Tips and Tricks of Choosing the Right NFTs
In this section, I’m going to tell you about the dos and don’ts of picking and buying NFTs!
NFTs are a real rollercoaster - that goes without saying! The best example of this is the NFT of Jack Dorsey’s first-ever tweet - the Twitter co-founder initially sold it for $2.9 million, and when the new owner tried reselling it for close to $50 million, the highest bid he received was around $80,000, with the follow-up bid not even reaching $300. Just imagine how he felt!
We’ve all been there, though - bought NFTs that we really believed would rise in value, only for them to peak soon after, and then crash down, with no signs of recovery. This is why talking about the core aspects of finding the best NFTs is so important!
In this section, you'll find out about the dos and don’ts of picking the right NFT projects, and buying NFTs themselves. We’ll talk a bit about how the general situation within the market influences the prices of NFTs, and then cover the biggest points to look out for, when trying to find the most promising NFT projects for yourself!
Let’s get to it!
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How to Pick the Right NFTs? (Animated DOs & DON'Ts)
NFTs and the General Crypto Market
So, to start off, let’s address the elephant in the room. As you can imagine, there are some steps that you can take when it comes to analyzing NFT projects, asking “what NFT should I buy?”, and finding the “right one” for yourself. It’s like, picking out a computer at the store - you look through the specs, see if the parameters suit your needs, and then make the purchase, if all seems fine!
Sorting through NFT projects can become a bit more complicated, however, when you find yourself in a bear market - a period of time during which there are few new projects popping up, and the various crypto asset prices are crashing down, hard.
Now, it’s kind of an unwritten rule that, during bear markets, teams tend to concentrate on developing and building their projects, so that they could be launched when the market turns around. This, in turn, makes finding and buying NFTs quite a bit more difficult - there simply aren’t as many top-notch projects to look at!
Another point to be noted has to do with motivation, as well. Think about it this way - imagine that, at some point during the summer, as you browse through the internet on your computer, you get an ad for winter shoes. The price is decent, and the shoes do look warm - however, just how likely are you to actually purchase them, at that point in time?
For most people, the likelihood of that happening is, frankly, rather slim! That’s simply due to the fact that it’s the middle of summer - you’re thinking about pool parties and beaches, not winter shoes!
The crypto market works the same way - even if you do find some amazing NFT projects, and learn how to invest in NFT technology, chances are that you’ll have a difficult time re-selling those NFTs, if the market is currently experiencing negative sentiments.
So, ya - that’s essentially the first major thing that I wanted to point your attention to. When looking at how do you buy NFTs, do keep the general market situation in mind - it could save you a lot of money and patience, in the long run!
Design & Originality
Now, moving on to the actual “dos and don’ts” of buying NFTs, the very first step related to the actual NFTs would be for you to look at the design quality of the project, as well as its originality.
Both of these aspects are very self-explanatory. It’s like picking out a game to play - would you rather play a copy-pasted version of some popular game that you’ve already seen dozens of times before, or a visually-stunning game with top-tier graphics and original storytelling?
Naturally, probably everyone would pick the latter. The same applies to choosing NFTs, as well!
By now, there are countless numbers of Bored Ape and CryptoPunk lookalikes. The wider NFT community knows this - projects like these don’t really get a lot of attention anymore, and thus, they tend to perform… Let’s just say, not so great.
Instead, your goal should be to look for unique NFT projects. This uniqueness could actually be anything - the design of the characters, some sort of a cool use case, an original twist on the tokenomics of the project - anything!
That being said, it’s probably obvious that visual appeal plays a big factor with non-fungible tokens. Thus, if you’re thinking about flipping the NFTs in order to make a profit, make sure to look for the most interesting, eye-catching designs!
Development Team
Next, once you have a couple of projects in mind, and understand how to know what NFTs to buy, the second major thing that you should do is figure out who are the creators of your chosen NFTs.
Now, this point’s a bit tricky, because there are countless of really cool (and successful!) NFT projects that have anonymous developers behind them. It’s kind of an intuition thing at that point - if you have a gut feeling that the developers of the NFT won’t just randomly abandon the project, and that they’re “in it” for the long term, the anonymity point becomes a bit more lenient.
That being said, you should still take the time and look into the developers (or, the general team) behind the NFT that you’re thinking of buying. Even if they don’t reveal their identities, you can still observe how they interact with the community - the way they talk, the things they say, how they respond to difficult questions, and so on.
All of these things can really tell you a lot about how the project will be managed! It’s actually something that can impact the price of your chosen NFT, quite a bit, especially in the long term.
What you should not do, though, is trust developers who appear like they have something to hide, or who are actively dodging questions from the community. If there’s any type of shadiness involved with the project, it’s probably a good idea to avoid it, and move on to something else, completely.
Community Support
Looking at what makes an NFT valuable, imagine this: you’ve come across an awesome-looking NFT project, noticed that it has some cool perks and features, and chatted with the developers, who seem to be very knowledgeable and positive. What do you think comes next, as a natural progression of things that you should do while picking out and buying an NFT?
If you said “community checks”, you’re on point!
It could be the best, most revolutionary NFT project in the world - if it doesn’t accumulate community support, and there’s no hype behind it, it’s very likely to flop, sooner rather than later.
Once again - if you’re interested in how to invest in NFT technology, strong community backing is an essential factor to consider and look into.
How is something like this measured? Well, it’s pretty simple, really - your quest should be to check out every existing social media platform that the NFT project has an associated account on. Twitter, Meta, Instagram, Telegram, Discord, and so on - you name it!
The last couple of platforms - Telegram and Discord - are actually some of the best places to begin your search on. This is due to the interactive nature that they possess - chances are that you’ll find the moderators or developers of the project chatting with their community on Discord, or answering questions on Telegram.
Look at the numbers of followers that the project has amassed, the likes and shares that it receives, and the number of people talking about it, in general. All of these things work to create a pretty good general outlook on what the community is like, and whether or not buying this specific NFT is the right pick for you!
One more point that I’d like to mention here is that there are some sneaky people out there. Specifically, there are traders who are selling themselves their NFTs, thus artificially inflating their price. These can be rogue, individual traders, or even entire communities, as well.
How do you spot something like this? Well, you need to look at the history of the NFT - how many times it has been traded, what are the wallet addresses of previous owners, whether or not they repeat themselves throughout the trading history, and so on. Make sure to keep an eye out for this form of trickery!
Project Roadmap - A Key Factor to Consider
Moving on, the next major thing to consider when you’re looking at buying NFTs with the most potential is the roadmap of the project.
I cannot stress this enough - it’s an absolutely essential factor that needs to be looked into! Think about it like this - imagine that you planned a trip, and wanted to fly from London to New York. You buy your ticket and board the plane. The pilots, however, don’t have a flight plan - they just take off, and fly straight. There’s a pretty good chance that you’ll end up somewhere flying like this, but it’s likely not going to be New York.
The same logic can be applied to NFT projects, and your consideration of how to know which NFT to buy. If the creators behind the NFTs don’t really have a solid plan where they want to take the project, this could result in failure, really fast. Sure, there might be some initial hype, and if the NFTs are really cool-looking, they could generate a few sales - however, in the long run, chances are that the community would abandon this project for a more planned-out one, pretty soon.
It’s not enough to simply “take a look” at the roadmap, though. You need to analyze what features the project possesses, what are the planned future updates, where will the money from the sales go, what platforms the NFTs are going to be hosted on, whether or not there is going to be a DAO, airdrops, giveaways, celebrity promotions, and so on.
That is, admittedly, a lot to cover! These aspects, however, can really help you differentiate between solid and well-rounded projects, and rug pulls in the making.
Not familiar with the term? It’s a type of scam that’s rather common in the crypto and NFT spaces - check out the dedicated section on this topic, to both get familiar with this concept, as well as learn how to spot and avoid potential rug pulls, wherever they might be!
As a final point that needs to be mentioned, when you’re reading through the roadmap of the project, you will eventually come across a section about the minting process of the NFT, and everything that relates to it. Make sure to pay extra close attention to this part of the roadmap.
Essentially, this is where you’ll be able to learn about how the NFTs were minted, how the rarity system works, and even about the floor price of the non-fungible tokens, when they’re finally released. All of this information will give you a better idea of how the project works, and whether or not it’s the right choice for you!
Conclusions
I do hope that you’ve learned a lot, and now know what to look out for! Whether it be traders selling themselves their NFTs, or questions such as “how to know what NFTs to buy?”, in general, we’ve covered all of the big aspects that you need to know, in order to make the right decisions!
As the non-fungible token market sees increasing popularity and a growing number of use cases, so do the risks associated with NFT theft expand, as well. There are some real horror stories about people losing incredibly valuable NFTs to scammers and hackers, alike!<\/p>\n<p>All of those stories have something in common, however - some sort of an oversight that allowed the said scammers to access the NFT holders’ wallets, and steal their tokens. This is why it’s crucial to learn about the best NFT storing safety practices, as soon as possible!<\/p>\n<p><strong>In this section, we’re going to talk about NFT storage<\/strong>. Specifically, I will tell you about the most notable NFT safekeeping practices, and the best places where to store NFTs, as well. In addition to that, I will also give you a few tips on how to avoid putting your NFTs in jeopardy, in general.<\/p>\n<p><em>Let’s get to it!<\/em><\/p>\n<h2>First Things First - Before You Acquire Your NFTs<\/h2>\n<p>To start things off, we need to very quickly talk about the process of acquiring your first NFTs. Now, I won’t go into detail about what this entails - if you’d like to learn about <strong>NFT trading<\/strong>, I highly recommend checking out a <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//how-to-trade-nfts/">section dedicated to this topic.<\/p>\n<p>Instead, for now, I just want to run through a few <strong>safety tips<\/strong> that you should utilize, when you’re just starting out within the industry. While it’s not yet directly related to the question of how to store NFTs, you will eventually see how it all ties in.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How to store NFTs: Essential safety tips.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//how-to-store-nft-06.jpg/" alt=\"How to store NFTs: Essential safety tips.\" width=\"1000\" height=\"571\" \/><\/p>\n<p>So, whenever you want to start acquiring non-fungible tokens, there are essentially three points that you need to consider, and look into:<\/p>\n<ul>\n<li>The safety level of the device that you’re using;<\/li>\n<li>The platform which you will use to buy your first NFTs;<\/li>\n<li>The safety of the NFTs themselves.<\/li>\n<\/ul>\n<p><strong>When it comes to your device<\/strong>, it’s essentially just your common, everyday digital safety practices - make sure that your computer or mobile phone is virus-free, that there are no keyloggers or other similar malware hiding within it, and that it doesn’t have its security compromised, in general. If any of these points aren’t met, you might not be able to HODL NFTs for long.<\/p>\n<p>Think of it this way - imagine that you’ve bought a brand new car, and have left it in your driveway, with your wallet on the front seat. Now, that’s not ideal, in and of itself, but on top of that, you left the car unlocked, eliminating the last potential security measure. A thief could come up to the car, open the door, and just take the wallet!<\/p>\n<p>The same is true with your device, too - if you use even the best crypto wallet for NFTs on a faulty and virus-ridden computer, chances are that all of the security that this wallet provides will become trivial. Your newly-acquired NFTs could be stolen even before you transfer them to the wallet in question.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How to store NFTs: NFT acquisition platform.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//how-to-store-nft-05.jpg/" alt=\"How to store NFTs: NFT acquisition platform.\" width=\"1000\" height=\"607\" \/><\/p>\n<p><strong>Next up, the NFT acquisition platform<\/strong>. Once again, it all boils down to security and reputability - while it’s not something that you’d need to worry about when buying NFTs from major marketplaces (if you’re looking for the best NFT wallet for <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//opensea/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>OpenSea<\/strong><\/a> or Rarible, you probably know what I’m talking about), if you’re utilizing the services of some shady market, this can lead to you losing not only your NFTs, but also all other tokens in your wallet, as well!<\/p>\n<p>Such malicious platforms are rare, I’ll admit, but you still need to remain vigilant - what I would essentially do is stick with the time-tested platforms, like the ones I’ve just mentioned earlier.