The 7 Types Of NFT Collectors

From degen collectors to analytical conservatives

Since apeing in on my first NFT, it has led me onto a journey of serendipitous discoveries and curious observations. Most notably, I’ve learnt to appreciate what a community really means to an NFT project — you can have a questionable-looking one that becomes insanely valuable because of its community e.g. Loot, and you will most likely encounter those with so many speculators who dump on launch.

It made me question, who are the people who are buying NFTs? Is there a way to identify the proportion of speculators, fans, early adopters, or perhaps even whales who are jumping in on a project? FYI, you can use Nansen charts to track buying activity of whale NFT accounts.

Hence, this article is meant to share some of the types of NFT collectors, based off personal observations and experiences from assessing buying and selling activity of various projects. For the fun of comparison, I’ll throw in several characteristics to distinguish some of them.

#1. The Flipper

Someone who aims to make a quick one. Equivalent of a day-trader who holds a position for an extremely short period of time.

The goal is to maximise ROI for every dollar. Do not end up holding a useless bag; cut losses if need be. Early access, whitelist, pre-sales are the goals.

Buy. Sell. Flip. Rinse, and repeat.

Buying power: Mid/High
Holding tendency: Paper hands
Activity on Twitter/Discord: Very active until he dumps
Understanding of Crypto: Not necessary
Mantra: Fast in, fast out. It’s all about diversifying and compounding.

#2. The Gambler

Someone who loves to win when the odds are stacked against him. Equivalent of a penny stock trader.

Don’t mind holding many useless bags. The idea is to take as many swings as possible and have one of them hit a home run.

Buying power: Low BP on SOL/ADA NFTs. High BP on ETH NFTs.
Holding tendency: Strong hands
Activity on Twitter/Discord: Follows the top picks of “influencers” on Twitter and YouTube
Understanding of Crypto: Not necessary
Mantra: Just one big win will do. It’s all in the alphas.

#3. The OG Crypto HODLer

Someone with the crypto bags before 2020. Likely to have been through at least a boom-bust cycle and is unfazed by volatility.

Do not measure NFTs in dollar value. Crypto was bought cheap, and NFTs can potentially supersize their portfolio with some diversification.

Buying power: High
Holding tendency: Diamond hands
Activity on Twitter/Discord: Selective, tendency to favour or trust his existing network of crypto peers
Understanding of Crypto: Thorough
Mantra: Crypto is the future. It’s only a matter of time.

#4. The Art Collector and/or Lover

An avid art collector, or a growing artist in the NFT space. Sees the potential for art on NFTs, for ownership and provenance.

NFTs is art, its value is in the eyes of its beholder. Floor prices and price of ETH are secondary, but will still be ecstatic if they hit record sales.

Buying power: Varies, may have more buying power after sale of their NFTs
Holding tendency: Diamond hands
Activity on Twitter/Discord: Part of the art community #artistsupportartist, joins the relevant Twitter and Discord
Understanding of Crypto: Mid to High
Mantra: Art is life.

#5. The Early Supporters

One of the first people who get into the projects. May be affiliated to the project founders or have been fans of the artist.

May or may not be familiar with crypto but trust the project completely. Will support the project regardless of hype, FUD, or the lack of activity.

Buying power: Varies
Holding tendency: Strong/diamond hands
Activity on Twitter/Discord: Active on the few Twitter and/or Discords of his supported project
Understanding of Crypto: Varies, usually with existing knowledge of crypto because NFTs are mostly started by the crypto OGs
Mantra: We’re in it for the long run.

#6. The Newbie

Someone who heard from the media or know of friends who have made insane amount of money from buying and selling of NFTs. Wants to get in for the returns and may be entering the space because of FOMO.

NGL, they in it for the sick gainzzz. Twitter is the best research tool, and also them #giveaways. PFPs are cool, and gaming NFTs that can get you passive income are even better.

Buying power: Low, unlikely to part with a big sum of money at the start. But once they hit a jackpot, it unleashes a buying fury.
Holding tendency: Varies
Activity on Twitter/Discord: Scours Twitter for the best alphas, joins the Discords of NFTs promoted by NFTwitter influencers.
Understanding of Crypto: Minimal, enough to use a Metamask or Phantom wallet.
Mantra: Just ape in with $1,000. Let’s head to the moon.

#7. The Advocate and/or Shiller

Someone who publicly gets other onboard the NFT train. May be doing it for altruistic and/or self-incentivised reasons.

Knowledgeable about the subject and is willing to spend his time and effort to explain all details with the hope of growing the NFT space and community. Most likely an early adopter since 2019/2020 and is sitting on a mountain of valuable NFTs.

Buying power: Mid to High
Holding tendency: Sekrettt
Activity on Twitter/Discord: Highly active on all channels, in promoting himself and other projects
Understanding of Crypto: Thorough, at least it appears to be
Mantra: LFG Fam, WAGMI.

Note: The seven archetypes are not sorted in any particular order. Neither are they mutually exclusive because I know my crypto OGs who go on to become Art Collectors of NFT Advocates; the point in defining the archetypes is to recognise that every one of us have our respective motivations.

Crypto/Twitter slangs used above:

  1. Alphas: The abnormal rate of return of an asset

  2. Diamond hands: Someone with very strong hands who will hold whether the market is up or down

  3. Paper hands: Someone with very weak hands who will let go of his holding at the slightest gains or uncertainty

  4. Gainzzz: The returns one gets from investing

  5. FUD: Fear, uncertainty, doubt

  6. NGL: Not gonna lie, similar to “To be honest”

  7. FOMO: Fear of missing out

  8. PFP: Profile picture

  9. LFG: Let’s f*ing go

  10. Fam: Short for ‘family’, an endearing term for a tight-knitted community

  11. WAGMI: We’re all gonna make it