NFT Trading: The Ins and Outs
In this section, I’m going to tell you how to trade NFTs on OpenSea, in the simplest way possible!
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!
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!
In this section, we’re going to talk about NFT trading. 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!
Let’s get to it!
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How to Trade NFTs Safely? (Animated Explainer For Beginners)
Before You Start
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!
The very first thing that you’ll need to do is create a hot cryptocurrency wallet. 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!
There are plenty of different wallets that you can pick, but I’d personally go with MetaMask. You can read a dedicated section 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.
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, you’ll need to buy some cryptocurrency (specifically - 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.
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 Binance or Kraken, you’ll be able to register and buy crypto with a credit or debit card in no time!
If you’d like to check out a more thorough explanation of how to buy cryptocurrency for the very first time, read this section – 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.
The final point of preparation has to do with choosing the best NFT marketplace, 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 OpenSea. 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.
Making Your First Trade
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 - what NFT should you buy, as your very first one?
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 “worth it”, and which will tank, price-wise.
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!
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. 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.
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!
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. How do you get it into your digital wallet?
Well, if you’re using OpenSea and MetaMask, this process is going to be super simple.
First, you need to connect your wallet to OpenSea. 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!
Next, you’ll need to find the NFT that you’ve picked, and either add it to your basket, or buy it instantly. 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.
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!
Trading Your NFTs
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!
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!
The simplest way of how to trade NFTs is to sell your current NFT for a profit, and purchase another token (or, even, tokens!) in its place. While it’s not technically “trading”, per se, you are still exchanging NFTs, albeit indirectly.
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.
Alternatively, you could participate in actual NFT trading, as well - in other words, you could exchange your NFT for another one, in a mutually agreed-upon trade with another person.
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. For the most part, I’d stick to the time-tested buying and selling processes!
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!
Extra Safety for Your NFTs
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.
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, MetaMask is still considered to be a hot wallet - one that maintains a constant connection to the internet.
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 hardware wallets come in.
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 - the Ledger wallet -, and you have yourself a pretty strong case for security and asset protection!
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.
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? 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(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"}}}"
:prev-section="{"id":424,"chapter_id":4,"order":37,"featured_image_id":3078,"youtube_video_id":48,"author_id":1,"created_at":"2023-01-17T12:04:08.000000Z","updated_at":"2023-12-21T11:44:26.000000Z","slug":"how-safe-is-cryptocurrency","title":"The Key Crypto Wallet Safety Practices: How Safe Can Crypto Be?","content":"<p>In this section, we’re going to talk about <strong>how safe is cryptocurrency<\/strong>, as well as some of the best crypto wallet safety practices that everyone should be following!<\/p>\n<p>Imagine that you’ve bought the safest wallet on the planet. It has multiple locks attached to it, and even a digital display requiring your fingerprint in order for it to open. You store all of your money within the wallet, and walk around feeling very safe about your cash.<\/p>\n<p>However, one day, while you weren’t looking, someone grabs your wallet from the table where you left it on. Even though it might have been the safest wallet in the world, it still got stolen - in order to avoid something like this happening in the real world, to your crypto assets, you need to be aware of some of <strong>the best crypto wallet safety practices<\/strong>!