<\/p>\n<p><strong>Lastly, the safety of NFTs themselves<\/strong>. This is a bit of an odd point, but with NFT technology developing at a rapid rate, this could become a major issue, as well. Specifically, certain NFTs might possess some sort of malware themselves - this would, once again, cause a lot of danger to the contents of your crypto wallet.<\/p>\n<p>Note that I’m not necessarily talking about the NFT, as in, the token itself - it might just be a Trojan horse! Instead, the malicious code or program could be hidden within some sort of a “bonus” that’s given out to the buyers of the NFT. Just something to keep in mind and consider!<\/p>\n<p>With that being said, you should now have a better idea of what to pay attention to when you’re buying your first NFTs. Now, then - <strong>let’s move on to the actual “how to store NFTs” question at hand<\/strong>.<\/p>\n<h2>The Three NFT Storage Options<\/h2>\n<p>Essentially, when it comes to storing NFTs safely, there are three main methods that you should know about - <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-software-wallet/">software wallets<\/strong><\/a>, <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-hardware-wallet/">hardware wallets<\/strong><\/a>, and something called <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-interplanetary-file-system-ipfs/">IPFS./n I will continue with the assumption that you already know and understand the basics of what is a cryptocurrency wallet, and how these platforms work. If that’s not the case, make sure to check out other sections in this Crypto 101 Handbook - there are sections dedicated to exploring just that! In regards to IPFS, though, we’ll cross that bridge when we get there - that’s a bit of a more complex topic.<\/p>\n<h3>Software Wallets<\/h3>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How to store NFTs: Software wallets.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//how-to-store-nft-03.jpg/" alt=\"How to store NFTs: Software wallets.\" width=\"1000\" height=\"786\" \/><\/p>\n<p>So, starting off, you have software wallets. A significant number of cryptocurrency wallets these days allow their users to store both <em>“traditional” <\/em>crypto coins & tokens, as well as NFTs on them. Think about, say, <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//what-is-metamask/">MetaMask - you can store your <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-ethereum-eth/">ETH coins on it, as well as all other ETH-related tokens, but the wallet now supports different blockchain-based non-fungible tokens, as well! This is why, at one point, it was commonly referred to as the best Ethereum wallet for NFTs.<\/p>\n<p>In a very general sense, <strong>software wallets aren’t the ideal choice, for anyone looking for top-tier NFT storage security<\/strong>. This is because these wallets maintain a constant connection to the internet. In turn, it renders them a target for many wannabe hackers and crypto thieves. Thus, whether it be a Solana NFT wallet, or any other similar NFT storage solution, software wallets do face this issue.<\/p>\n<p>That being said, this shouldn’t be over-exaggerated, either. If you’re careful in how you store your NFTs, and don’t publicize your holdings for the entire world to see, chances are that software wallets can be perfectly safe, as well. On top of that, they are very convenient - you can access your NFTs really fast, and perform trades without too much hassle.<\/p>\n<h3>Hardware Wallets<\/h3>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How to store NFTs: Hardware wallets.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//how-to-store-nft-01.jpg/" alt=\"How to store NFTs: Hardware wallets.\" width=\"1000\" height=\"600\" \/><\/p>\n<p>In contrary to that, you have hardware storage, as the best NFT wallet option. These are special devices that allow you to store your cryptocurrencies and NFTs on them - some hardware wallets store NFTs directly, while others might need you to connect them to some software wallet. That’s going into very circumstantial specifics, though - I won’t bore you with such details.<\/p>\n<p>As I’ve eluded to earlier, however, <strong>hardware wallets are generally considered to be very safe<\/strong>, but at the same time, they tend to be a bit more of a nuisance to use, on a daily basis.<\/p>\n<p>It’s like, software wallets are your credit or debit card, and hardware wallets are cash. When you’re at the store, you could just swipe your card and pay for groceries that way, or count your coins and banknotes, come up with the correct amount, and pay in cash. The former method is a bit faster and essentially hassle-free, but it doesn’t really make all that big of a difference, at the end of the day.<\/p>\n<p>When it comes to hardware wallets, a question that you might come across pretty often is this - can you store NFTs on <strong><a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//ledger/" target=\"_blank\" rel=\"nofollow noindex noopener\">Ledger<\/a><\/strong>? This is one of the most popular hardware crypto storage brands on the market, so it’s really not too odd that a question like this comes up.<\/p>\n<p>Let me tell you right now - <strong>yes, you can store NFTs on Ledger<\/strong>. As you might imagine, however, this is a whole, separate topic.<\/p>\n<h3>InterPlanetary File System (IPFS)<\/h3>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How to store NFTs: IPFS.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//how-to-store-nft-08.jpg/" alt=\"How to store NFTs: IPFS.\" width=\"1000\" height=\"528\" \/><\/p>\n<p>Moving on, your last option for how to store NFTs is an IPFS, or an “InterPlanetary File System”. Yes, I know - the name is very eccentric.<\/p>\n<p>IPFS is actually quite a complex concept. However, the simplest way of how it can be explained is that <strong>it’s a data-storing solution that’s not too different from a blockchain<\/strong>. So, if you store your NFTs on IPFS, they will essentially be based on a network of computers, without a single, central node.<\/p>\n<p>Many NFT-related platforms support IPFS storage, for the underlying file of the non-fungible token. For example, if you create an NFT that’s an image of your dog, on the OpenSea marketplace, you could store that image on an IPFS - the actual token, however, will be based on a blockchain network (such as Ethereum, Binance Chain and so on).<\/p>\n<p>Once again, IPFS is pretty complicated to wrap your head around. <strong>It’s also an NFT storage solution that most people will end up avoiding<\/strong> - instead, the majority of NFT fans will likely turn to software or hardware wallets.<\/p>\n<p>That’s certainly not a bad idea! With wallets such as MetaMask or Ledger, you can expect a lot of user-friendliness and feature variety. On top of that, such established NFT wallets will come equipped with state-of-the-art security measures, as well!<\/p>\n<h2>General NFT Storage Tips<\/h2>\n<p>Moving on, the last bit of advice that I’d like to give you has to do with some general “best practices” when it comes to how and where to store NFTs. I’ve already touched on a few of the bigger points previously - ensuring that your device is virus-free, using established NFT marketplaces, and so on.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How to store NFTs: Best practices.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//how-to-store-nft-10.jpg/" alt=\"How to store NFTs: Best practices.\" width=\"1000\" height=\"550\" \/><\/p>\n<p>However, the aforementioned “best practices” would include <strong>frequent check-ups on<\/strong> <strong>what are the latest industry trends<\/strong>, as well. Scammers and crypto thieves try to stay ahead of the curve, and utilize the latest tactics of stealing people’s NFTs - it’s your job to protect your assets! This can be done much easier if you already know what to expect, and what the latest scams are like.<\/p>\n<p>Naturally, if possible, it would be a good idea to <strong>have a fresh, designated device, for all of your crypto and NFT dealings<\/strong>. This would frankly eliminate the possibility of your system being compromised! That is, if you don’t click on any shady links online, and don’t decide to claim that $100 million prize that you’ve now won three times, and that’s waiting for you in your email’s spam folder.<\/p>\n<p>All in all, make sure to choose the NFT storage solution that seems to work best for you, and perform regular check-ups on how your NFTs are doing within the wallet of your choice.<\/p>\n<h2>Final Thoughts<\/h2>\n<p>Even though we’ve talked quite a bit about how to store NFTs, this topic, in itself, is rather expansive. We could go on about the best Ethereum wallet for NFTs, as well as Solana NFT wallet options, or even address questions of how to stake NFTs, too. These are all huge talking points, however, and thus, they deserve separate sections, altogether.<\/p>","definition":"Did you know that there are three different options for storing NFTs?","status":"published","meta_title":"How to Store NFTs? The Best Storage Options","meta_description":"Have you just acquired nfts and now you're wondering how to store nfts safely? Find the best practices of nft storage for you right here.","meta_keywords":"how to store nft, where to store nfts, nft wallet, best nft wallet, best wallet for nft, nft wallet app, best crypto wallet for nft, best solana wallet for nfts, best ethereum wallet for nft, best wallet for nfts, solana nft wallet, best nft wallet for opensea, can you store nfts on ledger, how to stake nfts, how to store nfts on ledger, store nft on ledger, hodl nft","modified_content":"<p>In this section, I’m going to tell you everything that you need to know about how to store <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-non-fungible-token-nft/">NFTs!/n As the non-fungible token market sees increasing popularity and a growing number of use cases, so do the risks associated with NFT theft expand, as well. There are some real horror stories about people losing incredibly valuable NFTs to scammers and hackers, alike!<\/p>\n<p>All of those stories have something in common, however - some sort of an oversight that allowed the said scammers to access the NFT holders’ wallets, and steal their tokens. This is why it’s crucial to learn about the best NFT storing safety practices, as soon as possible!<\/p>\n<p><strong>In this section, we’re going to talk about NFT storage<\/strong>. Specifically, I will tell you about the most notable NFT safekeeping practices, and the best places where to store NFTs, as well. In addition to that, I will also give you a few tips on how to avoid putting your NFTs in jeopardy, in general.<\/p>\n<p><em>Let’s get to it!<\/em><\/p>\n<div class=\"container\">\n <div class=\"row justify-content-center\">\n <div class=\"col-md-10 suggested-comparisons pb-3 mb-4\">\n <div class=\"d-flex flex-row\">\n <div class=\"text-center\">\n <div class=\"img-block-yt\">\n <img src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//assets//images//compare-crypto-exchanges.gif/"/n alt=\"How to Store NFTs in 2023 (3 Most Secure Ways Explained)\"\n title=\"How to Store NFTs in 2023 (3 Most Secure Ways Explained)\" class=\"border-0\">\n <p>Video Explainer<\/p>\n <\/div>\n <\/div>\n <div class=\"col-xs-10 col-sm-10 col-md-10 text-left py-3 yt-info\">\n <h4 class=\"mb-1\">Video Explainer: How to Store NFTs: Best Practices<\/h4>\n <p class=\"py-1 mb-0 youtube-video-subtitle\">Reading is not your thing? Watch the \"How to Store NFTs: Best Practices\" video explainer<\/p>\n <\/div>\n <\/div>\n <div class=\"row justify-content-center text-center\">\n <div class=\"col-12 col-md-11 px-3\">\n <div class=\"wrapper mb-0\">\n <div class=\"position-relative youtube mb-4 bg-transparent p-0 video-modal-popup\" data-toggle=\"modal\"\n data-target=\"#video-modal\" data-id=\"UVrAjBNC7cQ\" data-title=\"CryptoFinallyExplained\">\n <div class=\"video-gradient-top\"><\/div>\n <p class=\"text-left dyk-video-title\">How to Store NFTs in 2023 (3 Most Secure Ways Explained)<\/p>\n <img data-srcset=\"https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/how-to-store-nfts-in-2023-3-most-secure-ways-explained.jpg?tr=w-420 500w,\n https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/how-to-store-nfts-in-2023-3-most-secure-ways-explained.jpg?tr=w-760 1000w\"\n alt=\"How to Store NFTs in 2023 (3 Most Secure Ways Explained)\"\n title=\"How to Store NFTs in 2023 (3 Most Secure Ways Explained)\"\n class=\"p-0 lazyload\">\n <img class=\"play-button lazyload\" data-target=\"#video-modal\"\n data-src=\"https:\/\/assets.bitdegree.org\/crypto\/assets\/video-button.png?tr=w-85\"\n alt=\"How to Store NFTs in 2023 (3 Most Secure Ways Explained)\">\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <div class=\"row justify-content-center text-center\">\n <div>\n <a href=https://www.bitdegree.org/"https:////www.youtube.com//c//CryptoFinallyExplained?sub_confirmation=1\%22\n class=\"btn yt-promo mb-2\" target=\"_blank\" rel=\"nofollow noopener noindex\">\n <div class=\"row justify-content-center align-items-center mx-0 text-center\">\n <div class=\"col-4 col-md-4\">\n <i class=\"fab fa-youtube yt-dyk-btn\"><\/i>\n <\/div>\n <div class=\"col-8 col-md-8 text-center yt-promo-text\">\n <h4 class=\"m-0 text-white\">SUBSCRIBE<\/h4>\n <span>ON YOUTUBE<\/span>\n <\/div>\n <\/div>\n <\/a>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n<div class=\"modal fade\" id=\"video-modal\" tabindex=\"-1\" role=\"dialog\">\n <div class=\"modal-dialog modal-dialog-centered modal-lg\" role=\"document\">\n <div class=\"modal-content\">\n <div class=\"modal-body p-0\">\n <button type=\"button\" class=\"video-modal-close close\" data-dismiss=\"modal\" aria-label=\"Close\">\n <i aria-hidden=\"true\" class=\"fas fa-times\"><\/i>\n <\/button>\n <div id=\"iframe\"><\/div>\n <\/div>\n <a class=\"text-decoration-none\"\n href=https://www.bitdegree.org/"https:////www.youtube.com//c//CryptoFinallyExplained?sub_confirmation=1\%22\n rel=\"nofollow noopener noindex\" target=\"_blank\">\n <div class=\"modal-footer p-0 d-block bg-white\">\n <div class=\"row justify-content-center m-0\">\n <div class=\"col-3 col-md-4 col-lg-2 p-0\">\n <img class=\"w-100 h-100\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//assets//crypto-subscribe.jpg/" alt=\"Subscribe\">\n <\/div>\n <div class=\"col-9 col-md-8 col-lg-2 px-0 d-flex\">\n <div class=\"modal-subscribe w-100\">\n <p class=\"m-0 mt-1 mr-3\">SUBSCRIBE<br>\n <span class=\"m-0\">ON YOUTUBE<\/span>\n <\/p>\n <\/div>\n <\/div>\n <div class=\"col-12 col-md-12 col-lg-8 p-0 text-center d-flex justify-content-center align-items-center\">\n <div class=\"modal-subscribe-text\">\n <h4 class=\"m-0\">Understand crypto with ease<\/h4>\n <span>New explainer videos every week!<\/span>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/a>\n <\/div>\n <\/div>\n<\/div>\n<h2>First Things First - Before You Acquire Your NFTs<\/h2>\n<p>To start things off, we need to very quickly talk about the process of acquiring your first NFTs. Now, I won’t go into detail about what this entails - if you’d like to learn about <strong>NFT trading<\/strong>, I highly recommend checking out a <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//how-to-trade-nfts/">section dedicated to this topic.<\/p>\n<p>Instead, for now, I just want to run through a few <strong>safety tips<\/strong> that you should utilize, when you’re just starting out within the industry. While it’s not yet directly related to the question of how to store NFTs, you will eventually see how it all ties in.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How to store NFTs: Essential safety tips.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//how-to-store-nft-06.jpg/" alt=\"How to store NFTs: Essential safety tips.\" width=\"1000\" height=\"571\" \/><\/p>\n<p>So, whenever you want to start acquiring non-fungible tokens, there are essentially three points that you need to consider, and look into:<\/p>\n<ul>\n<li>The safety level of the device that you’re using;<\/li>\n<li>The platform which you will use to buy your first NFTs;<\/li>\n<li>The safety of the NFTs themselves.<\/li>\n<\/ul>\n<p><strong>When it comes to your device<\/strong>, it’s essentially just your common, everyday digital safety practices - make sure that your computer or mobile phone is virus-free, that there are no keyloggers or other similar malware hiding within it, and that it doesn’t have its security compromised, in general. If any of these points aren’t met, you might not be able to HODL NFTs for long.<\/p>\n<p>Think of it this way - imagine that you’ve bought a brand new car, and have left it in your driveway, with your wallet on the front seat. Now, that’s not ideal, in and of itself, but on top of that, you left the car unlocked, eliminating the last potential security measure. A thief could come up to the car, open the door, and just take the wallet!<\/p>\n<p>The same is true with your device, too - if you use even the best crypto wallet for NFTs on a faulty and virus-ridden computer, chances are that all of the security that this wallet provides will become trivial. Your newly-acquired NFTs could be stolen even before you transfer them to the wallet in question.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How to store NFTs: NFT acquisition platform.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//how-to-store-nft-05.jpg/" alt=\"How to store NFTs: NFT acquisition platform.\" width=\"1000\" height=\"607\" \/><\/p>\n<p><strong>Next up, the NFT acquisition platform<\/strong>. Once again, it all boils down to security and reputability - while it’s not something that you’d need to worry about when buying NFTs from major marketplaces (if you’re looking for the best NFT wallet for <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//opensea/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>OpenSea<\/strong><\/a> or Rarible, you probably know what I’m talking about), if you’re utilizing the services of some shady market, this can lead to you losing not only your NFTs, but also all other tokens in your wallet, as well!<\/p>\n<p>Such malicious platforms are rare, I’ll admit, but you still need to remain vigilant - what I would essentially do is stick with the time-tested platforms, like the ones I’ve just mentioned earlier.<\/p>\n<p><strong>Lastly, the safety of NFTs themselves<\/strong>. This is a bit of an odd point, but with NFT technology developing at a rapid rate, this could become a major issue, as well. Specifically, certain NFTs might possess some sort of malware themselves - this would, once again, cause a lot of danger to the contents of your crypto wallet.<\/p>\n<p>Note that I’m not necessarily talking about the NFT, as in, the token itself - it might just be a Trojan horse! Instead, the malicious code or program could be hidden within some sort of a “bonus” that’s given out to the buyers of the NFT. Just something to keep in mind and consider!<\/p>\n<p>With that being said, you should now have a better idea of what to pay attention to when you’re buying your first NFTs. Now, then - <strong>let’s move on to the actual “how to store NFTs” question at hand<\/strong>.<\/p>\n<h2>The Three NFT Storage Options<\/h2>\n<p>Essentially, when it comes to storing NFTs safely, there are three main methods that you should know about - <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-software-wallet/">software wallets<\/strong><\/a>, <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-hardware-wallet/">hardware wallets<\/strong><\/a>, and something called <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-interplanetary-file-system-ipfs/">IPFS./n I will continue with the assumption that you already know and understand the basics of what is a cryptocurrency wallet, and how these platforms work. If that’s not the case, make sure to check out other sections in this Crypto 101 Handbook - there are sections dedicated to exploring just that! In regards to IPFS, though, we’ll cross that bridge when we get there - that’s a bit of a more complex topic.<\/p>\n<h3>Software Wallets<\/h3>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How to store NFTs: Software wallets.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//how-to-store-nft-03.jpg/" alt=\"How to store NFTs: Software wallets.\" width=\"1000\" height=\"786\" \/><\/p>\n<p>So, starting off, you have software wallets. A significant number of cryptocurrency wallets these days allow their users to store both <em>“traditional” <\/em>crypto coins & tokens, as well as NFTs on them. Think about, say, <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//what-is-metamask/">MetaMask - you can store your <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-ethereum-eth/">ETH coins on it, as well as all other ETH-related tokens, but the wallet now supports different blockchain-based non-fungible tokens, as well! This is why, at one point, it was commonly referred to as the best Ethereum wallet for NFTs.<\/p>\n<p>In a very general sense, <strong>software wallets aren’t the ideal choice, for anyone looking for top-tier NFT storage security<\/strong>. This is because these wallets maintain a constant connection to the internet. In turn, it renders them a target for many wannabe hackers and crypto thieves. Thus, whether it be a Solana NFT wallet, or any other similar NFT storage solution, software wallets do face this issue.<\/p>\n<p>That being said, this shouldn’t be over-exaggerated, either. If you’re careful in how you store your NFTs, and don’t publicize your holdings for the entire world to see, chances are that software wallets can be perfectly safe, as well. On top of that, they are very convenient - you can access your NFTs really fast, and perform trades without too much hassle.<\/p>\n<h3>Hardware Wallets<\/h3>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How to store NFTs: Hardware wallets.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//how-to-store-nft-01.jpg/" alt=\"How to store NFTs: Hardware wallets.\" width=\"1000\" height=\"600\" \/><\/p>\n<p>In contrary to that, you have hardware storage, as the best NFT wallet option. These are special devices that allow you to store your cryptocurrencies and NFTs on them - some hardware wallets store NFTs directly, while others might need you to connect them to some software wallet. That’s going into very circumstantial specifics, though - I won’t bore you with such details.<\/p>\n<p>As I’ve eluded to earlier, however, <strong>hardware wallets are generally considered to be very safe<\/strong>, but at the same time, they tend to be a bit more of a nuisance to use, on a daily basis.<\/p>\n<p>It’s like, software wallets are your credit or debit card, and hardware wallets are cash. When you’re at the store, you could just swipe your card and pay for groceries that way, or count your coins and banknotes, come up with the correct amount, and pay in cash. The former method is a bit faster and essentially hassle-free, but it doesn’t really make all that big of a difference, at the end of the day.<\/p>\n<p>When it comes to hardware wallets, a question that you might come across pretty often is this - can you store NFTs on <strong><a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//ledger/" target=\"_blank\" rel=\"nofollow noindex noopener\">Ledger<\/a><\/strong>? This is one of the most popular hardware crypto storage brands on the market, so it’s really not too odd that a question like this comes up.<\/p>\n<p>Let me tell you right now - <strong>yes, you can store NFTs on Ledger<\/strong>. As you might imagine, however, this is a whole, separate topic.<\/p>\n<h3>InterPlanetary File System (IPFS)<\/h3>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How to store NFTs: IPFS.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//how-to-store-nft-08.jpg/" alt=\"How to store NFTs: IPFS.\" width=\"1000\" height=\"528\" \/><\/p>\n<p>Moving on, your last option for how to store NFTs is an IPFS, or an “InterPlanetary File System”. Yes, I know - the name is very eccentric.<\/p>\n<p>IPFS is actually quite a complex concept. However, the simplest way of how it can be explained is that <strong>it’s a data-storing solution that’s not too different from a blockchain<\/strong>. So, if you store your NFTs on IPFS, they will essentially be based on a network of computers, without a single, central node.<\/p>\n<p>Many NFT-related platforms support IPFS storage, for the underlying file of the non-fungible token. For example, if you create an NFT that’s an image of your dog, on the OpenSea marketplace, you could store that image on an IPFS - the actual token, however, will be based on a blockchain network (such as Ethereum, Binance Chain and so on).<\/p>\n<p>Once again, IPFS is pretty complicated to wrap your head around. <strong>It’s also an NFT storage solution that most people will end up avoiding<\/strong> - instead, the majority of NFT fans will likely turn to software or hardware wallets.<\/p>\n<p>That’s certainly not a bad idea! With wallets such as MetaMask or Ledger, you can expect a lot of user-friendliness and feature variety. On top of that, such established NFT wallets will come equipped with state-of-the-art security measures, as well!<\/p>\n<h2>General NFT Storage Tips<\/h2>\n<p>Moving on, the last bit of advice that I’d like to give you has to do with some general “best practices” when it comes to how and where to store NFTs. I’ve already touched on a few of the bigger points previously - ensuring that your device is virus-free, using established NFT marketplaces, and so on.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How to store NFTs: Best practices.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//how-to-store-nft-10.jpg/" alt=\"How to store NFTs: Best practices.\" width=\"1000\" height=\"550\" \/><\/p>\n<p>However, the aforementioned “best practices” would include <strong>frequent check-ups on<\/strong> <strong>what are the latest industry trends<\/strong>, as well. Scammers and crypto thieves try to stay ahead of the curve, and utilize the latest tactics of stealing people’s NFTs - it’s your job to protect your assets! This can be done much easier if you already know what to expect, and what the latest scams are like.<\/p>\n<p>Naturally, if possible, it would be a good idea to <strong>have a fresh, designated device, for all of your crypto and NFT dealings<\/strong>. This would frankly eliminate the possibility of your system being compromised! That is, if you don’t click on any shady links online, and don’t decide to claim that $100 million prize that you’ve now won three times, and that’s waiting for you in your email’s spam folder.<\/p>\n<p>All in all, make sure to choose the NFT storage solution that seems to work best for you, and perform regular check-ups on how your NFTs are doing within the wallet of your choice.<\/p>\n<h2>Final Thoughts<\/h2>\n<p>Even though we’ve talked quite a bit about how to store NFTs, this topic, in itself, is rather expansive. We could go on about the best Ethereum wallet for NFTs, as well as Solana NFT wallet options, or even address questions of how to stake NFTs, too. These are all huge talking points, however, and thus, they deserve separate sections, altogether.<\/p>","youtube_video":{"id":53,"channel_id":1,"sort":45,"video_title":"How to Store NFTs in 2023 (3 Most Secure Ways Explained)","description":"What are the best NFT storage practices?\n\nAs cool and exciting as NFTs can be, it\u2019s important to safeguard these digital assets, so that they wouldn\u2019t fall into the hands of scammers and thieves. In order to prevent this from happening, and to protect your digital artwork, you should make yourself aware of some of the best NFT storage practices.\n\nIn this video, I will cover just that. First, you will learn about some of the best security practices that you could exercise, before you even purchase your first NFTs. Then, I will tell you about the three different types of NFT storage solutions, and the pros & cons that they possess, as well.\n\nDo you know any cool NFT storage tips? Share them with the rest of us, in the comment section below the video!\n\nVideo Time Table:\n0:00 Introduction to How to Store NFTs\n1:03 Few Safety Tips \n3:51 Three NFT Storage Options\n4:26 Software Wallets\n5:36 Hardware Wallets\n6:55 IPFS\n8:09 Generic Tips on Where to Store NFTs\n9:40 Wrap-up: How to Store NFTs\n\nGet Quick Crypto Tips on Twitter - Follow:\nhttps:\/\/twitter.com\/crypto_xplained\n\n#HowtoStoreNft #WheretoStoreNfts #NftWallet","video_id":"UVrAjBNC7cQ","duration":599,"view_count":290,"thumbnail_url":"https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/how-to-store-nfts-in-2023-3-most-secure-ways-explained.jpg","thumbnail_width":1280,"thumbnail_height":720,"published_at":"2023-03-09T16:32:12.000000Z","created_at":"2023-03-10T08:48:25.000000Z","updated_at":"2024-01-09T23:00:04.000000Z","channel":{"id":1,"title":"CryptoFinallyExplained","channel_id":"UCOryUY0yxC08eJtK23mNgiA","main_playlist_id":"UUOryUY0yxC08eJtK23mNgiA"}}}"
:prev-section="{"id":425,"chapter_id":5,"order":2,"featured_image_id":3079,"youtube_video_id":49,"author_id":1,"created_at":"2023-01-17T13:42:49.000000Z","updated_at":"2023-12-06T11:30:18.000000Z","slug":"how-to-trade-nfts","title":"NFT Trading: The Ins and Outs","content":"<p>In this section, I’m going to tell you <strong>how to trade NFTs on <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//opensea/" target=\"_blank\" rel=\"nofollow noindex noopener\">OpenSea<\/a><\/strong>, in the simplest way possible!<\/p>\n<p>NFTs are undeniably a huge part of the crypto space. While their popularity is very volatile, there are new projects coming out within the space, seemingly every day, still! Many crypto enthusiasts will tell you that non-fungible tokens are still a great way to make money with crypto!<\/p>\n<p>You’ve heard about NFTs, love the idea behind them, and are now eager to make money this way, too. However, you’re new to crypto, and have no idea where to even start. If that’s the case - don’t fret, since that’s what I’m here to help you with!<\/p>\n<p><strong>In this section, we’re going to talk about NFT trading<\/strong>. Specifically, I’ll tell you about all of the prerequisites that you need to keep in mind before you actually start trading, as well as walk you through the process of performing your very first NFT trade, too!<\/p>\n<p><em>Let’s get to it!<\/em><\/p>\n<h2>Before You Start<\/h2>\n<p>Now, while jumping into NFT trading can be a super-exciting prospect, you need to contain your excitement a tad bit longer, while we talk about a few prerequisites that you’ll need to sort out. After all, if you want to maximize your chances of success in trading NFTs, you need to come in with your homework prepared!<\/p>\n<p><strong>The very first thing that you’ll need to do is create a hot cryptocurrency wallet<\/strong>. You will use this wallet to store your NFTs, as well as perform all of the transactions in the future. If you decide to study how to make NFTs to sell, this wallet will be needed, as well!<\/p>\n<p>There are plenty of different wallets that you can pick, but I’d personally go with <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//metamask/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>MetaMask<\/strong><\/a>. You can read <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//what-is-metamask/">a dedicated section<\/strong><\/a> for this particular wallet, but in short, it’s one of the most popular Ethereum and ERC token wallets on the market, and it’ll make Ethereum-based NFT storage a breeze.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How to trade NFTs: Selling\/buying.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//hot_to_trade_nfts_01.jpg/" alt=\"How to trade NFTs: Selling\/buying.\" width=\"1000\" height=\"541\" \/><\/p>\n<p>Moving on, the next big thing that you need to take care of is the actual crypto that you’ll use to purchase your initial NFTs. In other words, if you’re starting completely fresh, and don’t have any assets to your name, <strong>you’ll need to buy some cryptocurrency<\/strong> (specifically - <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-ethereum-eth/">Ether) in order to then trade it for your very first NFT. Some marketplaces support credit and debit cards, but if you want complete privacy and anonymity, you’ll need to stick to the crypto route.<\/p>\n<p>This process can sound really intimidating, but let me assure you - it’s really nothing to be worried about! These days, popular cryptocurrency exchange platforms are extremely good at onboarding newbies, and guiding them through their initial purchases. With the best-known exchanges, such as <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//binance/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Binance<\/strong><\/a> or <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//kraken/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Kraken<\/strong><\/a>, you’ll be able to register and buy crypto with a credit or debit card in no time!<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How to trade NFTs: Buying some crypto.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//hot_to_trade_nfts_02.jpg/" alt=\"How to trade NFTs: Buying some crypto.\" width=\"1000\" height=\"551\" \/><\/p>\n<p>If you’d like to check out a more thorough explanation of how to buy cryptocurrency for the very first time, <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//how-to-buy-crypto/">read this section<\/strong><\/a> – it covers the process in-depth. Granted that this section is about how to buy and sell NFTs for profit, I’ll assume that you already have your wallet ready, and with some crypto transferred to it, too.<\/p>\n<p>The final point of preparation has to do with <strong>choosing the best NFT marketplace<\/strong>, where you’d perform all of your trades on. Admittedly, the variety of available options is getting bigger, by the day, but if you want to err on the side of caution, your best bet would still be using <strong>OpenSea<\/strong>. It’s considered by many to be the best NFT marketplace out there, offering its users access to an unprecedented number of different non-fungible tokens, and a way of how to trade NFTs safely.<\/p>\n<h2>Making Your First Trade<\/h2>\n<p>So - with all of the big preparation steps out of the way, you are finally ready to learn how to trade NFTs! But a single question remains - <strong>what NFT should you buy, as your very first one?<\/strong><\/p>\n<p>Now, truth be told, this is a discussion for the ages. Everyone is going to have their own opinions about which non-fungible tokens are <em>“worth it”<\/em>, and which will tank, price-wise.<\/p>\n<p>Depending on when it is that you’re reading this section, the NFT boom might be at its peak, or we might currently be in an “NFT winter”. This is a huge factor to consider, as well - as history has shown, many NFTs tend to lose a lot of their initial value, when the bear market comes!<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How to trade NFTs: Find a worthy NFT.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//hot_to_trade_nfts_03.jpg/" alt=\"How to trade NFTs: Find a worthy NFT.\" width=\"1000\" height=\"537\" \/><\/p>\n<p><strong>Your best bet would be to set up a price range, and then look for an NFT project that has some sort of backing behind it<\/strong>. This can be anything - a collection of paintings with free tickets to a concert, each, a piece of digital artwork from a band, containing a link to their new, Metaverse-exclusive album, photos of cars from a famous car brand, each coming with exclusive benefits to the holder, and so on.<\/p>\n<p>No one can say for sure, which projects will blow up, and which will tank in price! However, if you follow the market trends, and educate yourself about the industry, as a whole, you could catch some hidden gems, every once in a while!<\/p>\n<p>Let’s say that you’ve found that one, single NFT that you absolutely love, and think that it’s going to appreciate in price, as time goes on. <strong>How do you get it into your digital wallet?<\/strong><\/p>\n<p>Well, if you’re using OpenSea and MetaMask, this process is going to be super simple.<\/p>\n<p>First, you need to<strong> connect your wallet to OpenSea<\/strong>. This can be done at the top-right corner of the screen, on the OpenSea homepage - simply choose to connect via MetaMask, pass a few verifications, and you’re in!<\/p>\n<p>Next, you’ll need to <strong>find the NFT that you’ve picked, and either add it to your basket, or buy it instantly<\/strong>. When you navigate to your basket, you’ll be able to view all of the necessary details to complete your transaction - creator fees, payment types, total price, and so on.<\/p>\n<p>If everything seems to be in order, you can complete your payment - if you’re using crypto, and have enough coins in your wallet, you’ll receive a few transaction confirmations, and in a few seconds, your MetaMask wallet will be credited with your newly-acquired non-fungible token. Congratulations on your new purchase!<\/p>\n<h2>Trading Your NFTs<\/h2>\n<p>Now that you’ve dipped your toes into the world of NFT ownership, you can finally start trading these assets. There are multiple ways of how you can approach the topic, as well!<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How to trade NFTs: Trading it for tokens or other NFTs.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//hot_to_trade_nfts_04.jpg/" alt=\"How to trade NFTs: Trading it for tokens or other NFTs.\" width=\"1000\" height=\"446\" \/><\/p>\n<p>Think of it like trading candy. You could sell the candy at a physical store, online, or trade it for some other goods, as well. NFTs aren’t any different, in that regard!<\/p>\n<p>The simplest way of how to trade NFTs is to<strong> sell your current NFT for a profit, and purchase another token (or, even, tokens!) in its place<\/strong>. While it’s not technically<em> “trading”<\/em>, per se, you are still exchanging NFTs, albeit indirectly.<\/p>\n<p>The best part? This can be done on the same marketplace that you’ve bought your original NFT on. Meaning, you don’t need to over-encumber yourself with the management of a huge list of different trading platforms.<\/p>\n<p>Alternatively, you could participate in <em>actual<\/em> NFT trading, as well - in other words, <strong>you could exchange your NFT for another one, in a mutually agreed-upon trade with another person<\/strong>.<\/p>\n<p>Is this something I’d recommend doing? Well, not really, no. These types of trades involve a lot of trust, and are usually very complex when it comes to determining whether or not they’re actually beneficial. <strong>For the most part, I’d stick to the time-tested buying and selling processes!<\/strong><\/p>\n<p>The one piece of good news, however, is that there seems to be an influx of marketplaces that make trading NFTs much simpler. These platforms act as middlemen, and facilitate a trade between two parties - you, and another person that you’re trading with. So, it’s definitely something worth keeping in mind, if you do decide to go the trading route!<\/p>\n<h2>Extra Safety for Your NFTs<\/h2>\n<p>Now that you know how to buy and sell NFTs for profit, and are ready to jump into this exciting realm, there’s one more point that I’d like to stress.<\/p>\n<p>Above in this section, I've mentioned MetaMask, and how it’s the best wallet to use for all of your NFT trading ventures. While that is true, convenience-wise, <strong>MetaMask is still considered to be a hot wallet - one that maintains a constant connection to the internet<\/strong>.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How to trade NFTs: Extra safety for your NFTs.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//hot_to_trade_nfts_05.jpg/" alt=\"How to trade NFTs: Extra safety for your NFTs.\" width=\"1000\" height=\"749\" \/><\/p>\n<p>Assuming that you’ll find success in your non-fungible token trading ventures, and grow your portfolio, eventually, you might start worrying about the safety of your assets. While MetaMask has a decent reputation, security-wise, there’s still a lot of room for improvement - this is where <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-hardware-wallet/">hardware wallets<\/strong><\/a> come in.<\/p>\n<p>Hardware wallets are often considered to be among the safest crypto storage options in the industry. Combine that with the fact that you can actually connect your MetaMask wallet with one of the most popular hardware storage devices on the market - <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//ledger/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>the Ledger wallet<\/strong><\/a> -, and you have yourself a pretty strong case for security and asset protection!<\/p>\n<p>That's about it, for now. I leave you with the knowledge of both how to trade NFTs, for the very first time, as well as concerning all of the prerequisites that you need to be aware of before you can actually start trading.<\/p>","definition":"Did you know that each NFT is totally unique, making you the only person in the entire world to possess it?","status":"published","meta_title":"How to Trade NFTs? The Key Things You Need to Know","meta_description":"You have non-fungible tokens and now the main question in your head is \"How to trade NFTs?\" Don't worry, you'll find all answers right here.","meta_keywords":"how to trade nfts, how to trade nfts on opensea, how to trade nfts safely, how to sell nfts for free, how to buy and sell nfts for profit, how to sell nfts without gas fees, how do you make nfts to sell","modified_content":"<p>In this section, I’m going to tell you <strong>how to trade NFTs on <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//opensea/" target=\"_blank\" rel=\"nofollow noindex noopener\">OpenSea<\/a><\/strong>, in the simplest way possible!<\/p>\n<p>NFTs are undeniably a huge part of the crypto space. While their popularity is very volatile, there are new projects coming out within the space, seemingly every day, still! Many crypto enthusiasts will tell you that non-fungible tokens are still a great way to make money with crypto!<\/p>\n<p>You’ve heard about NFTs, love the idea behind them, and are now eager to make money this way, too. However, you’re new to crypto, and have no idea where to even start. If that’s the case - don’t fret, since that’s what I’m here to help you with!<\/p>\n<p><strong>In this section, we’re going to talk about NFT trading<\/strong>. Specifically, I’ll tell you about all of the prerequisites that you need to keep in mind before you actually start trading, as well as walk you through the process of performing your very first NFT trade, too!<\/p>\n<p><em>Let’s get to it!<\/em><\/p>\n<div class=\"container\">\n <div class=\"row justify-content-center\">\n <div class=\"col-md-10 suggested-comparisons pb-3 mb-4\">\n <div class=\"d-flex flex-row\">\n <div class=\"text-center\">\n <div class=\"img-block-yt\">\n <img src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//assets//images//compare-crypto-exchanges.gif/"/n alt=\"How to Trade NFTs Safely? (Animated Explainer For Beginners)\"\n title=\"How to Trade NFTs Safely? (Animated Explainer For Beginners)\" class=\"border-0\">\n <p>Video Explainer<\/p>\n <\/div>\n <\/div>\n <div class=\"col-xs-10 col-sm-10 col-md-10 text-left py-3 yt-info\">\n <h4 class=\"mb-1\">Video Explainer: NFT Trading: The Ins and Outs<\/h4>\n <p class=\"py-1 mb-0 youtube-video-subtitle\">Reading is not your thing? Watch the \"NFT Trading: The Ins and Outs\" video explainer<\/p>\n <\/div>\n <\/div>\n <div class=\"row justify-content-center text-center\">\n <div class=\"col-12 col-md-11 px-3\">\n <div class=\"wrapper mb-0\">\n <div class=\"position-relative youtube mb-4 bg-transparent p-0 video-modal-popup\" data-toggle=\"modal\"\n data-target=\"#video-modal\" data-id=\"zxx-yQr9YpU\" data-title=\"CryptoFinallyExplained\">\n <div class=\"video-gradient-top\"><\/div>\n <p class=\"text-left dyk-video-title\">How to Trade NFTs Safely? (Animated Explainer For Beginners)<\/p>\n <img data-srcset=\"https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/how-to-trade-nfts-safely-animated-explainer-for-beginners.jpg?tr=w-420 500w,\n https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/how-to-trade-nfts-safely-animated-explainer-for-beginners.jpg?tr=w-760 1000w\"\n alt=\"How to Trade NFTs Safely? (Animated Explainer For Beginners)\"\n title=\"How to Trade NFTs Safely? (Animated Explainer For Beginners)\"\n class=\"p-0 lazyload\">\n <img class=\"play-button lazyload\" data-target=\"#video-modal\"\n data-src=\"https:\/\/assets.bitdegree.org\/crypto\/assets\/video-button.png?tr=w-85\"\n alt=\"How to Trade NFTs Safely? (Animated Explainer For Beginners)\">\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <div class=\"row justify-content-center text-center\">\n <div>\n <a href=https://www.bitdegree.org/"https:////www.youtube.com//c//CryptoFinallyExplained?sub_confirmation=1\%22\n class=\"btn yt-promo mb-2\" target=\"_blank\" rel=\"nofollow noopener noindex\">\n <div class=\"row justify-content-center align-items-center mx-0 text-center\">\n <div class=\"col-4 col-md-4\">\n <i class=\"fab fa-youtube yt-dyk-btn\"><\/i>\n <\/div>\n <div class=\"col-8 col-md-8 text-center yt-promo-text\">\n <h4 class=\"m-0 text-white\">SUBSCRIBE<\/h4>\n <span>ON YOUTUBE<\/span>\n <\/div>\n <\/div>\n <\/a>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n<div class=\"modal fade\" id=\"video-modal\" tabindex=\"-1\" role=\"dialog\">\n <div class=\"modal-dialog modal-dialog-centered modal-lg\" role=\"document\">\n <div class=\"modal-content\">\n <div class=\"modal-body p-0\">\n <button type=\"button\" class=\"video-modal-close close\" data-dismiss=\"modal\" aria-label=\"Close\">\n <i aria-hidden=\"true\" class=\"fas fa-times\"><\/i>\n <\/button>\n <div id=\"iframe\"><\/div>\n <\/div>\n <a class=\"text-decoration-none\"\n href=https://www.bitdegree.org/"https:////www.youtube.com//c//CryptoFinallyExplained?sub_confirmation=1\%22\n rel=\"nofollow noopener noindex\" target=\"_blank\">\n <div class=\"modal-footer p-0 d-block bg-white\">\n <div class=\"row justify-content-center m-0\">\n <div class=\"col-3 col-md-4 col-lg-2 p-0\">\n <img class=\"w-100 h-100\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//assets//crypto-subscribe.jpg/" alt=\"Subscribe\">\n <\/div>\n <div class=\"col-9 col-md-8 col-lg-2 px-0 d-flex\">\n <div class=\"modal-subscribe w-100\">\n <p class=\"m-0 mt-1 mr-3\">SUBSCRIBE<br>\n <span class=\"m-0\">ON YOUTUBE<\/span>\n <\/p>\n <\/div>\n <\/div>\n <div class=\"col-12 col-md-12 col-lg-8 p-0 text-center d-flex justify-content-center align-items-center\">\n <div class=\"modal-subscribe-text\">\n <h4 class=\"m-0\">Understand crypto with ease<\/h4>\n <span>New explainer videos every week!