With the COVID-19 pandemic having shaken the entire financial world, one local man is hoping to share his investing success.
Mario Longtin, who previously worked at MNP LPP, a local accounting firm, began investing in the hon-fungible token (NFT) markets about five months ago. Known widely as NFTs, these tokens are a unit of data stored in a digital ledger, which certifies that a specific digital asset is unique. That guarantees that that same asset can be in turn sold.
NFTs can represent a variety of items, such as photos, videos, audio, and other types of digital files.
An oil painting version of an inked Batman drawing sold for $552,603 last year, whereas an animated GIF — a graphics interchange format image — sold for a whopping $561,000 earlier this year.
Although Longtin has been flipping NFTs now for a few months, he considers himself to be more of a virtual art dealer.
“I got into it because I saw the potential of it — people were making profits by flipping them the very same day,” he said. “When I jumped in, I started off slow.”
At first, Longtin invested $600, which he said has since transformed into $116,000.
“Just this week alone, I made $10,000, the same amount I made last week,” he said. “I also made $10,000 in the first week of August.”
So how does the man make his money? Well, he goes around a website called OpenSea — considered by many to be the Amazon of NFTs — and purchases an array of digital art pieces. He then flips them. In some cases, he can re-sell them within a day, more than doubling the amount he paid.
“I already knew about bitcoins from 10 years ago, but I started noticing that a lot of high-end businesses around this area are investing in cryptocurrency, so I was like ‘I might as well jump in,” he said.
It’s not all roses though. Just like the stock market or any other type of investing, dealing in NFTs can be risky.
A case in point — in May, the NFT market was stagnant for a few weeks. Sales on Opensea dropped from $174 million per day to $40 million, for about two weeks.
Although things have rebounded — the website had $2 billion in sales in August — Longtin outlined that anyone wanting to try their luck with NFTs shouldn’t use, well, luck. Instead, they should get informed.
“Definitely do 50 hours of research at the minimum and then go on YouTube where you can learn from people that are doing it,” he said.
Longtin is currently working on creating a YouTube channel himself, where he hopes to help others achieve the same sort of success that he’s experienced with NFTs.
“I want to help my friends,” he said. “I’ve helped a few people already. This is exploding so much faster than I ever imagined.
“I know that there’s one other person involved in Cornwall. There are probably a dozen people in Cornwall interested in it.”
Anyone wanting to view Longtin’s YouTube videos can do so by visiting his channel at — MarioLongtinNFT