A reader asked in the comments:

Why did your view on Bored Apes suddenly change in June 2021, leading you to boldly buy in? Although it wasn't a heavy investment like CryptoPunks, you still bought a 5% or 10% position, right? The key point is that you managed to sell at the high of 150 ETH when Bored Apes sold land in April 2022, which must have accounted for a significant portion of your holdings. Can you elaborate on your buying and selling operations regarding Bored Apes NFTs at that time, as well as your mindset?

Bored Apes was not the first NFT I bought.

Even before Bored Apes, signs of NFTs began to emerge on Twitter. At that time, many overseas KOLs started using various small images as their Twitter avatars, while some high-profile accounts used CryptoPunks as their avatars. I learned from their Twitter that those images they were using as avatars were called NFTs (ERC-721). Those NFTs could be bought and sold on OpenSea.

Watching their gameplay, my intuitive feeling was:

• I had seen those CryptoPunks before; can those things be flaunted as avatars?

• Using a popular NFT to showcase one's identity in the virtual world is just like wearing a Rolex or driving a Rolls Royce in the real world, right?

I found this quite interesting, and more importantly, I discovered that very few KOLs in the Chinese community were discussing NFTs; they were generally immersed in various DeFi mining activities.

I wondered if this could be an opportunity? So I fully immersed myself in it.

At first, I was just randomly buying without much strategy. Although I paid some tuition, I gradually began to get a feel for the gameplay of NFTs:

It is different from DeFi; DeFi is about tangible income, while this is about emotional value and identity labels—because its images can be seen, spread, and discussed, forming a concrete impression in people's minds.

This feeling became a key basis for my later purchases of CryptoPunks, Bored Apes, and other NFTs.

When I first saw Bored Apes, it had not yet been released and was still in the promotional phase. My impression was that its homepage emphasized the club aspect.

But what does the club mean? I couldn't understand it at all, so I perfectly missed the original sale.

Later, when I noticed more and more KOLs on Twitter starting to use its avatar and discuss it, I could clearly feel that this project was becoming popular and gaining emotional value; some KOLs with high "identity" value began to recognize it, and it gradually became a new label beyond CryptoPunks.

I also began to understand the so-called "club"—some strangers on Twitter, because of the same NFT avatar, followed each other, left comments for each other, and warmed each other; isn't this a borderless, barrier-free club in the virtual world?

At that time, its price was already over 1 ETH, compared to the issuance price of 0.08 ETH. By our usual standards, this was definitely not cheap, and buying in at this time was certainly not early.

But I felt that I could afford this price, and out of curiosity, I bought in.

I don't remember how much I bought; at that time, I wasn't calculating carefully, just casually using some money I could afford to lose, but it should not have been as much as the 5% or even 10% mentioned by that reader.

I did buy it, but I didn't pay much attention to Bored Apes. In fact, at that time, other NFTs were also very hot, and the popularity of Bored Apes was at most just slightly higher than other projects. So, like the other NFTs I bought, I thought they were all about the same.

I strongly recommended CryptoPunks to my friends around me, but I never mentioned Bored Apes—I didn't have that strong confidence in Bored Apes.

Later, the entire NFT ecosystem surged, and everyone rushed in, buying all sorts of meaningless images; I felt that it was becoming abnormal.

Additionally, the prices of top NFTs began to fluctuate significantly. What impressed me deeply was that within just one day, the floor price of CryptoPunks suddenly soared from 100 ETH to 140 ETH, and then one or two days later, it plummeted back to 100 ETH.

In this situation, I gradually sold all the NFTs I had, including Bored Apes. However, I didn't sell at the highest point; I never imagined it would later rise to 150 ETH.

Later, in the bear market, I bought back CryptoPunks and Bored Apes.

My thought process for buying back CryptoPunks was similar to dollar-cost averaging Bitcoin and Ethereum.

I bought back Bored Apes because I still had expectations for the NFT ecosystem.

Later, we all saw that Bored Apes struggled several times without seeing results, so I exchanged all my Bored Apes for Punks, leaving only a few Mutant Apes. Eventually, I gradually sold off the Mutant Apes as well, keeping just a few.

Looking back at this history, if I had to say what was worth reminiscing about, I think the first is luck; the second is maintaining curiosity. Both are indispensable.

Luck is given by fate, and there's not much to say about it. But curiosity can be cultivated and discovered; it's something every participant can strive to develop.

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