For anyone who has read my various dispatches over the last year, or many of my tweets, my appreciation for income-producing NFTs is no secret.
Many of the ones I own have produced a respectable amount of income, though nothing eye-popping. Others, meanwhile, never panned out as the team hoped because the team and/or the concept ultimately failed for any number of reasons. Such is the risk we all face here in the earliest days of what Web3 and the NFT culture will ultimately become.
Recognizing those risks, I continue to pursue income NFTs, but I have honed my strategy, and that’s what today’s dispatch is all about.
NOTE: This story first appeared in my Ministry of Alpha NFT newsletter on Substack. I have reprinted it here with minor modifications.
Recently, I launched a new quest to accumulate, at minimum, 333 Solana from income-focused NFTs before the end of the year. I’m doing so because I believe we’re in the early stages of the next bull market. That’s not to imply that it’s a straight line higher from here on out. Lots of bumps and curves in the road ahead, but we’ve seen the lows.
As such, I want to pursue strategies that allow me to stack SOL.
Starting last summer, I’ve been regularly lending on Yawww and Sharky.fi, and so far I’ve picked up about 178 SOL as part of that process. Now, I am adding SOL/USDC-producing income NFTs to my portfolio to generate even more Solana for the day we are back above all-time highs (and, yes, that day will arrive).
Though I am writing this in late February, this quest began on January 1, with my existing holdings in Metahelix, Degen Fat Cats, FloppyLabs, and Helions serving as the springboard into this new endeavor. I’ve used the last several weeks to strategically grab NFTs representing several other income-based projects. Through Feb. 19, my Road to 333 SOL has seen me so far collect nearly 11.8 SOL in distributions from 10 NFT projects. This is what that looked like as of that date: