Tips and Tricks To Buy and Sell NFTs Replay - Crypto Breakdown March 19, 2022
6m | Mar 18, 2022This is a replay of the episode that aired on March 4, 2022. Normal programming will resume on Monday.
In this episode of the Crypto Breakdown, I talk about a few tips and tricks to help you buy and sell some NFTs for profit instead of selling them at a loss.
Tip 1: DYOR Do Your Own Research
Make sure to take a look at the development team, see if they've released any other projects that are similar in the past, or if this is their first time around with an NFT, and take a look at what their roadmap is.
A roadmap or a white paper is essentially a document that describes their short to mid to long-term goals.
Tip 2: Stay Away From Discord Links
If you were actively in discord, I would recommend staying away from any messages that you receive about any sort of other Discord communities or any NFT projects. There are a lot of discord bots and a lot of scammers out there trying to get access to your wallets and your funds.
Tip 3: Stay Away From Celebrity NFT Projects
Most NFT projects have the purpose of actually building something on the blockchain or creating a legitimate piece of art.
Absolutely stay away from projects that are created by famous celebrities as they're just really looking for a quick turnaround or a quick profit.
Tip 4: Avoid The Classic Overhold
A lot of people will overhold their position thinking that they can make more in the long-term when in reality they have dismissed the all-time high and they end up holding an NFT for way too long And the value just keeps depleting.
Tip 5: Wait For The Right Time
If you're buying an NFT on a secondary market as a public sale, definitely wait for the Ethereum fees to fall. Ethereum gas fees tend to rise and fall throughout the day.
Hosts:
Joe Dewitt Follow at: https://twitter.com/metabitz
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Questions? Ask at joedewitt@benzinga.com and we will answer!
Unedited Transcript:
Hey everybody happy Friday. My name is Joe Dewitt, and this is the crypto breakdown. Today. I'm going to talk about a few tips and tricks to help you buy and sell some NFTs for profit instead of selling them at a loss. Now, the first thing I'm going to say, which is probably the most important thing in the entire space, no matter how much you hear it, it is really, really important to focus on the fact of doing your own research DYOR
It's probably the most said phrase in the space for reason, and doing your own research is so important because it really helps the investor get an understanding of what project they'll actually be investing in. Make sure to take a look at the development team, see if they've released any other projects that are similar in the past, or if this is their first time around with an NFT and take a look at what their roadmap is.
If you don't know what a roadmap is or a white paper, it is essentially a document that describes their short to mid to long-term goals. And that's really important to kind of get an understanding of where the. Wants to head thinking about this is not all roadmaps and white papers are necessarily legitimate because a lot of them are just used essentially as kind of a buzzword or just filler to kind of show people what they want to see.
But at the same time, it is a good base, um, to kind of give, uh, investors now following the roadmap and the development team. One thing I will say about that is absolutely stay away from projects that are created by famous slow. Um, most of the time, if a celebrity makes an NFT project is going to be a cash grab.
Now, the reason for this being is because most NFT projects have the purpose of actually building something on the blockchain or, uh, essentially creating a legitimate piece of. Now most celebrities that create an NFT project, they're just really looking for a quick turnaround or a quick profit and Ethereum.
And most of the time, this is going to lead to what's called a rug poll, which is essentially the development team, pulling the rug from underneath the investors, leaving them with nothing. So I would definitely recommend to stay away from if any famous celebrities after. Now to actually go in some tips and tricks about the buying and selling process about buying.
What I would say is if you were looking at an NFT that you like to cop, and it is not the men to meaning that you're buying it on a secondary market as a public sale, definitely wait for the Ethereum fees. If you were trading on Ethereum to fall for the day, Ethereum gas fees tend to rise and fall throughout the day.
So finding a period and familiarizing yourself with. Um, Ethereum gas fees will be significantly lower. Can definitely help you save a hundred bucks. Now, it's also important if you're looking to actually flip your NFT and not just hold it for the long-term to develop some sort of goal. Now, this ties back into doing your own research.
Once you look into a project, you'll get a better understanding of how you really feel about it. And if you feel comfortable holding onto it for a few weeks, hoping that price goes. Or if you were willing to just flip it right after mint now, typically when NFT projects mint, and for those of you that don't know what a mint is, that is essentially just minting the NFT on the blockchain.
So if someone comes up with the project and users are able to pay a small fee to actually meant one, essentially creating it. Now these mens are easily the best way to make your money. If you can find a cheaper mins that are popular projects that have a little bit of following probably 20,000 followers on.
Um, there is a good chance. Flipping an after mint will be very profitable. Although the hard part here is the classic Overhold. A lot of people will, Overhold their position thinking that they can make more in the long-term when in reality they have dismissed the all-time high and they end up holding an NFT for way too long.
And the value just keeps depleting that. Going back to you. It is really important to develop your goal. If you have the goal of minting an NFT and flipping it the next day, stick to that goal, no matter how high price climbs, just stick to your goal, stay disciplined because that is ultimately, what's going to make you a better.
And the final thing I will say is stay away from any discord links. If you were actively in discord, um, I would probably recommend to stay away from any messages that you receive about any sort of other discourse communities or any NFT projects. There are a lot of discord bots and a lot of scammers out there trying to get access to your wallets and your funds.
And there's no reason to give them any opportunity to find your own. So just stay away from discord. There are a lot of malicious links and you do not want to authorize any party to access your wallet. That's all the time we have for today. Guys. Thank you so much for tuning in politics. Subscribe to the podcast, which will be in the description below.
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