The man in the picture below is named Franklin. He made more than $15 million trading NFTs, only to lose everything (even his sanity?) to the trade. What follows is the little-known story of his rise and fall.
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Franklin first learned about NFTs from NBA TopShot. But flipping "basketball video clips" (a reference to quickly buying and selling NFTs for profit) didn't go well for him. He didn't make any money, but that didn't stop him.
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After BAYC came along, Franklin cast some. He became obsessed after seeing his NFTs triple in price. Over the next two years, he became obsessed and made numerous trades.
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The picture below is just a flip of BAYC, but things don’t stop there.
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In February 2022, Franklin received a $1.5 million offer to acquire his iconic Golden Ape.
He paid only $12,000 (cost) initially and easily earned a 125x return on the deal.
But he rejected the deal (slip of a hand?). Then things get even crazier!
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Franklin once lost 100 Ethereum ($150,000), which seemed like nothing to him (picture below).
He often slips up on NFTs, losing 10-20 Ethereum at a time.
How could he afford so many losses?
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Franklin became addicted and started using leverage.
He borrowed more than 10,000 ether from BendDAO.
At first, he repaid the loan on time (the airdrop yield was good), but then the bear market hit...
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If only NFT prices were plummeting, Franklin has suffered setbacks in other areas as well:
Lost $1.4M at Crypto Casino
Private investment losses $4.2 million
These blows caused him to sell all his apes and quit the industry...
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But Franklin soon returned.
Franklin used the money he had left to start speculating on NFTs again. Since I didn’t see much return,
He decided it was time for a change...
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In February, Franklin sold his Golden Ape for $675,000.
He occasionally traded in items that were popular at the time.
But soon, things started to get out of whack...
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Instead of posting NFT transactions, he started posting a video every 5 minutes.
This then evolved into sending controversial/linkbait posts.
All this in order to get some ether from Fantasy Top as a reward rate.
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Franklin is a smart guy (an aerospace engineer by profession).
However, his story perfectly illustrates why leverage should never be used.
If the next NFT bull market comes, can he turn around?
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
This article is reprinted with permission from: "PANews"
Original author: Pix, Web3 researcher