<\/span>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/a>\n <\/div>\n <\/div>\n<\/div>\n<h2>Before You Start<\/h2>\n<p>Now, while jumping into NFT trading can be a super-exciting prospect, you need to contain your excitement a tad bit longer, while we talk about a few prerequisites that you’ll need to sort out. After all, if you want to maximize your chances of success in trading NFTs, you need to come in with your homework prepared!<\/p>\n<p><strong>The very first thing that you’ll need to do is create a hot cryptocurrency wallet<\/strong>. You will use this wallet to store your NFTs, as well as perform all of the transactions in the future. If you decide to study how to make NFTs to sell, this wallet will be needed, as well!<\/p>\n<p>There are plenty of different wallets that you can pick, but I’d personally go with <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//metamask/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>MetaMask<\/strong><\/a>. You can read <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//what-is-metamask/">a dedicated section<\/strong><\/a> for this particular wallet, but in short, it’s one of the most popular Ethereum and ERC token wallets on the market, and it’ll make Ethereum-based NFT storage a breeze.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How to trade NFTs: Selling\/buying.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//hot_to_trade_nfts_01.jpg/" alt=\"How to trade NFTs: Selling\/buying.\" width=\"1000\" height=\"541\" \/><\/p>\n<p>Moving on, the next big thing that you need to take care of is the actual crypto that you’ll use to purchase your initial NFTs. In other words, if you’re starting completely fresh, and don’t have any assets to your name, <strong>you’ll need to buy some cryptocurrency<\/strong> (specifically - <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-ethereum-eth/">Ether) in order to then trade it for your very first NFT. Some marketplaces support credit and debit cards, but if you want complete privacy and anonymity, you’ll need to stick to the crypto route.<\/p>\n<p>This process can sound really intimidating, but let me assure you - it’s really nothing to be worried about! These days, popular cryptocurrency exchange platforms are extremely good at onboarding newbies, and guiding them through their initial purchases. With the best-known exchanges, such as <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//binance/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Binance<\/strong><\/a> or <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//kraken/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Kraken<\/strong><\/a>, you’ll be able to register and buy crypto with a credit or debit card in no time!<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How to trade NFTs: Buying some crypto.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//hot_to_trade_nfts_02.jpg/" alt=\"How to trade NFTs: Buying some crypto.\" width=\"1000\" height=\"551\" \/><\/p>\n<p>If you’d like to check out a more thorough explanation of how to buy cryptocurrency for the very first time, <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//how-to-buy-crypto/">read this section<\/strong><\/a> – it covers the process in-depth. Granted that this section is about how to buy and sell NFTs for profit, I’ll assume that you already have your wallet ready, and with some crypto transferred to it, too.<\/p>\n<p>The final point of preparation has to do with <strong>choosing the best NFT marketplace<\/strong>, where you’d perform all of your trades on. Admittedly, the variety of available options is getting bigger, by the day, but if you want to err on the side of caution, your best bet would still be using <strong>OpenSea<\/strong>. It’s considered by many to be the best NFT marketplace out there, offering its users access to an unprecedented number of different non-fungible tokens, and a way of how to trade NFTs safely.<\/p>\n<h2>Making Your First Trade<\/h2>\n<p>So - with all of the big preparation steps out of the way, you are finally ready to learn how to trade NFTs! But a single question remains - <strong>what NFT should you buy, as your very first one?<\/strong><\/p>\n<p>Now, truth be told, this is a discussion for the ages. Everyone is going to have their own opinions about which non-fungible tokens are <em>“worth it”<\/em>, and which will tank, price-wise.<\/p>\n<p>Depending on when it is that you’re reading this section, the NFT boom might be at its peak, or we might currently be in an “NFT winter”. This is a huge factor to consider, as well - as history has shown, many NFTs tend to lose a lot of their initial value, when the bear market comes!<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How to trade NFTs: Find a worthy NFT.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//hot_to_trade_nfts_03.jpg/" alt=\"How to trade NFTs: Find a worthy NFT.\" width=\"1000\" height=\"537\" \/><\/p>\n<p><strong>Your best bet would be to set up a price range, and then look for an NFT project that has some sort of backing behind it<\/strong>. This can be anything - a collection of paintings with free tickets to a concert, each, a piece of digital artwork from a band, containing a link to their new, Metaverse-exclusive album, photos of cars from a famous car brand, each coming with exclusive benefits to the holder, and so on.<\/p>\n<p>No one can say for sure, which projects will blow up, and which will tank in price! However, if you follow the market trends, and educate yourself about the industry, as a whole, you could catch some hidden gems, every once in a while!<\/p>\n<p>Let’s say that you’ve found that one, single NFT that you absolutely love, and think that it’s going to appreciate in price, as time goes on. <strong>How do you get it into your digital wallet?<\/strong><\/p>\n<p>Well, if you’re using OpenSea and MetaMask, this process is going to be super simple.<\/p>\n<p>First, you need to<strong> connect your wallet to OpenSea<\/strong>. This can be done at the top-right corner of the screen, on the OpenSea homepage - simply choose to connect via MetaMask, pass a few verifications, and you’re in!<\/p>\n<p>Next, you’ll need to <strong>find the NFT that you’ve picked, and either add it to your basket, or buy it instantly<\/strong>. When you navigate to your basket, you’ll be able to view all of the necessary details to complete your transaction - creator fees, payment types, total price, and so on.<\/p>\n<p>If everything seems to be in order, you can complete your payment - if you’re using crypto, and have enough coins in your wallet, you’ll receive a few transaction confirmations, and in a few seconds, your MetaMask wallet will be credited with your newly-acquired non-fungible token. Congratulations on your new purchase!<\/p>\n<h2>Trading Your NFTs<\/h2>\n<p>Now that you’ve dipped your toes into the world of NFT ownership, you can finally start trading these assets. There are multiple ways of how you can approach the topic, as well!<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How to trade NFTs: Trading it for tokens or other NFTs.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//hot_to_trade_nfts_04.jpg/" alt=\"How to trade NFTs: Trading it for tokens or other NFTs.\" width=\"1000\" height=\"446\" \/><\/p>\n<p>Think of it like trading candy. You could sell the candy at a physical store, online, or trade it for some other goods, as well. NFTs aren’t any different, in that regard!<\/p>\n<p>The simplest way of how to trade NFTs is to<strong> sell your current NFT for a profit, and purchase another token (or, even, tokens!) in its place<\/strong>. While it’s not technically<em> “trading”<\/em>, per se, you are still exchanging NFTs, albeit indirectly.<\/p>\n<p>The best part? This can be done on the same marketplace that you’ve bought your original NFT on. Meaning, you don’t need to over-encumber yourself with the management of a huge list of different trading platforms.<\/p>\n<p>Alternatively, you could participate in <em>actual<\/em> NFT trading, as well - in other words, <strong>you could exchange your NFT for another one, in a mutually agreed-upon trade with another person<\/strong>.<\/p>\n<p>Is this something I’d recommend doing? Well, not really, no. These types of trades involve a lot of trust, and are usually very complex when it comes to determining whether or not they’re actually beneficial. <strong>For the most part, I’d stick to the time-tested buying and selling processes!<\/strong><\/p>\n<p>The one piece of good news, however, is that there seems to be an influx of marketplaces that make trading NFTs much simpler. These platforms act as middlemen, and facilitate a trade between two parties - you, and another person that you’re trading with. So, it’s definitely something worth keeping in mind, if you do decide to go the trading route!<\/p>\n<h2>Extra Safety for Your NFTs<\/h2>\n<p>Now that you know how to buy and sell NFTs for profit, and are ready to jump into this exciting realm, there’s one more point that I’d like to stress.<\/p>\n<p>Above in this section, I've mentioned MetaMask, and how it’s the best wallet to use for all of your NFT trading ventures. While that is true, convenience-wise, <strong>MetaMask is still considered to be a hot wallet - one that maintains a constant connection to the internet<\/strong>.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How to trade NFTs: Extra safety for your NFTs.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//hot_to_trade_nfts_05.jpg/" alt=\"How to trade NFTs: Extra safety for your NFTs.\" width=\"1000\" height=\"749\" \/><\/p>\n<p>Assuming that you’ll find success in your non-fungible token trading ventures, and grow your portfolio, eventually, you might start worrying about the safety of your assets. While MetaMask has a decent reputation, security-wise, there’s still a lot of room for improvement - this is where <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-hardware-wallet/">hardware wallets<\/strong><\/a> come in.<\/p>\n<p>Hardware wallets are often considered to be among the safest crypto storage options in the industry. Combine that with the fact that you can actually connect your MetaMask wallet with one of the most popular hardware storage devices on the market - <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//ledger/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>the Ledger wallet<\/strong><\/a> -, and you have yourself a pretty strong case for security and asset protection!<\/p>\n<p>That's about it, for now. I leave you with the knowledge of both how to trade NFTs, for the very first time, as well as concerning all of the prerequisites that you need to be aware of before you can actually start trading.<\/p>","youtube_video":{"id":49,"channel_id":1,"sort":47,"video_title":"How to Trade NFTs Safely? (Animated Explainer For Beginners)","description":"How to trade NFTs on OpenSea for the very first time?\n\nLove \u2018em or hate \u2018em, one thing\u2019s for sure - NFTs have definitely become a huge part of the larger crypto ecosystem. While the space is still very volatile, it does attract a lot of attention, from both crypto newbies and veterans, alike!\n\nIn this video, I will tell you how to trade NFTs, or how to buy and sell NFTs for a profit. We\u2019ll talk about the key points that you\u2019ll need to figure out before you start trading, and after that, I will walk you through the process of buying and trading your very first NFT!\n\nHave you ever traded NFTs before? If so, how did you do it? Share your experiences in the comments below!\n\nVideo Time Table:\n\n0:00 Introduction to How to Trade NFTs\n1:00 How to Prepare for NFT Trading\n3:09 Making Your First Trade\n5:16 Trading Your NFTs\n6:41 Extra Safety For Your NFTs\n7:45 Wrap-up: How to Trade NFTs?\n\nGet Quick Crypto Tips on Twitter - Follow:\nhttps:\/\/twitter.com\/crypto_xplained\n\n#HowToTradeNfts #HowToTradeNftsOnOpensea #HowToTradeNftsSafely","video_id":"zxx-yQr9YpU","duration":493,"view_count":231,"thumbnail_url":"https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/how-to-trade-nfts-safely-animated-explainer-for-beginners.jpg","thumbnail_width":1280,"thumbnail_height":720,"published_at":"2023-02-09T20:02:37.000000Z","created_at":"2023-02-09T23:00:04.000000Z","updated_at":"2024-01-09T23:00:04.000000Z","channel":{"id":1,"title":"CryptoFinallyExplained","channel_id":"UCOryUY0yxC08eJtK23mNgiA","main_playlist_id":"UUOryUY0yxC08eJtK23mNgiA"}}}"
:model="{"id":427,"chapter_id":5,"order":3,"featured_image_id":3081,"youtube_video_id":51,"author_id":1,"created_at":"2023-02-27T11:27:31.000000Z","updated_at":"2023-12-12T00:20:06.000000Z","slug":"buying-nft","title":"Tips and Tricks of Choosing the Right NFTs","content":"<p>In this section, I’m going to tell you about the dos and don’ts of picking and buying <strong><a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-non-fungible-token-nft/">NFTs!/n NFTs are a real rollercoaster - that goes without saying! The best example of this is the <strong>NFT of Jack Dorsey’s first-ever tweet<\/strong> - the Twitter co-founder initially sold it for $2.9 million, and when the new owner tried reselling it for close to $50 million, the highest bid he received was around $80,000, with the follow-up bid not even reaching $300. Just imagine how he felt!<\/p>\n<p>We’ve all been there, though - bought NFTs that we really believed would rise in value, only for them to peak soon after, and then crash down, with no signs of recovery. This is why talking about the core aspects of finding the best NFTs is so important!<\/p>\n<p>In this section, you'll find out about the <strong>dos and don’ts of picking the right NFT projects, and buying NFTs themselves<\/strong>. We’ll talk a bit about how the general situation within the market influences the prices of NFTs, and then cover the biggest points to look out for, when trying to find the most promising NFT projects for yourself!<\/p>\n<p><em>Let’s get to it!<\/em><\/p>\n<h2>NFTs and the General Crypto Market<\/h2>\n<p>So, to start off, let’s address the elephant in the room. As you can imagine, there are some steps that you can take when it comes to analyzing NFT projects, <strong>asking “what NFT should I buy?”, and finding the “right one” for yourself<\/strong>. It’s like, picking out a computer at the store - you look through the specs, see if the parameters suit your needs, and then make the purchase, if all seems fine!<\/p>\n<p>Sorting through NFT projects can become a bit more complicated, however, when you find yourself in a bear market - a period of time during which there are few new projects popping up, and the various crypto asset prices are crashing down, hard.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Buying NFT: Crypto market.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//buying-nft-01.jpg/" alt=\"Buying NFT: Crypto market.