Chapter 1: Insights from the WOWGalaxy Drop

In the end, the NFT I decided to keep has made me quite happy! The recent WOWGalaxy mint was a day filled with frustration in the NFT realm. Thankfully, these challenges often arise from minting and investing rather than technical issues, which I've now mastered. If you have any questions about coding art, decentralized applications (dApps), smart contracts, or the mechanics of NFT drops, don't hesitate to ask.

I did, however, re-discover a couple of essential lessons during the minting process. Here they are:

1. Timing is Crucial in Dutch Auctions

The public sale for WOWGalaxy operated as a Dutch auction, starting with an opening bid of 3 ETH for a WOWGalaxy NFT and decreasing every 30 minutes by either 0.3 ETH or 0.2 ETH. The fluctuation in decrement size was puzzling but not uncommon.

An important detail was that holders of the original World of Women NFTs were permitted a free mint of the WOWGalaxy NFTs, which had already begun by the time the Dutch auction started. This factor likely contributed to some unusual dynamics during the drop.

Many original holders had already listed their WOWGalaxy NFTs for sale, often at prices lower than the 3 ETH starting bid. As a result, bidding was nearly nonexistent—save for a few early participants.

Interestingly, while the Dutch auction stagnated for hours, the secondary market was quite active. Those in the know had realized that the free WOWg NFTs minted by WOW holders shared specific traits with their corresponding WOW NFTs, even before the official reveal.

For example, if WOW #1234 had a pale skin tone, then WOWg #11234 would also have the same trait. This insight into the rarity of specific traits fueled secondary market activity as the Dutch auction continued to lower its price.

Once the auction price hit 1 ETH, momentum began to build. Looking back, I recognized this as the critical buying threshold. Unfortunately, I hesitated, caught up in curiosity and wanting to see if the price would drop even lower.

I was aware of the gas price wars that could arise, but my previous experiences with low gas prices made me somewhat complacent. When I attempted to mint, I faced gas fees that soared to $1,200 and $2,400. My wife managed to secure one early on at a lower gas rate, but it ultimately failed due to rising fees. Gas prices had rocketed up to over 2,000 during this minting!

I had aimed to mint two NFTs at about 1 ETH each but ended up purchasing one from the secondary market for roughly 1.5 ETH after the chaos settled.

Key Takeaway: In a Dutch auction, identify the group buy-in as soon as possible and act quickly, as gas wars can impede your ability to purchase.

2. Delist Before the Reveal!

The following day, I woke up determined to find out when the NFT reveal would occur and planned to delist my item until I could assess its rarity. I hadn’t checked the schedule and assumed the reveal was still a day away.

To my surprise, I woke up to an email stating, “Congratulations, your item sold!” This could only mean one of two things: either the floor price had increased significantly, or my NFT had been revealed to be something special. It turned out to be the latter:

I had minted a gold-skinned NFT, a 2% rarity trait, which is always in demand. Though it wasn't the rarest, it justified a ~3 ETH sale.

The current floor for gold-skinned NFTs is still under 3 ETH, so this misstep could have been worse had I hit the jackpot with a rarer trait.

Key Takeaway: If you plan to flip pre-reveal, have a strategy. Know when the reveal is scheduled, and if your NFT hasn’t sold by that time, consider delisting it to evaluate its rarity.

These insights may seem basic to seasoned NFT investors, but they are worth reiterating, especially with the current low gas prices.

Ultimately, I ended up profiting around 1.5 ETH (or slightly less after fees) and chose a WOWg NFT that appealed to me aesthetically, purchasing it for 1.8 ETH while considering my true cost to be closer to 0.3 ETH post-flip. So, it turned out to be a win, even if the process was bumpy.

Final Thoughts on Aesthetic Value

Aesthetics do matter in the NFT space. While rarity may dominate the conversation in early stages, it’s also true that over time, the collection's floor price reflects the least desirable traits. When purchasing from the floor, you'll likely choose an NFT that appeals to you.

As a full-time generative NFT coder, I can attest that artists cannot foresee every combination of traits in a generative NFT set. If you see a collection with impressive floor traits, it indicates a solid set.

While I won't name specific sets, some collections stand out positively, while others do not hold the same appeal. Personally, I find the yellow hair of certain NFTs visually striking and am excited to hold onto this investment as the WOW franchise continues to evolve into a blue-chip asset.

Jim Dee is a prolific writer, developer, and multi-media creator based in Portland. You can explore his work, businesses, and more at JPD3.com. Thanks for reading!

Chapter 2: Valuable NFT Resources

In the video "I found the best upcoming FREE NFTs," viewers will discover exciting new NFT projects that don't require a purchase.

The second video, "AA August 13th: Airdrop claims + Free NFT Mints | Circuit, deBridge, Superseed & More," outlines the latest opportunities for claiming free NFTs and participating in airdrops.