<\/p>\n<p>In this section, we’re going to look at how safe is cryptocurrency, as well as some of the most important crypto wallet safety and security practices that you should be aware of, when you’re just starting out with crypto. I’ll reveal the top tips for keeping your crypto safe, and then elaborate on how you can use them yourself, no matter what type of wallet you might have.<\/p>\n<p><em>So, let’s get to it!<\/em><\/p>\n<h2>Don’t Tell Anyone About Your Crypto<\/h2>\n<p>Now, keep in mind that a lot of the best <strong>crypto wallet safety practices covered in this section are going to be applicable to both hot wallets, as well as cold storage devices.<\/strong><\/p>\n<p>If you have no idea what are hot or cold crypto wallets, please make sure to read the <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//hot-wallet-vs-cold-wallet/">section dedicated to this topic<\/strong><\/a>. It’ll help you get a much better understanding of how to keep your wallets safe!<\/p>\n<p>So, now - is it safe to invest in cryptocurrency, and just how safe are cryptocurrencies, in general? Well, the answer really depends on whether or not you follow all of the “best safety practices”!<\/p>\n<p>The first safety practice is rather simple - <strong>you should never tell anyone about owning crypto, or about the wallets that you use<\/strong>.<\/p>\n<p>Why is that the case? Let's expand on the earlier example.<\/p>\n<p>Imagine that, with your super-secret wallet in hand, you went to a coffee shop to meet a friend, and ordered a cup of coffee. Excited about your new wallet, you start telling your friend all about how secure it is, and how you now keep all of your money inside of it. A stranger sitting nearby overhears your conversation, and takes an interest in what you’re saying.<\/p>\n<p>The first opportunity they get, when you’re not looking, they grab your wallet, and run off with it. Perhaps if you wouldn’t have boasted about that item, it would still be in your possession, and you wouldn’t need to ask yourself - is crypto safe?<\/p>\n<p>Cryptocurrency wallets work the exact same way, really. With <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-hardware-wallet/">hardware wallets<\/strong><\/a>, this is self-explanatory - they are actual physical items that can be stolen. The same, though, is true with <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-hot-wallet/">hot wallets<\/strong><\/a>, as well.<\/p>\n<p>If you go around boasting about your crypto portfolio, telling everyone where you keep all of your assets, you risk becoming a target to some less-than-honorable individuals. The saying <em>“money loves silence”<\/em> is very accurate, in this regard - you can probably see why that’s the case, as well!<\/p>\n<h2>Store Your Recovery Phrase Somewhere Safe<\/h2>\n<p>Moving on, note that there’s actually something even more important than your crypto wallet, cryptocurrency storage-wise. Something that is essential to know about, when you’re wondering “how safe is cryptocurrency?”. That would be the <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-recovery-seed/">wallet recovery phrase<\/strong><\/a>.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How safe is cryptocurrency: Recovery phrase.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//crypto_wallet_safety_practices_01.jpg/" alt=\"How safe is cryptocurrency: Recovery phrase.\" width=\"1000\" height=\"384\" \/><\/p>\n<p>Whenever you set up a crypto wallet for the first time, you are given a string of randomly generated words – usually 12 or 24. <strong>These words, in that exact order, are your wallet recovery phrase<\/strong>. If your wallet got lost, stolen, or if you forgot your password, you would use this phrase to recover your funds to a new wallet.<\/p>\n<p>Now, as you can probably guess, this works the other way around, too. So, if someone were to steal your wallet recovery phrase, they would essentially be able to <em>“recover”<\/em> (i.e., steal) all of your wallet’s contents. Needless to say, that’s a really scary scenario!<\/p>\n<p>This is why it’s absolutely crucial that you keep your wallet recovery phrase in the safest possible place you can think of. Since it’s something that you’d only need to use in an emergency, you can store it somewhere remote, like a safe. On top of that, <strong>NEVER tell anyone where it is<\/strong> - that’s very important!<\/p>\n<h2>Avoid Clicking Weird Links on the Internet<\/h2>\n<p>The next “best crypto wallet safety practice” is mainly applicable to hot wallet owners. It has to do with <strong>all of those weird links that you see in your email, on various websites, or in your chat box<\/strong>. This includes a message that you’ve received from a friend, telling you to <em>\"check out<\/em> <em>this awesome photo on this definitely-not-suspicious website”.<\/em><\/p>\n<p><em><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How safe is cryptocurrency: Weird links.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//crypto_wallet_safety_practices_02.jpg/" alt=\"How safe is cryptocurrency: Weird links.\" width=\"1000\" height=\"309\" \/><\/em><\/p>\n<p>You know the drill by now - links with viruses and keyloggers are something that we’ve all encountered, at least once in our lives. Some of them are very obvious, but others can be super-malicious, as well as difficult to spot.