CEO & Founder, Lambda
NFT TUESDAYS EP 1: Austin Collins, Building a 7 Figure NFT Portfolio
Austin is a serial entrepreneur and trader. He recently entered the NFT market and has had incredible success using his system. He breaks down how we generated a 7-figure NFT portfolio in only 5 short months!! He also breaks down how the average person can get into the NFT space and take advantage of this growing market.
Enjoy!
Leave your comments below and let us know what you think!
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About Austen Collins
Austen Collins, founder and CEO of Serverless Inc., discussed the upcoming Serverless Framework v4 in a December 2023 podcast. He stated that the new version would introduce a revenue-based pricing model, charging companies with over $2 million in revenue for future versions, while also adding the ability to switch between containers and Lambda functions as deployment targets. Collins described the change as a shift from giving away the open-source framework and monetizing elsewhere, and he characterized serverless as "still the best option in town by far" for getting to market at low cost. He also commented on the broader infrastructure landscape, noting challenges such as anti-competitive licenses and a "Russian doll effect" where projects reuse each other's components. In earlier appearances, Collins has consistently described serverless computing as the natural evolution of the cloud and emphasized the goal of reducing deployment speed to around three seconds. He has spoken about the importance of developing directly on cloud infrastructure rather than relying on local emulation, and has advocated for separating infrastructure resources from frequently deployed code to avoid deployment issues. Collins has also discussed his involvement in the NFT market, describing it as a community-driven space and stating that "play-to-earn NFTs are going to change everyone's life," while cautioning that research is necessary to avoid projects that are "rug pulls" or derivative works.
Transcript (83 segments)
H
Host0:11
Today Mr. Austen Collins is in the building. Austen, welcome to the podcast.
A
Austen Collins0:15
What's up, boss? Thanks for having me, man.
H
Host0:17
It's my pleasure. We're gonna have an interesting conversation today about NFTs. We'll keep things very ground level so everyone can understand how they can get involved. But first, Austen, walk us through a quick backstory on yourself.
A
Austen Collins0:40
Yeah, I've been in the industry about four or five years. I started trading through a company called I am, learning about filtration systems and the community. I run my own holistic healthcare business, and with free time I got into NFTs. I've had a lot of success trading, especially with NFTs. I'm 26. A friend told me NFTs were less emotional than trading, and if you do research you find good projects that create daily income. I trade in the morning, take profits, and mint NFTs in the afternoon – pulling liquidity from the market into something tangible. It's a routine I've got going.
H
Host3:46
This is going to be a fire conversation. Let's bring it back for folks lost on everything you just said. Who said – you mentioned the Bored Ape Yacht Club. Someone spent 500 Ethereum, over half a million. It's a liquidity store. What is an NFT? It's a non-fungible token on a blockchain. People know Ethereum and OpenSea, but I've been focusing on Solana and Magic Eden.
A
Austen Collins4:10
The Bored Ape – people understand someone spent half a million. In my opinion, a lot of these NFTs are liquidity stores during bearish markets. An NFT is built on a blockchain. I focus on Solana and Magic Eden, where people buy and sell NFTs.
H
Host5:11
So people say they want to get into NFTs. First step? Education? Should they mint their first one or just figure it out as they go? What should someone do to start?
A
Austen Collins5:26
It's not difficult. All you have to do is create a wallet and fund it. For Ethereum-based NFTs, use MetaMask. For Solana, use Phantom wallet. OpenSea is integrating Solana too.
H
Host6:11
Walk us through the process from funding to minting to selling.
A
Austen Collins6:35
First, purchase Solana or Ethereum on an exchange like Coinbase. Transfer it to your wallet. Then projects often have a whitelist or public minting opportunity. Whitelist is for people already in exclusive communities. Collections usually have 3,000 to 8,000 mints.
H
Host7:50
Just to be clear, the amount of NFTs available – you personally minted at 170? That's a $15,000 investment.
A
Austen Collins8:11
Yeah, I minted at 170. That was a $15,000 investment. We'll get into that.
H
Host8:20
Shout out to Austen. If you picked up any Bored Apes, flood his DMs. 170 is insane.
A
Austen Collins8:33
I was looking at my wife saying this is either legendary or we'd be eating ramen. Fortunately it was legendary. Calculated risk is everything. Those Bored Apes are now between 10 and 100 Solana each.
H
Host9:18
So back to the chain: go on an exchange, send money to a wallet (MetaMask for ETH, Phantom for Sol), then mint. How does the minting process work?
A
Austen Collins9:36
There are different launchpads – secure sites that let you mint a token safely. I prefer launchpads for security. Security is a big issue – there are rug pulls. You need research to know if a project is valid. You can mint as many as you want, but bigger projects have limitations and whitelists.