\" width=\"1000\" height=\"662\" \/><\/p>\n<p>Now, it’s kind of an unwritten rule that, <strong>during bear markets, teams tend to concentrate on developing and building their projects<\/strong>, so that they could be launched when the market turns around. This, in turn, makes finding and buying NFTs quite a bit more difficult - there simply aren’t as many top-notch projects to look at!<\/p>\n<p>Another point to be noted has to do with motivation, as well. Think about it this way - imagine that, at some point during the summer, as you browse through the internet on your computer, you get an ad for winter shoes. The price is decent, and the shoes do look warm - however, just how likely are you to actually purchase them, at that point in time?<\/p>\n<p>For most people, the likelihood of that happening is, frankly, rather slim! That’s simply due to the fact that it’s the middle of summer - you’re thinking about pool parties and beaches, not winter shoes!<\/p>\n<p>The crypto market works the same way - even if you do find some amazing NFT projects, and learn how to invest in NFT technology, chances are that <strong>you’ll have a difficult time re-selling those NFTs, if the market is currently experiencing negative sentiments<\/strong>.<\/p>\n<p>So, ya - that’s essentially the first major thing that I wanted to point your attention to. When looking at how do you buy NFTs, do keep the general market situation in mind - it could save you a lot of money and patience, in the long run!<\/p>\n<h2>Design & Originality<\/h2>\n<p>Now, moving on to the actual “dos and don’ts” of buying NFTs, the very first step related to the actual NFTs would be for you to look at the <strong>design quality of the project, as well as its originality<\/strong>.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Buying NFT: Unique NFT projects.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//buying-nft-02.jpg/" alt=\"Buying NFT: Unique NFT projects.\" width=\"1000\" height=\"550\" \/><\/p>\n<p>Both of these aspects are very self-explanatory. It’s like picking out a game to play - would you rather play a copy-pasted version of some popular game that you’ve already seen dozens of times before, or a visually-stunning game with top-tier graphics and original storytelling?<\/p>\n<p>Naturally, probably everyone would pick the latter. The same applies to choosing NFTs, as well!<\/p>\n<p>By now, there are countless numbers of Bored Ape and CryptoPunk lookalikes. The wider NFT community knows this - projects like these don’t really get a lot of attention anymore, and thus, they tend to perform… Let’s just say, not so great.<\/p>\n<p><strong>Instead, your goal should be to look for unique NFT projects<\/strong>. This uniqueness could actually be anything - the design of the characters, some sort of a cool use case, an original twist on the tokenomics of the project - anything!<\/p>\n<p>That being said, it’s probably obvious that <strong>visual appeal plays a big factor with non-fungible tokens<\/strong>. Thus, if you’re thinking about flipping the NFTs in order to make a profit, make sure to look for the most interesting, eye-catching designs!<\/p>\n<h2>Development Team<\/h2>\n<p>Next, once you have a couple of projects in mind, and understand how to know what NFTs to buy, the second major thing that you should do is <strong>figure out who are the creators of your chosen NFTs<\/strong>.<\/p>\n<p>Now, this point’s a bit tricky, because there are countless of really cool (and successful!) NFT projects that have anonymous developers behind them. It’s kind of an intuition thing at that point - if you have a gut feeling that the developers of the NFT won’t just randomly abandon the project, and that they’re “in it” for the long term, the anonymity point becomes a bit more lenient.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Buying NFT: NFT community.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//buying-nft-03.jpg/" alt=\"Buying NFT: NFT community.\" width=\"1000\" height=\"552\" \/><\/p>\n<p>That being said, you should still take the time and look into the developers (or, the general team) behind the NFT that you’re thinking of buying. Even if they don’t reveal their identities, you can still <strong>observe how they interact with the community<\/strong> - the way they talk, the things they say, how they respond to difficult questions, and so on.<\/p>\n<p>All of these things can really tell you a lot about how the project will be managed! It’s actually something that can impact the price of your chosen NFT, quite a bit, especially in the long term.<\/p>\n<p>What you should not do, though, is trust developers who appear like they have something to hide, or who are actively dodging questions from the community. <strong>If there’s any type of shadiness involved with the project, it’s probably a good idea to avoid it<\/strong>, and move on to something else, completely.<\/p>\n<h2>Community Support<\/h2>\n<p>Looking at what makes an NFT valuable, imagine this: you’ve come across an awesome-looking NFT project, noticed that it has some cool perks and features, and chatted with the developers, who seem to be very knowledgeable and positive. What do you think comes next, as a natural progression of things that you should do while picking out and buying an NFT?<\/p>\n<p>If you said <strong>“community checks”<\/strong>, you’re on point!<\/p>\n<p>It could be the best, most revolutionary NFT project in the world - if it doesn’t accumulate community support, and there’s no hype behind it, it’s very likely to flop, sooner rather than later.<\/p>\n<p>Once again - if you’re interested in how to invest in NFT technology, <strong>strong community backing is an essential factor to consider and look into<\/strong>.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Buying NFT: Social media.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//buying-nft-04.jpg/" alt=\"Buying NFT: Social media.\" width=\"1000\" height=\"548\" \/><\/p>\n<p>How is something like this measured? Well, it’s pretty simple, really - your quest should be to check out every existing social media platform that the NFT project has an associated account on. Twitter, Meta, Instagram, Telegram, Discord, and so on - you name it!<\/p>\n<p>The last couple of platforms - Telegram and Discord - are actually some of the best places to begin your search on. This is due to the interactive nature that they possess - chances are that you’ll find the moderators or developers of the project chatting with their community on Discord, or answering questions on Telegram.<\/p>\n<p>Look at the numbers of followers that the project has amassed, the likes and shares that it receives, and the number of people talking about it, in general. All of these things work to create a pretty good general outlook on what the community is like, and whether or not buying this specific NFT is the right pick for you!<\/p>\n<p>One more point that I’d like to mention here is that <strong>there are some sneaky people out there<\/strong>. Specifically, there are traders who are selling themselves their NFTs, thus artificially inflating their price. These can be rogue, individual traders, or even entire communities, as well.<\/p>\n<p><strong>How do you spot something like this? <\/strong>Well, you need to look at the history of the NFT - how many times it has been traded, what are the wallet addresses of previous owners, whether or not they repeat themselves throughout the trading history, and so on. Make sure to keep an eye out for this form of trickery!<\/p>\n<h2>Project Roadmap - A Key Factor to Consider<\/h2>\n<p>Moving on, the next major thing to consider when you’re looking at buying NFTs with the most potential is the roadmap of the project.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Buying NFT: Project roadmap.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//buying-nft-05.jpg/" alt=\"Buying NFT: Project roadmap.\" width=\"1000\" height=\"563\" \/><\/p>\n<p><strong>I cannot stress this enough -<\/strong> <strong>it’s an absolutely essential factor that needs to be looked into! <\/strong>Think about it like this - imagine that you planned a trip, and wanted to fly from London to New York. You buy your ticket and board the plane. The pilots, however, don’t have a flight plan - they just take off, and fly straight. There’s a pretty good chance that you’ll end up somewhere flying like this, but it’s likely not going to be New York.<\/p>\n<p>The same logic can be applied to NFT projects, and your consideration of how to know which NFT to buy. If the creators behind the NFTs don’t really have a solid plan where they want to take the project, this could result in failure, really fast. Sure, there might be some initial hype, and if the NFTs are really cool-looking, they could generate a few sales - however, in the long run, chances are that the community would abandon this project for a more planned-out one, pretty soon.<\/p>\n<p><strong>It’s not enough to simply “take a look” at the roadmap, though<\/strong>. You need to analyze what features the project possesses, what are the planned future updates, where will the money from the sales go, what platforms the NFTs are going to be hosted on, whether or not there is going to be a DAO, airdrops, giveaways, celebrity promotions, and so on.<\/p>\n<p>That is, admittedly, a lot to cover! These aspects, however, can really help you differentiate between solid and well-rounded projects, and rug pulls in the making.<\/p>\n<p>Not familiar with the term? It’s a type of scam that’s rather common in the crypto and NFT spaces - check out the dedicated <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//what-is-a-rug-pull-in-crypto/">section on this topic, to both get familiar with this concept, as well as learn how to spot and avoid potential rug pulls, wherever they might be!<\/p>\n<p>As a final point that needs to be mentioned, when you’re reading through the roadmap of the project, you will eventually come across a section about <strong>the minting process of the NFT, and everything that relates to it<\/strong>. Make sure to pay extra close attention to this part of the roadmap.<\/p>\n<p>Essentially, this is where you’ll be able to learn about how the NFTs were minted, how the rarity system works, and even about the floor price of the non-fungible tokens, when they’re finally released. All of this information will give you a better idea of how the project works, and whether or not it’s the right choice for you!<\/p>\n<h2>Conclusions<\/h2>\n<p>I do hope that you’ve learned a lot, and now know what to look out for! Whether it be traders selling themselves their NFTs, or questions such as “how to know what NFTs to buy?”, in general, we’ve covered all of the big aspects that you need to know, in order to make the right decisions!<\/p>","definition":"Did you know that the most important thing you should do before buying NFTs is thoroughly analyze the roadmap of the project in question?","status":"published","meta_title":"Buying NFTs: How to Choose Correctly?","meta_description":"Are you thinking about buying NFTs but don't know where to start and what to look out for? You'll find all the do's and don't right here!","meta_keywords":"buying nft, most valuable nft, what nft should i buy, how do you buy nft, what makes an nft valuable, traders are selling themselves their nfts, how to know which nft to buy, how to know what nfts to buy, how to invest in nft technology, buying an nft","modified_content":"<p>In this section, I’m going to tell you about the dos and don’ts of picking and buying <strong><a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-non-fungible-token-nft/">NFTs!/n NFTs are a real rollercoaster - that goes without saying! The best example of this is the <strong>NFT of Jack Dorsey’s first-ever tweet<\/strong> - the Twitter co-founder initially sold it for $2.9 million, and when the new owner tried reselling it for close to $50 million, the highest bid he received was around $80,000, with the follow-up bid not even reaching $300. Just imagine how he felt!<\/p>\n<p>We’ve all been there, though - bought NFTs that we really believed would rise in value, only for them to peak soon after, and then crash down, with no signs of recovery. This is why talking about the core aspects of finding the best NFTs is so important!<\/p>\n<p>In this section, you'll find out about the <strong>dos and don’ts of picking the right NFT projects, and buying NFTs themselves<\/strong>. We’ll talk a bit about how the general situation within the market influences the prices of NFTs, and then cover the biggest points to look out for, when trying to find the most promising NFT projects for yourself!<\/p>\n<p><em>Let’s get to it!<\/em><\/p>\n<div class=\"container\">\n <div class=\"row justify-content-center\">\n <div class=\"col-md-10 suggested-comparisons pb-3 mb-4\">\n <div class=\"d-flex flex-row\">\n <div class=\"text-center\">\n <div class=\"img-block-yt\">\n <img src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//assets//images//compare-crypto-exchanges.gif/"/n alt=\"How to Pick the Right NFTs? (Animated DOs & DON'Ts)\"\n title=\"How to Pick the Right NFTs? (Animated DOs & DON'Ts)\" class=\"border-0\">\n <p>Video Explainer<\/p>\n <\/div>\n <\/div>\n <div class=\"col-xs-10 col-sm-10 col-md-10 text-left py-3 yt-info\">\n <h4 class=\"mb-1\">Video Explainer: Tips and Tricks of Choosing the Right NFTs<\/h4>\n <p class=\"py-1 mb-0 youtube-video-subtitle\">Reading is not your thing? Watch the \"Tips and Tricks of Choosing the Right NFTs\" video explainer<\/p>\n <\/div>\n <\/div>\n <div class=\"row justify-content-center text-center\">\n <div class=\"col-12 col-md-11 px-3\">\n <div class=\"wrapper mb-0\">\n <div class=\"position-relative youtube mb-4 bg-transparent p-0 video-modal-popup\" data-toggle=\"modal\"\n data-target=\"#video-modal\" data-id=\"PyV3MIMMc3M\" data-title=\"CryptoFinallyExplained\">\n <div class=\"video-gradient-top\"><\/div>\n <p class=\"text-left dyk-video-title\">How to Pick the Right NFTs? (Animated DOs & DON'Ts)<\/p>\n <img data-srcset=\"https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/how-to-pick-the-right-nfts-animated-dos-donts.jpg?tr=w-420 500w,\n https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/how-to-pick-the-right-nfts-animated-dos-donts.jpg?tr=w-760 1000w\"\n alt=\"How to Pick the Right NFTs? (Animated DOs & DON'Ts)\"\n title=\"How to Pick the Right NFTs? (Animated DOs & DON'Ts)\"\n class=\"p-0 lazyload\">\n <img class=\"play-button lazyload\" data-target=\"#video-modal\"\n data-src=\"https:\/\/assets.bitdegree.org\/crypto\/assets\/video-button.png?tr=w-85\"\n alt=\"How to Pick the Right NFTs? (Animated DOs & DON'Ts)\">\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <div class=\"row justify-content-center text-center\">\n <div>\n <a href=https://www.bitdegree.org/"https:////www.youtube.com//c//CryptoFinallyExplained?sub_confirmation=1\%22\n class=\"btn yt-promo mb-2\" target=\"_blank\" rel=\"nofollow noopener noindex\">\n <div class=\"row justify-content-center align-items-center mx-0 text-center\">\n <div class=\"col-4 col-md-4\">\n <i class=\"fab fa-youtube yt-dyk-btn\"><\/i>\n <\/div>\n <div class=\"col-8 col-md-8 text-center yt-promo-text\">\n <h4 class=\"m-0 text-white\">SUBSCRIBE<\/h4>\n <span>ON YOUTUBE<\/span>\n <\/div>\n <\/div>\n <\/a>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n<div class=\"modal fade\" id=\"video-modal\" tabindex=\"-1\" role=\"dialog\">\n <div class=\"modal-dialog modal-dialog-centered modal-lg\" role=\"document\">\n <div class=\"modal-content\">\n <div class=\"modal-body p-0\">\n <button type=\"button\" class=\"video-modal-close close\" data-dismiss=\"modal\" aria-label=\"Close\">\n <i aria-hidden=\"true\" class=\"fas fa-times\"><\/i>\n <\/button>\n <div id=\"iframe\"><\/div>\n <\/div>\n <a class=\"text-decoration-none\"\n href=https://www.bitdegree.org/"https:////www.youtube.com//c//CryptoFinallyExplained?sub_confirmation=1\%22\n rel=\"nofollow noopener noindex\" target=\"_blank\">\n <div class=\"modal-footer p-0 d-block bg-white\">\n <div class=\"row justify-content-center m-0\">\n <div class=\"col-3 col-md-4 col-lg-2 p-0\">\n <img class=\"w-100 h-100\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//assets//crypto-subscribe.jpg/" alt=\"Subscribe\">\n <\/div>\n <div class=\"col-9 col-md-8 col-lg-2 px-0 d-flex\">\n <div class=\"modal-subscribe w-100\">\n <p class=\"m-0 mt-1 mr-3\">SUBSCRIBE<br>\n <span class=\"m-0\">ON YOUTUBE<\/span>\n <\/p>\n <\/div>\n <\/div>\n <div class=\"col-12 col-md-12 col-lg-8 p-0 text-center d-flex justify-content-center align-items-center\">\n <div class=\"modal-subscribe-text\">\n <h4 class=\"m-0\">Understand crypto with ease<\/h4>\n <span>New explainer videos every week!