<\/p>\n<p>Well, if you’re not careful, and accidentally download a virus by clicking on one of such links, you might set in motion a sequence of events that’ll lead to your wallet being emptied. It doesn’t necessarily have to be related to questions such as is staking crypto safe, or is accessing a specific dApp secure - these hacks can happen in crypto-unrelated ways, as well!<\/p>\n<p><strong>The best-case scenario is to have a separate device<\/strong>, altogether. You would only use this device to log into your crypto exchange account, trade, and use your wallet to perform transactions - that’s it. Assuming that the device is brand new, and hasn’t been compromised before, this would lower the chance of you catching a virus significantly.<\/p>\n<p>Naturally, not that many people are going to take this route. Instead, if you use but a single device for all of your internet browsing and crypto trading wants and needs, do put in the conscious effort to <strong>avoid any suspicious websites and more-than-shady links<\/strong>.<\/p>\n<h2>Don’t Carry Your Wallet Around With You<\/h2>\n<p>As opposed to all of that, let’s now take a look at a safety practice that’s mostly relevant to cold, or hardware wallet owners - <strong>never carry your wallet around with you, if you won’t need it<\/strong>.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How safe is cryptocurrency: Cold wallet.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//crypto_wallet_safety_practices_03.jpg/" alt=\"How safe is cryptocurrency: Cold wallet.\" width=\"1000\" height=\"760\" \/><\/p>\n<p>Though this is something that you’ve probably figured out already - thieves and malicious individuals are always looking for people who are not careful with their belongings. Cryptocurrency wallet devices are definitely not an exception. Instead, quite the opposite is true, really - they attract attention, due to the fact that they look interesting and futuristic. Even wallets that are designed to look like everyday items are still somewhat unusual - that’s both a good thing, and a bad thing, really!<\/p>\n<p>In other words, <strong>your hardware wallet should remain in a safe and secure place, at all times<\/strong>. Usually, there’s absolutely no need to bring it with you to a date, a meetup with friends, or to the local grocery store. Everyone learning about how safe is cryptocurrency should know this very well!<\/p>\n<p>If you do accidentally take your wallet with you and notice only after you leave the house - keep it in your pocket, and don’t tell anyone! Otherwise, you might end up being the main character of the situation I described at the beginning of this section!<\/p>\n<h2>Be Careful With Your Transactions<\/h2>\n<p>Up to this point, we’ve mostly talked about <em>“external”<\/em> factors - thieves stealing your wallet, keyloggers & viruses, and so on. However, learning is cryptocurrency safe, you’ll find out that wallet safety practices are applicable to the other side of the deal, as well.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How safe is cryptocurrency: Transactions.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//crypto_wallet_safety_practices_04.jpg/" alt=\"How safe is cryptocurrency: Transactions.\" width=\"1000\" height=\"755\" \/><\/p>\n<p>To be a bit more specific, <strong>you should always check the transactions that you’re participating in<\/strong>, too. Never interact with strange applications that ask you for your wallet address, and never send your crypto to some shady third parties. With the crypto market evolving so fast, scams evolve, as well, and become more and more intricate and clever. The best way to avoid them is to remove yourself from a fishy situation, altogether.<\/p>\n<p>On the flip side, avoiding these types of situations can sometimes be tricky, I admit. This is where the second part of this crypto wallet safety practice comes in - <strong>diversifying your crypto storage options<\/strong>.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How safe is cryptocurrency: Crypto storage.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//crypto_wallet_safety_practices_05.jpg/" alt=\"How safe is cryptocurrency: Crypto storage.\" width=\"1000\" height=\"529\" \/><\/p>\n<p>Is it safe to buy crypto on <strong><a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//robinhood-crypto/" target=\"_blank\" rel=\"nofollow noindex noopener\">Robinhood<\/a><\/strong>? Probably, but only if you use an external wallet. Is Gemini crypto safe? Perhaps, but far less safe if you keep your tokens on the exchange! Can I keep crypto on <strong><a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//binance/" target=\"_blank\" rel=\"nofollow noindex noopener\">Binance<\/a><\/strong>, <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//kraken/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Kraken<\/strong><\/a>, or any other exchange? Well…<\/p>\n<p>If you want to feel a bit more at ease about your portfolio, you should <strong>always have multiple wallets at your disposal<\/strong>, with at least one of them being a hardware device (due to their high-end security). This way, even if something were to go wrong, and one of your wallets got compromised, you wouldn’t risk losing ALL of your assets.