NFT Newbies hot TIPS to be successfulSep 05, 2022
If your goal is to be successful buying or selling NFTs but you're new to the market and aren't sure what to do, here are 10 NFT Tips to help you get started
Buy original NFTs not knock offs. Derivatives rarely outperform the original NFT collection
By the time you hear about a new project on Twitter spaces, you’re probably too late for the best price. This is why you need to DYOR. It's better to follow collectors on Twitter and learn about new projects before there's a Twitter space on it. That's one way to get the best price.
Take charge of your online security. Most projects don't audit their code or have security on their Discord. Don't give out your password or seed phrase.
Buy the floor price on the NFT marketplace instead of buying mid or high priced NFTs in a collection. The reason - the majority of NFT projects fail to stay above mint price after a few months.
Volume & liquidity are better ‘value metrics‘ than floor price. This is because the higher volume of buyers means greater interest in the Collection and more profits on the secondary NFT market.
Research the industry news and polls. For example, DEXterlab polled 1,300+ people on Twitter regarding their NFT buying habits in May-June 2022. The results showed that despite the majority looking for gains from NFT trading, less than 1/2 (42%) made a profit.
ANY risky investment can become a loss. Don't just say NFTs are risky. All investments are risky.
DESPITE LOSSES THERE ARE SOME HUGE PROFITS TO BE MADE! For example, Goblintown, a free-to-mint collection with no utility or roadmap, topped sales charts for over 30 days. And they sold nearly $70 million NFTs in the secondary sales market.
NFTs are creating a solid market that’s nearing widespread mainstream adoption. In fact, according to CoinGecko, the NFT market is projected to transact over $800 billion in sales over the next two years!
So what can you do?
• ASK QUESTIONS
• HAVE FUN
• ONLY INVEST WHAT YOU CAN AFFORD TO LOSE
Life is too short to wait, DO IT, YGMI !
(you’re gonna make it)
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