<\/span>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/a>\n <\/div>\n <\/div>\n<\/div>\n<h2>NFTs and the General Crypto Market<\/h2>\n<p>So, to start off, let’s address the elephant in the room. As you can imagine, there are some steps that you can take when it comes to analyzing NFT projects, <strong>asking “what NFT should I buy?”, and finding the “right one” for yourself<\/strong>. It’s like, picking out a computer at the store - you look through the specs, see if the parameters suit your needs, and then make the purchase, if all seems fine!<\/p>\n<p>Sorting through NFT projects can become a bit more complicated, however, when you find yourself in a bear market - a period of time during which there are few new projects popping up, and the various crypto asset prices are crashing down, hard.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Buying NFT: Crypto market.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//buying-nft-01.jpg/" alt=\"Buying NFT: Crypto market.\" width=\"1000\" height=\"662\" \/><\/p>\n<p>Now, it’s kind of an unwritten rule that, <strong>during bear markets, teams tend to concentrate on developing and building their projects<\/strong>, so that they could be launched when the market turns around. This, in turn, makes finding and buying NFTs quite a bit more difficult - there simply aren’t as many top-notch projects to look at!<\/p>\n<p>Another point to be noted has to do with motivation, as well. Think about it this way - imagine that, at some point during the summer, as you browse through the internet on your computer, you get an ad for winter shoes. The price is decent, and the shoes do look warm - however, just how likely are you to actually purchase them, at that point in time?<\/p>\n<p>For most people, the likelihood of that happening is, frankly, rather slim! That’s simply due to the fact that it’s the middle of summer - you’re thinking about pool parties and beaches, not winter shoes!<\/p>\n<p>The crypto market works the same way - even if you do find some amazing NFT projects, and learn how to invest in NFT technology, chances are that <strong>you’ll have a difficult time re-selling those NFTs, if the market is currently experiencing negative sentiments<\/strong>.<\/p>\n<p>So, ya - that’s essentially the first major thing that I wanted to point your attention to. When looking at how do you buy NFTs, do keep the general market situation in mind - it could save you a lot of money and patience, in the long run!<\/p>\n<h2>Design & Originality<\/h2>\n<p>Now, moving on to the actual “dos and don’ts” of buying NFTs, the very first step related to the actual NFTs would be for you to look at the <strong>design quality of the project, as well as its originality<\/strong>.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Buying NFT: Unique NFT projects.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//buying-nft-02.jpg/" alt=\"Buying NFT: Unique NFT projects.\" width=\"1000\" height=\"550\" \/><\/p>\n<p>Both of these aspects are very self-explanatory. It’s like picking out a game to play - would you rather play a copy-pasted version of some popular game that you’ve already seen dozens of times before, or a visually-stunning game with top-tier graphics and original storytelling?<\/p>\n<p>Naturally, probably everyone would pick the latter. The same applies to choosing NFTs, as well!<\/p>\n<p>By now, there are countless numbers of Bored Ape and CryptoPunk lookalikes. The wider NFT community knows this - projects like these don’t really get a lot of attention anymore, and thus, they tend to perform… Let’s just say, not so great.<\/p>\n<p><strong>Instead, your goal should be to look for unique NFT projects<\/strong>. This uniqueness could actually be anything - the design of the characters, some sort of a cool use case, an original twist on the tokenomics of the project - anything!<\/p>\n<p>That being said, it’s probably obvious that <strong>visual appeal plays a big factor with non-fungible tokens<\/strong>. Thus, if you’re thinking about flipping the NFTs in order to make a profit, make sure to look for the most interesting, eye-catching designs!<\/p>\n<h2>Development Team<\/h2>\n<p>Next, once you have a couple of projects in mind, and understand how to know what NFTs to buy, the second major thing that you should do is <strong>figure out who are the creators of your chosen NFTs<\/strong>.<\/p>\n<p>Now, this point’s a bit tricky, because there are countless of really cool (and successful!) NFT projects that have anonymous developers behind them. It’s kind of an intuition thing at that point - if you have a gut feeling that the developers of the NFT won’t just randomly abandon the project, and that they’re “in it” for the long term, the anonymity point becomes a bit more lenient.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Buying NFT: NFT community.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//buying-nft-03.jpg/" alt=\"Buying NFT: NFT community.\" width=\"1000\" height=\"552\" \/><\/p>\n<p>That being said, you should still take the time and look into the developers (or, the general team) behind the NFT that you’re thinking of buying. Even if they don’t reveal their identities, you can still <strong>observe how they interact with the community<\/strong> - the way they talk, the things they say, how they respond to difficult questions, and so on.<\/p>\n<p>All of these things can really tell you a lot about how the project will be managed! It’s actually something that can impact the price of your chosen NFT, quite a bit, especially in the long term.<\/p>\n<p>What you should not do, though, is trust developers who appear like they have something to hide, or who are actively dodging questions from the community. <strong>If there’s any type of shadiness involved with the project, it’s probably a good idea to avoid it<\/strong>, and move on to something else, completely.<\/p>\n<h2>Community Support<\/h2>\n<p>Looking at what makes an NFT valuable, imagine this: you’ve come across an awesome-looking NFT project, noticed that it has some cool perks and features, and chatted with the developers, who seem to be very knowledgeable and positive. What do you think comes next, as a natural progression of things that you should do while picking out and buying an NFT?<\/p>\n<p>If you said <strong>“community checks”<\/strong>, you’re on point!<\/p>\n<p>It could be the best, most revolutionary NFT project in the world - if it doesn’t accumulate community support, and there’s no hype behind it, it’s very likely to flop, sooner rather than later.<\/p>\n<p>Once again - if you’re interested in how to invest in NFT technology, <strong>strong community backing is an essential factor to consider and look into<\/strong>.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Buying NFT: Social media.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//buying-nft-04.jpg/" alt=\"Buying NFT: Social media.\" width=\"1000\" height=\"548\" \/><\/p>\n<p>How is something like this measured? Well, it’s pretty simple, really - your quest should be to check out every existing social media platform that the NFT project has an associated account on. Twitter, Meta, Instagram, Telegram, Discord, and so on - you name it!<\/p>\n<p>The last couple of platforms - Telegram and Discord - are actually some of the best places to begin your search on. This is due to the interactive nature that they possess - chances are that you’ll find the moderators or developers of the project chatting with their community on Discord, or answering questions on Telegram.<\/p>\n<p>Look at the numbers of followers that the project has amassed, the likes and shares that it receives, and the number of people talking about it, in general. All of these things work to create a pretty good general outlook on what the community is like, and whether or not buying this specific NFT is the right pick for you!<\/p>\n<p>One more point that I’d like to mention here is that <strong>there are some sneaky people out there<\/strong>. Specifically, there are traders who are selling themselves their NFTs, thus artificially inflating their price. These can be rogue, individual traders, or even entire communities, as well.<\/p>\n<p><strong>How do you spot something like this? <\/strong>Well, you need to look at the history of the NFT - how many times it has been traded, what are the wallet addresses of previous owners, whether or not they repeat themselves throughout the trading history, and so on. Make sure to keep an eye out for this form of trickery!<\/p>\n<h2>Project Roadmap - A Key Factor to Consider<\/h2>\n<p>Moving on, the next major thing to consider when you’re looking at buying NFTs with the most potential is the roadmap of the project.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Buying NFT: Project roadmap.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//buying-nft-05.jpg/" alt=\"Buying NFT: Project roadmap.\" width=\"1000\" height=\"563\" \/><\/p>\n<p><strong>I cannot stress this enough -<\/strong> <strong>it’s an absolutely essential factor that needs to be looked into! <\/strong>Think about it like this - imagine that you planned a trip, and wanted to fly from London to New York. You buy your ticket and board the plane. The pilots, however, don’t have a flight plan - they just take off, and fly straight. There’s a pretty good chance that you’ll end up somewhere flying like this, but it’s likely not going to be New York.<\/p>\n<p>The same logic can be applied to NFT projects, and your consideration of how to know which NFT to buy. If the creators behind the NFTs don’t really have a solid plan where they want to take the project, this could result in failure, really fast. Sure, there might be some initial hype, and if the NFTs are really cool-looking, they could generate a few sales - however, in the long run, chances are that the community would abandon this project for a more planned-out one, pretty soon.<\/p>\n<p><strong>It’s not enough to simply “take a look” at the roadmap, though<\/strong>. You need to analyze what features the project possesses, what are the planned future updates, where will the money from the sales go, what platforms the NFTs are going to be hosted on, whether or not there is going to be a DAO, airdrops, giveaways, celebrity promotions, and so on.<\/p>\n<p>That is, admittedly, a lot to cover! These aspects, however, can really help you differentiate between solid and well-rounded projects, and rug pulls in the making.<\/p>\n<p>Not familiar with the term? It’s a type of scam that’s rather common in the crypto and NFT spaces - check out the dedicated <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//what-is-a-rug-pull-in-crypto/">section on this topic, to both get familiar with this concept, as well as learn how to spot and avoid potential rug pulls, wherever they might be!<\/p>\n<p>As a final point that needs to be mentioned, when you’re reading through the roadmap of the project, you will eventually come across a section about <strong>the minting process of the NFT, and everything that relates to it<\/strong>. Make sure to pay extra close attention to this part of the roadmap.<\/p>\n<p>Essentially, this is where you’ll be able to learn about how the NFTs were minted, how the rarity system works, and even about the floor price of the non-fungible tokens, when they’re finally released. All of this information will give you a better idea of how the project works, and whether or not it’s the right choice for you!<\/p>\n<h2>Conclusions<\/h2>\n<p>I do hope that you’ve learned a lot, and now know what to look out for! Whether it be traders selling themselves their NFTs, or questions such as “how to know what NFTs to buy?”, in general, we’ve covered all of the big aspects that you need to know, in order to make the right decisions!<\/p>","youtube_video":{"id":51,"channel_id":1,"sort":46,"video_title":"How to Pick the Right NFTs? (Animated DOs & DON'Ts)","description":"How should you pick the right NFT?\n\nNFTs can be a really exciting topic - so much so, that it\u2019s easy to get lost in the world of beautiful digital art and collectibles. This is why it\u2019s important to understand how to pick the right NFTs for yourself, whether it be for investment purposes, building a collection, or else.\n\nIn this video, I will tell you about exactly that - the dos and don\u2019ts of finding the best NFTs. I will explain how the general market trends can influence the NFT industry (and why that\u2019s relevant), and then we\u2019ll cover the most important aspects to keep in mind when choosing the right NFTs for yourself.\n\nDo you have any tips about finding and picking out the best NFT projects? Make sure to share your experiences in the comment section below!\n\nVideo Time Table:\n0:00 Introduction to How to Pick the Right NFTs\n1:09 NFTs & the General Crypto Market\n2:49 NFT Design & Originality\n3:54 Development Team Behind the NFTs\n5:00 Community Support\n6:51 Project Roadmap\n8:22 The Minting Process\n8:50 Wrap-up: How to Pick the Right NFTs\n\nMore related videos:\n\ud83c\udfa8 What is an NFT? https:\/\/www.youtube.com\/watch?v=YL0-sEzDDNI\n\ud83c\udfa8 How to Trade NFTs Safely? https:\/\/www.youtube.com\/watch?v=zxx-yQr9YpU\n\nGet Quick Crypto Tips on Twitter - Follow:\nhttps:\/\/twitter.com\/crypto_xplained\n\n#NFT #BuyingNft #WhatNftShouldIBuy","video_id":"PyV3MIMMc3M","duration":563,"view_count":170,"thumbnail_url":"https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/how-to-pick-the-right-nfts-animated-dos-donts.jpg","thumbnail_width":1280,"thumbnail_height":720,"published_at":"2023-02-24T16:00:29.000000Z","created_at":"2023-02-24T23:00:07.000000Z","updated_at":"2024-01-09T23:00:04.000000Z","channel":{"id":1,"title":"CryptoFinallyExplained","channel_id":"UCOryUY0yxC08eJtK23mNgiA","main_playlist_id":"UUOryUY0yxC08eJtK23mNgiA"}},"featured_image":{"id":3081,"uuid":"584ae217-0358-4e64-bcb2-a405508c3f73","name":"buying-nft-featured-image.jpg","url":"https:\/\/assets.bitdegree.org\/crypto\/storage\/optimized\/buying-nft-featured-image.jpg","path":"crypto\/storage\/optimized\/buying-nft-featured-image.jpg","mime_type":"image\/jpeg","disk":"digitalOceanSpaces","size":50101,"width":768,"height":478,"custom_properties":null,"created_at":"2023-06-19T06:58:40.000000Z","updated_at":"2023-06-19T06:58:40.000000Z"}}"