<\/p>\n<p>Of course, managing multiple wallets can be a daunting task. Nonetheless, it’s certainly a practice that can save your crypto, especially if you have a large portfolio of different coins and tokens!<\/p>\n<h2>Wrapping Things Up<\/h2>\n<p>Those were some of the best crypto wallet safety practices that every beginner crypto enthusiast should be aware of, and utilize. Of course, there are many more different safety measures that you could take, in order to ensure the security of your crypto. However, if you employ the practices that were discussed in this section, you’ll already be ahead of the curve, by a significant margin!<\/p>\n<p>So, how safe is cryptocurrency, and is it safe to invest in crypto, in the first place? It’s clear that, if you follow all of the proper precautions, <strong>crypto can be relatively safe<\/strong>. Though it’s important to always stay up-to-date and aware of what’s happening in the industry!<\/p>","definition":"Did you know that being more attentive and cautious is one of the main ways to boost your safety in the crypto world?","status":"published","meta_title":"Is Cryptocurrency Safe? Effective Wallet Safety Practices","meta_description":"Do you want to invest in crypto but keep wondering how safe is cryptocurrency? Find everything about crypto wallet safety practices here!","meta_keywords":"how safe is cryptocurrency, is it safe to invest in cryptocurrency, is cryptocurrency safe, is crypto safe, crypto security, is staking crypto safe, is it safe to buy crypto on robinhood, is gemini crypto safe, keep crypto on coinbase","modified_content":"<p>In this section, we’re going to talk about <strong>how safe is cryptocurrency<\/strong>, as well as some of the best crypto wallet safety practices that everyone should be following!<\/p>\n<p>Imagine that you’ve bought the safest wallet on the planet. It has multiple locks attached to it, and even a digital display requiring your fingerprint in order for it to open. You store all of your money within the wallet, and walk around feeling very safe about your cash.<\/p>\n<p>However, one day, while you weren’t looking, someone grabs your wallet from the table where you left it on. Even though it might have been the safest wallet in the world, it still got stolen - in order to avoid something like this happening in the real world, to your crypto assets, you need to be aware of some of <strong>the best crypto wallet safety practices<\/strong>!<\/p>\n<p>In this section, we’re going to look at how safe is cryptocurrency, as well as some of the most important crypto wallet safety and security practices that you should be aware of, when you’re just starting out with crypto. I’ll reveal the top tips for keeping your crypto safe, and then elaborate on how you can use them yourself, no matter what type of wallet you might have.<\/p>\n<p><em>So, 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=\"Is Your Crypto Safe? (5 Best Crypto Security Practices Explained)\"\n title=\"Is Your Crypto Safe? (5 Best Crypto Security Practices 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: The Key Crypto Wallet Safety Practices: How Safe Can Crypto Be?<\/h4>\n <p class=\"py-1 mb-0 youtube-video-subtitle\">Reading is not your thing? Watch the \"The Key Crypto Wallet Safety Practices: How Safe Can Crypto Be?\" 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=\"bN5XetWivGA\" data-title=\"CryptoFinallyExplained\">\n <div class=\"video-gradient-top\"><\/div>\n <p class=\"text-left dyk-video-title\">Is Your Crypto Safe? (5 Best Crypto Security Practices Explained)<\/p>\n <img data-srcset=\"https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/is-your-crypto-safe-5-best-crypto-security-practices-explained.jpg?tr=w-420 500w,\n https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/is-your-crypto-safe-5-best-crypto-security-practices-explained.jpg?tr=w-760 1000w\"\n alt=\"Is Your Crypto Safe? (5 Best Crypto Security Practices Explained)\"\n title=\"Is Your Crypto Safe? (5 Best Crypto Security Practices 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=\"Is Your Crypto Safe? (5 Best Crypto Security Practices 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>Don’t Tell Anyone About Your Crypto<\/h2>\n<p>Now, keep in mind that a lot of the best <strong>crypto wallet safety practices covered in this section are going to be applicable to both hot wallets, as well as cold storage devices.<\/strong><\/p>\n<p>If you have no idea what are hot or cold crypto wallets, please make sure to read the <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//hot-wallet-vs-cold-wallet/">section dedicated to this topic<\/strong><\/a>. It’ll help you get a much better understanding of how to keep your wallets safe!<\/p>\n<p>So, now - is it safe to invest in cryptocurrency, and just how safe are cryptocurrencies, in general? Well, the answer really depends on whether or not you follow all of the “best safety practices”!<\/p>\n<p>The first safety practice is rather simple - <strong>you should never tell anyone about owning crypto, or about the wallets that you use<\/strong>.<\/p>\n<p>Why is that the case? Let's expand on the earlier example.