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Bored Ape Holder explains why he quit his job for Web3

  • Keith Martin bought a Bored Ape NFT in May 2021 for around $1,700 – just when digital assets were starting to explode.
  • It’s now worth almost 100 times as much, and he told Insider at the NFT.NYC conference that he won’t be selling anytime soon.
  • For Martin, the crypto bear market is no problem, and he even quit his job to get into Web3.

When Keith Martin bought his first non-fungible Bored Ape Yacht Club token in May last year, he paid less than $500 and seemed certain to flip it for a profit, given that the market was just starting to boom.

But things didn’t turn out that way and Martin posted a loss on his first trade.

With one lesson under his belt, he quickly bought another for around $1,700, or 0.64 ETH, this time determined to hang on to it, given his confidence in the prospects of the digital asset market.

“After initially selling, I immediately bought another Ape for more money, because I really didn’t want to miss what might happen next,” Martin, 31, told Insider during the NFT conference. NYC Monday.

At the time, an ether token was worth around $2,700. Today it is worth around $1,111, having been the victim of a vicious cryptocurrency rout this year. Meanwhile, Martin’s highly rated Bored Apes NFT is worth around $111,000 at current market prices. Martin’s NFT transaction receipts have been reviewed by Insider.

“There wasn’t much going on back then, whereas now there are about 10 new projects a day,” Martin said. “A year ago, there was only one new project every few days. So being on Telegram and Twitter, a lot of people at the time were saying that Bored Ape would be the next CryptoPunks, so I bought one.”

Martin, who passes Illusionary Monkey on Twitter, had co-founded a marketing company in 2017. But once he started getting into NFTs about a year ago, his passion turned to digital assets.

In June, he quit his job at the company he helped start and now works for Tribe, a Web3 company, as his enthusiasm for the NFT industry had become his main focus.

“I certainly see the crypto space and NFTs as the future, so I thought there was no better time than now to get involved,” he said.

He added that although he started out as an investor and trader, he considers himself more of a collector now, as he has no plans to sell his favorite NFTs, including his original Bored Ape NFT, as well as a CryptoPunk NFT he bought for around $51,000 in May last year.

Martin maintained that while he does much of the marketing work for Tribe like he did for his old company, the work is more exciting now because he sees Web3 as the future.

Today’s NFTs, he added, may seem like they’re only about art and profile pictures, but they’re underpinned by sophisticated blockchain technology.

“Name your industry, NFTs will disrupt it,” Martin said. “Look where some of the smartest people are going, the great developers, anybody in the IT field. The brightest minds are all heading into this space. That makes me really optimistic.”

NFTs had a monster year in 2021, but weekly sales are down more than 80% from January’s peak of nearly $1 billion, according to data from NonFungible.com. And the


market capitalization

for cryptocurrencies, meanwhile, recently dipped below $1 trillion after topping $3 trillion last year.

But even in the middle of


bear market

Martin said he plans to stay the course by buying more crypto and collecting more NFTs.

“I wonder about my son, who is already sliding on virtual screens,” he said. “Will he prefer to get bitcoin or a gold bar in the future? And the answer seems obvious to me.”

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