H
Host10:45
I'm trying to get on whitelists but can't. Who are they reserved for?
A
Austen Collins11:10
People with floor prices of 50 or higher get first priority because they're seen as long-term holders – diamond hands. But there are also day traders and bots that mint thousands and relist immediately for 2x profit.
H
Host12:11
It's the Wild West. How have you seen the regulatory framework change? How have communities gotten smarter avoiding scams?
A
Austen Collins13:10
I've only been doing NFTs for three to four months. I put in research time on Discord. You can speak with developers, see their roadmaps, and get a feel for the project. The goal is to entice you to understand the use case.
H
Host14:10
Explain a rug pull and how to identify it early.
A
Austen Collins14:26
I go directly to the developer. I study their language and how they respond to questions. That tells you how they'll handle adversity. If they fold easily, it's a red flag. Always go to the source before minting.
H
Host15:11
Can anyone get access to the developers?
A
Austen Collins15:19
It depends on the community. Some are doxxed – developers reveal themselves. Others remain anonymous. Bored Ape is actually an anonymous community. But newer Solana projects often put themselves out there to avoid rug pull accusations.
H
Host16:10
So it's like investing in startup companies early.
A
Austen Collins16:20
Yes, there are tiers. If you hold a certain number of NFTs, you get different rankings and opportunities. For example, holding 10 of a collection might get you a free NFT after 30 days. Communities offer staking options with their own currency to purchase other NFTs.
H
Host17:26
Before we get into DAOs and royalties, explain what NFTs are used for. Spending $200 minting – what can you do with these pictures?
A
Austen Collins17:45
Some give access to exclusive communities. Others offer airdrops or real-life use cases. For example, buying a home could be represented by an NFT instead of a bill of receipt. Everything is turning digital. We're still very early.
H
Host19:11
People think they missed the boat on NFTs.
A
Austen Collins19:23
I thought I missed it when I saw Bored Ape and CryptoPunks. But Solana came out and breathed life back. Even if you missed Bitcoin, Ethereum, there's always something new. We're still early.
H
Host20:10
What's the difference between Ethereum and Solana platforms? Which community is developing faster?
A
Austen Collins20:55
Solana is cheaper. Ethereum owners are upset about gas fees – I bought 10 NFTs on Solana for the same price as one Ethereum gas fee. Solana has 20-30 projects launching daily, while Ethereum is washed out. I think Solana is better because of lower fees and secondary utilities. Even Ethereum owners are transferring over.
H
Host22:52
Solana seems more for the people.
A
Austen Collins23:10
Absolutely. Lower entry invites more people.
H
Host23:16
You mentioned DAOs – decentralized autonomous organizations. Explain your experience with them.
A
Austen Collins23:29
A DAO is a community wallet where holders vote on how to spend the money. For example, the 48 Solana Club has over $350,000 in their DAO. The community decides to reinvest, build websites, etc. Most DAO projects show complete transparency.
H
Host24:50
How do you get your say in the vote?
A
Austen Collins25:12
DAOs run polls and votings in their Discord channels. It keeps the decentralized approach – it's the holders' money, not the developers'. Some developers even remove themselves and give the DAO to the community.
H
Host25:48
Walk us through mistakes you made while learning.
A
Austen Collins26:21
I dumped a couple grand into a rug pull – a derivative project that looked cool but I didn't research properly. I was blindly shooting. Lost a couple thousand, but nothing too traumatic. It taught me to be more educated.
H
Host27:38
What should someone do for their first baby steps?
A
Austen Collins27:55
Find a mentor. Look for communities to trust. Stick with developers who have multiple successful projects. Also follow artists – the Stoned Ape Crew founder created Best Buds as a second generation. Communities are expanding.
H
Host28:44
That's a good way to keep around trustable people.
A
Austen Collins28:54
Yes. Stick with developers and artists who have track records. Also, get into early generations of projects.
H
Host29:10
So if you get into first or second generation, you're set.
A
Austen Collins29:15
Exactly. Communities grow together, and you can see the opportunity.
H
Host30:12
Everyone's attention is on Ethereum because of celebrities, but Solana is inexpensive.
A
Austen Collins30:21
Right. When my mom buys a $30 NFT, it's digestible. The entry is low.
H
Host31:11
Okay, you funded your Phantom wallet, minted NFTs, now they're sitting there. What are three or four ways to make money with them?
A
Austen Collins31:40
Number one: access to the metaverse. For example, Lucky Lotto has a casino in the metaverse that distributes royalties to holders. I get bi-weekly passive income from that. I've already made back my investment three times over.
H
Host33:19
Hang on – you're saying spending $90 on Solana to mint an NFT could generate passive income from a virtual casino?
A
Austen Collins33:34
Yes, directly in Solana. I'm serious. You just have to research the project.
H
Host34:10
How does that work? Walk us through it.
