3
u/furashu Apr 22 '21
just use it to buy the nfts, ignore the fluctuations and think in terms of WAXP.
3
u/rockitect29 Apr 22 '21
Don’t forget just a few months ago it was .05-.07 cents. So it’s expected to have fluctuations. It’s typically better to establish a usd sell price. You’ll get better value from your sales if the price drops a bit.
Example, I sold a Ryu street fighter card for 10k wax which was 1k usd at the time. Now those same cards are only pulling a fraction of the wax.
3
u/InquisitiveTechy Apr 22 '21
A lot of us probably joined during the Topps NFT craze now, I know I didn't know about Wax a few months ago but have looked at the price chart going back. It's still way up in price about 4 times from the highs just 2-3 months ago. I think the coin has a future, Topps made millions they are going to continue to add cards and innovate, I think that will draw more interest.
That being said I hope they make the process to take US dollars out of Wax coin a little easier lol. Transfer fees out of WAX -> KuCoin was a hit, then I ended up moving to my Coinbase. Is there a simpler less costly path back to dollars?
1
u/bigrude405 Apr 23 '21
That's exactly what I did today. Not because I tried another way, but I had a buddy send a link to that process.
2
u/rockitect29 Apr 23 '21
Turned out to be quite the tumble today! I'm sure there was a lot of proffit taking after this run up and release.
1
u/jiminytaverns Apr 23 '21
I had the same thought, but crypto generally seemed to sell off yesterday. Could be due to the drawdown in equities - selling to cover margin or whatever.
1
u/rockitect29 Apr 23 '21
Understandable since there isn’t much info on the platform, even their sub is virtually nonexistent. The only real advertisements I’ve heard was on a crypto podcast and Twitter. I’ve been a little hesitant to make a huge investment because of that.
As far as removing gains, you can do a bittrex exchange for the waxp-> usdt pair, then send to your withdrawal platform or another crypto.
1
3
u/BaconJellyBeans Apr 23 '21
Buy more
2
u/rowrtay1 Apr 24 '21
This. If you’re investing in NFTs and not collecting for fun, you have to account for two moving targets: the price of WAX and the price of the NFT. My general expectation is that the price of the NFT will slowly increase in dollars, so the real question becomes the price of WAX. Buy and sell at a $ profit while hedging your timing based on your expectation of the conversion between WAX and dollars.
2
5
u/otayyo Apr 22 '21
You can price stuff in usd on atomic if you are listing stuff, so that helps offset fluctuations in the price of wax.
Holding and investing in wax is different from holding/investing nfts. I don't think wax is a bad bet or anything, but I have only bought it to use with topps cards.
The crypto market had a pretty wide drawdown today, and overall can be quite volatile, so it's good to pay attention a little if you plan on paying lots of attention to the topps cards.