Buying NFT for dummies
Today, the figures on the NFTs show a massive number of transactions. But there is a huge gap between knowing about NFTs and spending money to buy or invest in them. For amateurs, the first goal you should aim for when purchasing NFT is not to lose money stupidly, rather than how to make a lot of money. Here are some basics you need to be clear about before buying an NFT.
Determine the purpose of buying
The "purpose" here is not simply that you buy NFT to sell or keep. It's also a plan for where you're going to buy it, who you're going to sell it to, or how you're going to use it. These thoughts should be as detailed as possible.
If you have a lot of money and buying NFT is just one of several pleasurable experiences like online shopping, this step may not seem so important. But there must be some indirect reason why you choose to buy NFT over something else. For the rest of the world, this is even more essential. Try to figure it out because your experience with NFTs will become a lot more enjoyable with a direction. No one wants to lose in a sale.
Determining the budget
If you have ever browsed through the famous NFTs brokers, you will see that many NFTs are insanely expensive. Of course, investing in overpriced works is not advisable, but buying cheap ones (which look ridiculous) is also not good. It would be best to look at hot trending works to find a reasonable price and estimate how many NFTs you can buy for investment.
If you understand the market needs very well and have an eye for taste, you can pre-order collections that have not yet been revealed. Chances are, you can even hunt for great deals.
Join the communities
NFT communities refer to groups of leaders, developers, investors, enthusiasts, fans, and users of blockchain technology. These communities are spread across various social platforms, including Twitter, Telegram, Reddit, Discord, and Bitcointalk. Today's NFTs projects often build communities long before reveal to ensure their collections will sell out. You will gather a lot of helpful, practical information in these communities.
Using tools
The NFTs market moves quickly, so only depending on human skills is not enough to win. Support tools are indispensable if you want to trade effectively. In addition to the primary utility provided by the NFTs exchanges, there are more powerful tools that help you see which collections are the hottest, prices, the number of people who want to buy them, and much more info (even before the vendors publish them). Trait Sniper, for example, is one such NFT ranking tool. They have built a community of over 10K members and hundreds of paid users.
Scam!!!
A scam is one of the typical risks you will face when entering the NFTs community. Scammers in the NFTs community are often more numerous and sophisticated than elsewhere. Don't expect that you will never be polished. Avoiding these situations takes time, experience, and extreme caution. Do not arbitrarily spend your money on any suspicious solicitation when you do not have the first two.
FUD?
The returns from NFTs and crypto can be insane, but you shouldn't treat it like gambling. FUD (fear, uncertainty, and doubt) is commonly seen when the price of a coin/ NFT project drops or when there is negative news or rumors. People tend to panic and sell their assets when there is FUD, but this is the time when you need to use your bravery and knowledge the most.
I can't decide for you whether to follow the crowd or not. The majority is still right sometimes. I want to emphasize that sanity is essential in this situation. You have built yourself a clear plan with purpose, budget, time, experience, skills, and even the help of tools. So don't throw it all just because people are doing it.
Thank you for being so interested in our Newsletter on Substack. Now we have our blogging platform. Please follow it for the latest updates on the NFTs market and detailed instructions on using Trait Sniper effectively.