A
Austen Collins34:15
It's as simple as a transaction. You hold the NFT and get a percentage of the casino's profits. There are rarity systems – different tiers get different payouts. Developers send funds directly to your Phantom wallet based on blockchain verification. I get about $2,000 every two weeks from that.
H
Host35:19
You listed metaverse character, virtual institutions paying commissions – what else?
A
Austen Collins35:42
Selling outright is another way. But if you're a holder, you can also get native currency by staking your NFT. Staking shows you're in for the long run. You earn passive native currency that can be used to buy NFTs the DAO purchases. So you can get free NFTs just by staking.
H
Host37:17
So the whole game is finding the right projects. What should someone look for in a mentor?
A
Austen Collins37:29
Look for people who provide value and facts, not flashiness. I never ask for money – I make my own. Find someone with a similar passion and life situation who can relate to you. Build a community of trustworthy entrepreneurs.
H
Host39:51
Are you coming to the FX Summit in Miami this year?
A
Austen Collins39:53
My wife and I are sitting on plane tickets. We'd love to be there.
H
Host40:11
This has been awesome. We might need a part two. Is there anything you have your eye on today?
A
Austen Collins40:29
Go to MagicEden.io – it's the number one Solana NFT launchpad. The homepage lists the next 20 projects. Click on each and do comparison research. Back test what worked in the past – look at Stoned Ape Crew's Twitter and Discord, and compare with new projects.
H
Host41:43
Back testing – we're back to square one. All right, I appreciate you sharing this value. If you guys aren't licking your chops to get into this market, you need to go experience the emotions of the market.
A
Austen Collins42:11
You'll see the psychological factor – euphoria at the top, anger at the bottom. On launch day, projects can go from a 1 Sol mint to a 10-20 Sol floor, giving you 10x or 20x. If you study the cycle, you'll see FOMO in action. Secondary adopters buy the dip and ride back up. This cycle repeats every day in every space.
H
Host43:27
Do you see the NFT cycle following the crypto cycle?
A
Austen Collins43:34
They're independent ecosystems. NFTs decoupled from crypto during the bear market because of staking options. Utility is key. Some projects increase staking during bearish markets to retain holders.
H
Host44:11
Solana is at $90-$100. But if an NFT floor stays at 1 Sol and Solana goes to $400, you've doubled or tripled your investment.
A
Austen Collins44:38
Exactly. You have more opportunities to multiply your investment.
H
Host44:38
So how do you balance holding the token vs. the NFT?
A
Austen Collins45:10
I hold one or two NFTs forever based on utility. The other three I look to sell back into the market to cover my initial investment and get liquidity for new projects. You want a fine balance.
H
Host45:47
What does 'forever' mean? How do you plan to use them?
A
Austen Collins45:54
I'm taking liquidity out of the market and putting it into tangible assets. Even if they go to zero, no harm. I hold winners until I need something – like building a $400,000 portfolio to buy a house. Then I'll liquidate.
H
Host46:52
That's counter to what most people think – they want to sell quickly.
A
Austen Collins47:10
Some NFTs have real-world utility. For example, Pin Club is sending holders a physical pin with a geo chip that grants access to exclusive events. I have one I'll hold forever – maybe it gets me into an FX Summit.
H
Host47:53
What else you got?
A
Austen Collins47:56
There's a community token culture starting to drive traffic. I like community stuff that gives real-life access. Art alone won't last – most people prefer tangible artwork. But digital assets in metaverses can be useful.
H
Host48:26
Do you see a place for both art and utility?
A
Austen Collins48:32
It's interesting. The art is always good but won't last. Utility is key. One thing I didn't mention is play-to-earn NFTs. They're changing the game. Imagine playing a video game as a kid and leveling up – now you can actually own an NFT character and make crypto. A 10-year-old in a different country could play and earn income that's mind-blowing for the average global income. We're leveling the playing ground for financial freedom.
H
Host50:33
That's a huge shift. There are still off-ramp issues – getting Solana to a bank – but the space being created is impressive.
A
Austen Collins50:54
Yeah, that's really the questions I have for today. One more thing – Dirtbox. You grant access to an NFT that gets put into an online game. You then work and mine inside the game, creating data points on the blockchain. You're like a miner or node in the bitcoin chain, but without big devices – just your computer or phone.
H
Host51:50
That's amazing. So anyone can use their laptop or phone to mine or provide liquidity through their NFT and get paid.
A
Austen Collins52:17
Yes. It's one of the craziest things – the utility and opportunities. Trading funded my ability to be here, but people without funding can start for $20-$30 with the right project and 10x their money. Trust is what all cryptocurrency is built on. Right now, trust is leaning toward decentralization.
H
Host53:11
That's our soundbite. That is so awesome. I really appreciate you, bro.