We’ve all been there but let’s help those who haven’t yet.
You’ve created your Metamask, transferred crypto from Coinbase/Binance/name any centralised exchange here. You feel proud because this wasn’t easy in the first place, and many people around you still don’t even use online banking.
Now what?
Unless you are familiar with NFT/crypto twitter or have well-versed friends, where do you start?
Most people jump straight in without too much research and promptly fall into making one of these mistakes:
1. FOMO = you end up buying at the top and lose your money
The easiest mistake to make. Adrenalinrush. It feels exhilarating.
But if you educate yourself about trading and projects and do a lot of research, it’s avoidable. Most of the time, if you slow down and think before starting a transaction, you will be able to avoid this.
2. Buy something that’s a scam/rug
Probably the least avoidable one… if something looks too good to be true, rest assured-even in web3- it is.
It’s very easy to fill up your hidden folder without realising, giving away valuable magic internet money in dribs and drabs.
You can avoid it by doing some research — look at the contract (I am not a dev, but you can always learn a few things to watch out for), Twitter, discord (if there is one), and listen to that gut feeling.
3. Wanting that Lambo tomorrow and all to yourself
Greed. We all have it. After all, most people come to NFTs because they see dollar bills.
A lot — like me — stay for the community, though. The initial Lambo dreams might become a reality, but you need to be patient.
And by patient, I mean not only to wait longer than a week for a project to ship some results. Think about your expectations and also think about how you are going to make it. We do use WAGMI here and there but do we mean it?
My NFT trading (note, trading is different than investing) journey — in monetary terms — has become a lot more successful since I don’t do it on my own: aka, I talk to people I trust, join communities, trusted groups, and continue to educate myself.
Did you notice a trend here?
I’ll summarise it for you:
If you are patient, do your research, observe and talk to your community, you are more likely to make it.
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