4 Worst Things You Can Do When Buying NFTs
NFTs are all the rage right now, and, if you want to make money from them, it is still a good time to do so. But we have to warn you, making money with NFTs is not as easy as people online make it seem. NFTs are not like stocks and bonds, but you still have to treat NFT markets with respect and understand how they work before you get in. You also have to understand what NFTs are and are not in the first place. Here are some of the worst things you can do when buying NFTs.
A lot of people have this idea that you can just pick up some random cheap NFT online and sell it for quadruple the price the same day. Guess what, if the NFT was cheap, then it’s probably a reflection of its value and how much interest it will get from the market.
An NFT could be cheap because it has no significance and it’s largely unknown by the public. Or because it’s diluted by the number of other NFTs in the same collection. So, forget cheap NFTs and learn how to identify real value in NFTs before you spend a dollar.
Only Looking at Image-Based NFTs
There are so many types of NFTs projects, and it would be a shame if you stuck only to static or slightly animated computer-generated images. One NFT marketplace, for instance, allows you to play blockchain games and buy/sell items as NFTs while allowing you to buy and sell game items and artifacts on their marketplace without playing the games.
You also have music-related NFTs, animated series NFTs, and more. Even sports highlights NFTs could make you money if you know what’s hot. So don’t stick to one type of NFT and explore your horizons. Maybe you could use some of your personal expertise to make great finds.
Thinking You Can Buy and Instantly Flip NFTs
We can largely blame the YouTube NFT gurus for this. They make it seem like it’s easy to find a hot NFT that will appreciate fast, but the reality is that most NFTs take a lot of time to take off, and many don’t take off at all. So, when you’re investing in NFTs, you should be in it for the long haul, or you might be disappointed.
Buying from a Scam Link
Scams happen with NFTs, and they’re more common than many people think. This is why it is very important that you watch who you buy those NFTs from.
You should only buy from links that were issued by the NFT’s management team. And only buy them from a reputable marketplace. Places like Discord are not safe for NFT deals, and, if someone offers to sell you one, even if it’s someone you think you know and trust, you should never agree as this is one of the favorite places for scammers to find victims.
If you manage to avoid these things when buying NFTs, you’d at least reduce the chances of getting something useless, or worse. The most important parts are knowing where to buy NFTs from and don’t expect them to get you rich overnight.