:chapter-list="[{"id":1,"title":"Blockchain","slug":"blockchain","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-blockchain.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/blockchain-101.jpg","rating":100,"sections":[{"chapter_id":1,"order":1,"slug":"what-is-blockchain","title":"What is the Blockchain?","status":"published","modified_content":null},{"chapter_id":1,"order":2,"slug":"decentralized-blockchain","title":"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":3,"slug":"blockchain-transaction","title":"What is a Blockchain Transaction in Crypto?","status":"published","modified_content":null},{"chapter_id":1,"order":4,"slug":"crypto-fees","title":"The Different Types of Crypto Fees Explained","status":"published","modified_content":null},{"chapter_id":1,"order":5,"slug":"what-is-bridging-in-crypto","title":"The Key Notion Behind the Concept of Bridging in Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":6,"slug":"types-of-blockchains","title":"Different Types of Blockchains: What to Look Out For?","status":"published","modified_content":null}]},{"id":2,"title":"Cryptocurrencies","slug":"cryptocurrencies","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-cryptocurrencies.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/cryptocurrencies-101.jpg","rating":100,"sections":[{"chapter_id":2,"order":1,"slug":"what-is-a-cryptocurrency","title":"What is a Cryptocurrency?","status":"published","modified_content":null},{"chapter_id":2,"order":2,"slug":"how-does-cryptocurrency-work","title":"How Does Cryptocurrency Work?","status":"published","modified_content":null},{"chapter_id":2,"order":3,"slug":"is-cryptocurrency-a-good-investment","title":"Is Cryptocurrency a Good Investment? The Pros & Cons","status":"published","modified_content":null},{"chapter_id":2,"order":4,"slug":"coin-vs-token","title":"Coin VS Token: How Do They Differ?","status":"published","modified_content":null},{"chapter_id":2,"order":5,"slug":"what-are-stablecoins","title":"What are Stablecoins, Altcoins & Wrapped Coins?","status":"published","modified_content":null},{"chapter_id":2,"order":6,"slug":"what-is-a-bitcoin","title":"Bitcoin: the Pioneer of the Crypto World","status":"published","modified_content":null},{"chapter_id":2,"order":7,"slug":"what-is-ethereum","title":"The Ultimate Blockchain for dApp Creation: Ethereum","status":"published","modified_content":null},{"chapter_id":2,"order":8,"slug":"what-is-cardano-in-crypto","title":"What is Cardano and What is It Used For?","status":"published","modified_content":null},{"chapter_id":2,"order":9,"slug":"what-is-shiba-inu-coin","title":"Shiba Inu: the Dogecoin Killer","status":"published","modified_content":null},{"chapter_id":2,"order":10,"slug":"what-is-solana-in-crypto","title":"Is Solana an Improved Version of Ethereum?","status":"published","modified_content":null},{"chapter_id":2,"order":11,"slug":"what-is-polkadot-in-crypto","title":"The Bridge Between Blockchains: Polkadot","status":"published","modified_content":null},{"chapter_id":2,"order":12,"slug":"what-is-polygon-in-crypto","title":"Polygon: the Essential Scaling Solution for Ethereum","status":"published","modified_content":null},{"chapter_id":2,"order":13,"slug":"what-is-luna-crypto","title":"The Bumpy Road of Terra (LUNA)","status":"published","modified_content":null},{"chapter_id":2,"order":14,"slug":"what-is-fantom-crypto","title":"Is Fantom (FTM) Yet Another Ethereum Killer?","status":"published","modified_content":null},{"chapter_id":2,"order":15,"slug":"what-is-aave-crypto","title":"Aave: Crypto Lending Trailblazer","status":"published","modified_content":null},{"chapter_id":2,"order":16,"slug":"what-is-algorand-crypto","title":"Did Algorand Truly Solve the Blockchain Trilemma?","status":"published","modified_content":null},{"chapter_id":2,"order":17,"slug":"what-is-olympus-dao","title":"Does Olympus DAO Have Anything to Do With Mythology?","status":"published","modified_content":null},{"chapter_id":2,"order":18,"slug":"what-is-avax","title":"Is Avalanche Network (AVAX) Rightfully Called the Future of DeFi?","status":"published","modified_content":null},{"chapter_id":2,"order":19,"slug":"what-is-monero-coin","title":"Monero: Where Cryptocurrency Meets Cryptography","status":"published","modified_content":null},{"chapter_id":2,"order":20,"slug":"what-is-ripple-xrp","title":"Is Ripple \"it\" When it Comes to Cross-Border Transactions?","status":"published","modified_content":null},{"chapter_id":2,"order":21,"slug":"practical-use-of-cryptocurrencies","title":"The Practical Use of Crypto","status":"published","modified_content":null}]},{"id":3,"title":"Crypto Exchanges","slug":"crypto-exchanges","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-exchanges.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-exchanges-101.jpg","rating":80,"sections":[{"chapter_id":3,"order":1,"slug":"how-do-cryptocurrency-exchanges-work","title":"How do Cryptocurrency Exchanges Work?","status":"published","modified_content":null},{"chapter_id":3,"order":2,"slug":"dex-vs-cex","title":"DEX VS CEX: Two Sides of the Crypto Exchange Industry","status":"published","modified_content":null},{"chapter_id":3,"order":3,"slug":"crypto-day-trading","title":"Crypto Day Trading: The Difference Between Buying, Trading, and Swapping","status":"published","modified_content":null},{"chapter_id":3,"order":4,"slug":"kyc-crypto","title":"KYC & AML: The Key to Complying With Legal Industry Standards","status":"published","modified_content":null},{"chapter_id":3,"order":5,"slug":"how-to-buy-crypto","title":"From Fiat to Crypto: How to Buy Crypto for the First Time","status":"published","modified_content":null},{"chapter_id":3,"order":6,"slug":"fiat-to-crypto","title":"Taking Profits: Turning Crypto Into Fiat","status":"published","modified_content":null},{"chapter_id":3,"order":7,"slug":"how-to-use-crypto","title":"You\u2019ve Got Crypto: What Can You Do With It?","status":"published","modified_content":null}]},{"id":4,"title":"Crypto Wallets","slug":"crypto-wallets","updated":false,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-wallets.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-wallets-101.jpg","rating":80,"sections":[{"chapter_id":4,"order":1,"slug":"what-is-a-crypto-wallet","title":"What is a Crypto Wallet?","status":"published","modified_content":null},{"chapter_id":4,"order":2,"slug":"hot-wallet-vs-cold-wallet","title":"Hot Wallet VS Cold Wallet: Which One to Pick?","status":"published","modified_content":null},{"chapter_id":4,"order":3,"slug":"non-custodial-wallet","title":"What are Non-Custodial Crypto Wallets?","status":"published","modified_content":null},{"chapter_id":4,"order":4,"slug":"what-is-metamask","title":"Metamask: The Leading Non-Custodial Wallet","status":"published","modified_content":null},{"chapter_id":4,"order":37,"slug":"how-safe-is-cryptocurrency","title":"The Key Crypto Wallet Safety Practices: How Safe Can Crypto Be?","status":"published","modified_content":null}]},{"id":5,"title":"NFTs","slug":"nfts","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-nfts.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/nfts-101.jpg","rating":100,"sections":[{"chapter_id":5,"order":2,"slug":"how-to-trade-nfts","title":"NFT Trading: The Ins and Outs","status":"published","modified_content":null},{"chapter_id":5,"order":3,"slug":"buying-nft","title":"Tips and Tricks of Choosing the Right NFTs","status":"published","modified_content":null},{"chapter_id":5,"order":4,"slug":"how-to-store-nft","title":"How to Store NFTs: Best Practices","status":"published","modified_content":null},{"chapter_id":5,"order":5,"slug":"how-to-create-an-nft","title":"How to Create Your Own NFTs?","status":"published","modified_content":null},{"chapter_id":5,"order":6,"slug":"how-to-make-passive-money-with-nft","title":"Making Passive Money with NFTs","status":"published","modified_content":null}]},{"id":6,"title":"dApps & Defi","slug":"dapps-and-defi","updated":true,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-dapps.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/dapps-defi-101.jpg","rating":80,"sections":[{"chapter_id":6,"order":1,"slug":"what-are-nfts","title":"What are Non-Fungible Tokens (NFTs)?","status":"published","modified_content":null},{"chapter_id":6,"order":1,"slug":"what-is-defi","title":"What is Decentralized Finance (DeFi)?","status":"published","modified_content":null},{"chapter_id":6,"order":2,"slug":"what-is-defi-2-0","title":"DeFi 2.0: The New Version of Decentralized Finance","status":"published","modified_content":null},{"chapter_id":6,"order":3,"slug":"what-are-dapps-in-crypto","title":"What Are dApps and How Do They Work?","status":"published","modified_content":null},{"chapter_id":6,"order":4,"slug":"defi-dapps","title":"Picking the Right dApps: Dos and Don'ts","status":"published","modified_content":null},{"chapter_id":6,"order":5,"slug":"what-is-web-3-0","title":"Web 3.0: The Future of the Internet","status":"published","modified_content":null},{"chapter_id":6,"order":6,"slug":"what-are-smart-contracts","title":"What is the Core Purpose of Smart Contracts?","status":"published","modified_content":null},{"chapter_id":6,"order":7,"slug":"what-is-a-dao-in-crypto","title":"The Notion of a Decentralized Autonomous Ogranization (DAO)","status":"published","modified_content":null},{"chapter_id":6,"order":8,"slug":"what-is-staking-in-crypto","title":"What is the Goal of Staking Crypto Assets?","status":"published","modified_content":null},{"chapter_id":6,"order":9,"slug":"what-is-liquidity-pool-in-crypto","title":"What is a Liquidity Pool and How Does It Work?","status":"published","modified_content":null},{"chapter_id":6,"order":10,"slug":"what-is-automated-market-maker","title":"Automated Market Maker: the Cornerstone of the Decentralized Crypto Exchange Industry","status":"published","modified_content":null},{"chapter_id":6,"order":11,"slug":"what-is-yield-farming-in-crypto","title":"The Main Yield Farming Techniques","status":"published","modified_content":null},{"chapter_id":6,"order":12,"slug":"what-is-an-oracle-in-crypto","title":"Crypto Oracles: The Link Between Blockchain and Outside World Data","status":"published","modified_content":null},{"chapter_id":6,"order":13,"slug":"crypto-gambling","title":"The Peculiarities of Decentralized Crypto Gambling","status":"published","modified_content":null},{"chapter_id":6,"order":14,"slug":"what-is-the-metaverse","title":"Metaverse: A New Perception of Reality","status":"published","modified_content":null}]},{"id":7,"title":"Trading & Investing","slug":"trading-and-investing","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-trading.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-trading-101.jpg","rating":80,"sections":[{"chapter_id":7,"order":1,"slug":"where-to-trade-crypto","title":"Where Can You Trade Cryptocurrencies?","status":"published","modified_content":null},{"chapter_id":7,"order":2,"slug":"how-to-invest-in-crypto","title":"Investing in Crypto: What Investing Options Do You Have?","status":"published","modified_content":null},{"chapter_id":7,"order":3,"slug":"ico-vs-ido","title":"ICO vs IDO vs IEO: Which One is the One?","status":"published","modified_content":null},{"chapter_id":7,"order":4,"slug":"what-is-an-airdrop","title":"What are Crypto Airdrops and How to Get Them?","status":"published","modified_content":null},{"chapter_id":7,"order":5,"slug":"how-to-get-free-crypto","title":"How to Get Free Crypto Assets?","status":"published","modified_content":null},{"chapter_id":7,"order":6,"slug":"how-to-arbitrage-crypto","title":"What is Crypto Arbitrage: The Main Principles","status":"published","modified_content":null},{"chapter_id":7,"order":7,"slug":"what-is-a-perpetual-contract","title":"Perpetual Contracts: Futures Contracts Without an Expiration Date","status":"published","modified_content":null},{"chapter_id":7,"order":8,"slug":"what-is-fud","title":"What is FUD: How to Use It to Your Advantage While Investing in Crypto?","status":"published","modified_content":null},{"chapter_id":7,"order":9,"slug":"investing-in-cryptocurrency","title":"Investing in Cryptocurrency: How to Manage Your Risks?","status":"published","modified_content":null},{"chapter_id":7,"order":10,"slug":"what-is-a-rug-pull-in-crypto","title":"What is a Rug Pull in Crypto?","status":"published","modified_content":null},{"chapter_id":7,"order":11,"slug":"how-to-avoid-rug-pulls-in-crypto","title":"How to Spot and Avoid Rug Pulls?","status":"published","modified_content":null},{"chapter_id":7,"order":12,"slug":"how-to-avoid-crypto-taxes","title":"The Key Legal Techniques of Avoiding Crypto Taxes","status":"published","modified_content":null}]},{"id":8,"title":"Crypto Analysis","slug":"crypto-analysis","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-analysis.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-analysis-101.jpg","rating":100,"sections":[{"chapter_id":8,"order":1,"slug":"what-is-bullish-and-bearish","title":"Bearish and Bullish Markets: Do They Matter?","status":"published","modified_content":null},{"chapter_id":8,"order":2,"slug":"best-technical-analysis-indicators-for-crypto","title":"5 Best Crypto Technical Analysis Indicators You Must Know About","status":"published","modified_content":null},{"chapter_id":8,"order":3,"slug":"what-is-candlesticks","title":"Technical Analysis: What are Candlesticks, Trendlines, and Patterns?","status":"published","modified_content":null},{"chapter_id":8,"order":4,"slug":"how-to-track-new-crypto-coins","title":"Crypto Tracking: How to Track Your Favorite Coins & Tokens?","status":"published","modified_content":null},{"chapter_id":8,"order":5,"slug":"how-to-research-crypto","title":"Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy","status":"published","modified_content":null},{"chapter_id":8,"order":46,"slug":"portfolio-diversification-definition","title":"Portfolio Diversification: The Whats, the Whys, and the Hows","status":"published","modified_content":null}]},{"id":9,"title":"Mining","slug":"mining","updated":false,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-mining.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-mining-101.jpg","rating":80,"sections":[{"chapter_id":9,"order":1,"slug":"what-is-crypto-mining","title":"Crypto Mining: What It is and How Does It Work?","status":"published","modified_content":null},{"chapter_id":9,"order":2,"slug":"what-is-a-mining-pool","title":"Mining Pools: Is Collective Mining Better Than Solo Mining?","status":"published","modified_content":null},{"chapter_id":9,"order":3,"slug":"what-is-staking-crypto","title":"An Advanced Look into What is Staking Crypto","status":"published","modified_content":null},{"chapter_id":9,"order":4,"slug":"what-is-proof-of-stake-vs-proof-of-work","title":"Proof-of-Work VS Proof-of-Stake: The Differences That Matter","status":"published","modified_content":null},{"chapter_id":9,"order":5,"slug":"what-is-crypto-mining-rig","title":"Crypto Mining Rig: What It is and How to Build One?","status":"published","modified_content":null}]},{"id":10,"title":"Crypto Terms","updated":false,"chapter":"crypto\/assets\/crypto-book\/chapters\/crypto-101-glossary.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}]"
current-chapter="nfts"
current-section="buying-nft">