NFTs are being sold on online marketplaces for millions of dollars, which is not only turning the world of art upside down, but also the world economy. Before you start investing, though, take your time and do your research. Here are a few tips for beginners.
1. Loss due to fraud, devaluation and theft
First things first: risk and expectation management. Yes, we love NFT and gaming, but we also need to keep reminding ourselves that we are dealing with investments here, and thus we have to expect losses due to fraud, loss of value, and theft. Like any other investment, the demand for NFT can fluctuate depending on various factors, which can affect the resale price. Educate yourself before jumping into the NFT market.
2. Do you have a wallet (full of Ethereum)?
Before you buy an NFT at an auction, you need (the right) cryptocurrency. Find a trusted crypto exchange like Coinbase or Binance and charge enough ETH onto your wallet. Because most NFTs are Ethereum-based tokens, most NFT marketplaces require you to have ETH liquid. But don’t worry, this is a simple and straightforward process in which Ethereum supports you with this guide.
3. Find Discord channels and follow Twitter influencers focused on NFT gaming.
There is always a new NFT game that is about to be released. To stay up to date, make sure you’re following the pioneers of the NFT scene. Pretty much all the notable influencers hang out on Twitter, but here’s a list of YouTubers to educate yourself if Twitter isn’t your thing. What you should definitely do, though (if you haven’t already): Join Discord channels with a gaming focus. That’s where you find your daily dose of NFT trends.
All investments, including in NFT games, involve risks that may result in loss of asset value, financial losses, or legal consequences. In this article, we only want to inform you, not give you financial advice. Seek advice from a licensed professional before making any legal or financial commitments.