The person in the image is called Franklin. He made over 15 million US dollars by trading NFTs, but later lost everything in subsequent trades (even his sanity?). Here is his little-known story of rise and fall.
Franklin initially learned about NFTs from NBA TopShot. However, flipping "basketball video clips" did not go well for him.
He didn't make any money, but that didn't stop him.
After BAYC emerged, Franklin minted some. Seeing his NFT prices triple, he became obsessed. Over the next two years, he became addicted and engaged in a large number of trades.
The image only shows the flipping of BAYC, but things didn't stop there.
In February 2022, Franklin received an offer of 1.5 million US dollars to acquire his iconic Golden Ape.
Initially, he only paid 12 thousand US dollars (cost), easily getting 125 times the return upon completion.
But he rejected this deal (slip of the hand?).
Then things got even crazier.
Franklin once lost 100 $ETH (150 thousand US dollars), which seemed like nothing to him (see image).
He often slipped on NFTs, losing 10-20 $ETH at a time.
How could he afford so many losses?
Franklin became addicted and started using leverage.
He borrowed over 10 thousand $ETH from BendDAO.
Initially, he repaid on time (good airdrop returns)
But then the bear market struck...
If only the NFT prices had plummeted.
Franklin also suffered setbacks in other aspects:
These setbacks led him to sell all his apes and exit the field...
But Franklin quickly returned.
Franklin restarted trading NFTs with the money he had left.
Seeing little return, he decided it was time for a change...
In February of this year, Franklin sold his Golden Ape for 675 thousand US dollars.
He occasionally traded what was popular at the time.
But soon, things started to spiral out of control...
He stopped posting NFT trades and started posting a video every 5 minutes.
It then evolved into sending controversial/link bait tweets.
All of this was to get some $ETH as a reward from Fantasy Top.
Franklin is a smart person (by profession, he is an aerospace engineer).
However, his story perfectly illustrates why leverage should never be used.
If the next NFT bull market arrives, can he turn things around?