I learn.

Follow me for more threads like this.
p.s. thank you to @liamherbst_ for your help on this thread 🙏

If you want to learn more about mimetic desire then I recommend getting a copy of the book "Wanting" by @lukeburgis
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