Meta4 Capital Co-Founder Brandon Buchanan joins Yahoo Finance Live's Time For Change to discuss the value of NFTs to investing going forward.
MARQUISE FRANCIS: Welcome back to A Time For Change, presented by Citi. We're back with Brandon Buchanan, co-founder at Metaverse Capital, an investment firm employing a thesis driven approach around the metaverse internet. We just spoke with Brandon about what Metaverse does. And now, in the spirit of Christmas and the holidays, he's going to give us some tips about how to actually buy NFTs.
So, Brandon, we just closed out the last segment talking about the $3 million you spent on a rare NFT. So I'm not sure how many viewers can spend that much money, but I'm curious-- if you had to suggest how to get into NFTs, where to purchase them, and where to start. What would you suggest to our viewers on how to start in the spirit of Christmas?
BRANDON BUCHANAN: Well, listen. This is certainly a Christmas gift for everybody. I think this is a blessing for everyone. Everyone should stop what they're doing right now and create a MetaMask wallet, or some sort of cryptocurrency wallet. The best way to learn to do this is to roll up your sleeves and get started. I promise it's not as difficult as it seems.
So everyone will set up a wallet. They'll set up a MetaMask wallet, again, or another comparable wallet. I don't want to act like I'm giving preferential treatment or biased treatment to MetaMask, but it is a simple one. MetaMask wallet-- you will transfer cryptocurrency to that wallet from whatever exchange you have-- Coinbase, Gemini, or what have you. Typically Ethereum is the currency that most folks use.
And then you'll connect your MetaMask wallet to OpenSea or some other marketplace. And then from there, you know, you'll be able to peruse all the art, all the photographs, all the collectibles, and you'll be able to buy something that's within your range. And from there--
And why I say it's important that you need to set up your own wallet is because the recipient that you're going to be sending the NFT to is going to need a wallet address themselves. So you'll need to be able to guide them through that process so that you can actually send it to them. And then at that point, once you have the recipient address, you can transfer and send whatever NFT that you bought for them.
MARQUISE FRANCIS: Mmhm. And I feel like a lot of people, oftentimes-- you can think back to a gift maybe in the past that you've received and maybe you didn't like. Would it be possible to exchange or return an NFT if you got something you didn't want?
BRANDON BUCHANAN: I mean, you could certainly send it back to the sender if you didn't want it. Or you could just hide it in your wallet on OpenSea. But I think it's interesting. Like these NFTs are going to be sort of like your new social profile, right. And I think Gary P has mentioned this a few times. I think it's, like, to show your creativity, to show what artists that you're into. There's something very dynamic about that-- that you're actually purchasing or being sent different piece of works.
And people do get artwork. It happens through Airdrops and other things. But, you know, yeah, I mean, I guess there's a way to kind of send it back. But it's the same way that I guess you would take something back to the store. I mean, I don't know if you would do it. You would kind of just discard it or put it away, you know.
MARQUISE FRANCIS: Yeah. And so I know the NFT is all about rarity. And I think that's where the money comes from. So, I'm curious. Are there any particular artists that you're liking in the NFT space, and how does it go from obtaining an NFT to actually profiting off of it?
BRANDON BUCHANAN: Yeah. I mean, there's so many artists that I like. It's hard to really single them out. Ix Shells is one of my favorites. I mean, she is just a phenomenal generative artist. Similarly, Dmitri Cherniak-- they all come from this sort of, like, art blocks community. And, you know, their works have skyrocketed. Right. I mean, I think several months back, you could have bought a piece for a few thousand bucks, and now, I think, you know the floor for a Dmitri Cherniak piece is probably 30 each, so you're talking 120,000.
But X Copy recently did a drop in connection with Async Art, and if you were part of the whitelist there, you could have bought it for a quarter of an ETH, which is about a thousand bucks. You know, love Matt Kane. Kevin Abosch I mentioned earlier. He's sort of the OG crypto guy here. He has sort of, like, the first piece of NFT art.
And then there are others. There's Refik Andol. There's [? Sierra ?] [? Light. ?] I mean, once you start going down the rabbit hole, it's just like traditional art. Right. Like you love Damien Hirst. You love [? COZ, ?] or Jeff Koons, or Nina Abney Chanel. I mean, there's just so many people out there doing fantastic work. And it's just really cool to see it in a sort of a digital way.
But yeah. And by the way, I would recommend those to anyone. And folks who are just starting a portfolio, I would recommend kind of mirroring what we're doing at Metaphor-- looking for these older early vintage pieces of NFTs. You can go buy a moon cat, which originated in 2017, for 0.4 E. You know, you can buy rare Pepes for pretty cheap as well
MARQUISE FRANCIS: I appreciate all of that. It sounds like there's so many different options. So, Brandon, thank you so much. Brandon Buchanan, founder and managing partner of Metaphor Capital. Thank you for all of that insight. One thing I took away from what you just said-- start a wallet. Just get your hands dirty. So look up Marquise Francis. I might be making my NFT soon. But there's a lot of great ideas for Christmas coming up.