Are you ready to buy your first NFT?DR
Brief taxonomy of NFT collectors
Quick flipper: Someone who spends a lot of time online and is always on time, riding the waves of FOMO.fear of missing out”– “fear of missing out”) from other people, minting anything that is hard to come by, and then selling it to stragglers who pay extra to join.
Art Advocate: A sponsor of digital arts, which will sell for millions someday, or not. If all else fails, you can still admire the art in your bag, proof that it was all real once.
Investor: With a visionary mindset, you leverage industry connections to make big bets on the NFT’s who seem more professional, hoping that one or two will become household names.
Normal: You eat healthy, you go outside, and at some point you may spend $200 on a NFT that a friend made, never to think of him again. However, his cousin will love him forever.
10. I feel that I am late. How can I stay up to date?
It’s not too late yet! The whole world is starting to turn. Aside from an infinite supply of ETH, the next best thing for a NFT investor it is looking for a reliable flow of actionable information, what the real experts call “alpha”. The best material is often shared in private Telegram groups, where whales or whales —an old stock market term borrowed to refer to those rich enough to influence the market—discuss things of whales.
Some investors pay to join closed alpha groups in Discord, like MVHQ or Origins, chats that promise endless discussions, giveaways for crafting places, and access to trading tools. There are also many free tools: WhatsMinting shows the mintings of NFTs which are trending. On the other hand, Context works as a feed on Instagram showing other people’s portfolios. It is ideal for lurking. —DC
11. Just out of curiosity, can I make my own NFT?
Few make it, but it’s not hard to try: The Zombie Zoo collection was drawn by an eight-year-old boy in Japan in 2021. Why couldn’t you be next? Profile Picture Artists (PFPs) can use Photoshop or Procreate to design their character’s features—alien skin, cowboy hats, and more—and then generate the final art with a no-coding tool—like Well— . For the artists, marketplaces such as Zora allow to mint and sell individual images, videos, audio and text. Depending on your goals, you may want to hire a developer to write your smart contract—and perhaps hire a community manager so that, in case everything goes wrong, someone else receives the claims online. —DC
12. Is there anything else I can do on a personal level to avoid being scammed?
- Use “burners”. Share your NFT’s across multiple wallets, so if you compromise one wallet you don’t lose everything.
- Read smart contracts. Don’t accidentally agree to send someone $20 more of your Bored Ape free.
- Get a hardware wallet. These require pressing physical buttons or touch screens to move the NFT’swhich thwarts most virtual attacks.
- Ignore spam. Ignore strange DMs and NFTs sent to your wallet, as both may have malicious contracts attached to them.
- Move carefully. Using an expensive profile picture (PFP) can make you a target for social engineering, especially if your account is publicly exposed. —DC
13. How can I prevent someone from stealing my NFTs?
Billions of dollars have poured into the NFT’s, attracting swindlers like moths to a fire. Here are some of the most common scams to watch out for. —JK
The rug pull
A very interesting project is presented, perhaps, with the endorsement of a celebrity. The price of NFT Or the cryptocurrency associate goes up… only to drop dramatically after the creators collect their earnings from the first stage, leaving the remaining owners with a pile of worthless digital goods.
The false mint or false creation
Most of the NFT projects they obtain their value through scarcity. Popular and sold-out collections like Bored Ape Yacht Club have inspired fraudsters to seek out those interested in creating new Bored Apes, which simply do not exist. By clicking on the link to create, the crooks steal directly from their victims’ wallets.
The plagiarized collection or plagiarized collection
are supposed to NFT’s they verify the authenticity of a digital work, but anyone can convert a JPEG into an NFT, even if they are not the author of the work. Beware of collections that resemble popular NFT projects, but are not listed as verified creators or are reverse images of known collections.
14. How rare can NFTs be?
In 2018, artist Kevin Abosch—already making a name for himself in the traditional art world for selling a portrait of a potato for more than a million dollars—decided to try something unconventional. He used his own blood to become a collectible of blockchain through a project appropriately named IAMA Coin. We’ll let him explain. —JK