<\/p>\n<p>Imagine that, with your super-secret wallet in hand, you went to a coffee shop to meet a friend, and ordered a cup of coffee. Excited about your new wallet, you start telling your friend all about how secure it is, and how you now keep all of your money inside of it. A stranger sitting nearby overhears your conversation, and takes an interest in what you’re saying.<\/p>\n<p>The first opportunity they get, when you’re not looking, they grab your wallet, and run off with it. Perhaps if you wouldn’t have boasted about that item, it would still be in your possession, and you wouldn’t need to ask yourself - is crypto safe?<\/p>\n<p>Cryptocurrency wallets work the exact same way, really. With <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-hardware-wallet/">hardware wallets<\/strong><\/a>, this is self-explanatory - they are actual physical items that can be stolen. The same, though, is true with <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-hot-wallet/">hot wallets<\/strong><\/a>, as well.<\/p>\n<p>If you go around boasting about your crypto portfolio, telling everyone where you keep all of your assets, you risk becoming a target to some less-than-honorable individuals. The saying <em>“money loves silence”<\/em> is very accurate, in this regard - you can probably see why that’s the case, as well!<\/p>\n<h2>Store Your Recovery Phrase Somewhere Safe<\/h2>\n<p>Moving on, note that there’s actually something even more important than your crypto wallet, cryptocurrency storage-wise. Something that is essential to know about, when you’re wondering “how safe is cryptocurrency?”. That would be the <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-recovery-seed/">wallet recovery phrase<\/strong><\/a>.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How safe is cryptocurrency: Recovery phrase.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//crypto_wallet_safety_practices_01.jpg/" alt=\"How safe is cryptocurrency: Recovery phrase.\" width=\"1000\" height=\"384\" \/><\/p>\n<p>Whenever you set up a crypto wallet for the first time, you are given a string of randomly generated words – usually 12 or 24. <strong>These words, in that exact order, are your wallet recovery phrase<\/strong>. If your wallet got lost, stolen, or if you forgot your password, you would use this phrase to recover your funds to a new wallet.<\/p>\n<p>Now, as you can probably guess, this works the other way around, too. So, if someone were to steal your wallet recovery phrase, they would essentially be able to <em>“recover”<\/em> (i.e., steal) all of your wallet’s contents. Needless to say, that’s a really scary scenario!<\/p>\n<p>This is why it’s absolutely crucial that you keep your wallet recovery phrase in the safest possible place you can think of. Since it’s something that you’d only need to use in an emergency, you can store it somewhere remote, like a safe. On top of that, <strong>NEVER tell anyone where it is<\/strong> - that’s very important!<\/p>\n<h2>Avoid Clicking Weird Links on the Internet<\/h2>\n<p>The next “best crypto wallet safety practice” is mainly applicable to hot wallet owners. It has to do with <strong>all of those weird links that you see in your email, on various websites, or in your chat box<\/strong>. This includes a message that you’ve received from a friend, telling you to <em>\"check out<\/em> <em>this awesome photo on this definitely-not-suspicious website”.<\/em><\/p>\n<p><em><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How safe is cryptocurrency: Weird links.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//crypto_wallet_safety_practices_02.jpg/" alt=\"How safe is cryptocurrency: Weird links.\" width=\"1000\" height=\"309\" \/><\/em><\/p>\n<p>You know the drill by now - links with viruses and keyloggers are something that we’ve all encountered, at least once in our lives. Some of them are very obvious, but others can be super-malicious, as well as difficult to spot.<\/p>\n<p>Well, if you’re not careful, and accidentally download a virus by clicking on one of such links, you might set in motion a sequence of events that’ll lead to your wallet being emptied. It doesn’t necessarily have to be related to questions such as is staking crypto safe, or is accessing a specific dApp secure - these hacks can happen in crypto-unrelated ways, as well!<\/p>\n<p><strong>The best-case scenario is to have a separate device<\/strong>, altogether. You would only use this device to log into your crypto exchange account, trade, and use your wallet to perform transactions - that’s it. Assuming that the device is brand new, and hasn’t been compromised before, this would lower the chance of you catching a virus significantly.<\/p>\n<p>Naturally, not that many people are going to take this route. Instead, if you use but a single device for all of your internet browsing and crypto trading wants and needs, do put in the conscious effort to <strong>avoid any suspicious websites and more-than-shady links<\/strong>.<\/p>\n<h2>Don’t Carry Your Wallet Around With You<\/h2>\n<p>As opposed to all of that, let’s now take a look at a safety practice that’s mostly relevant to cold, or hardware wallet owners - <strong>never carry your wallet around with you, if you won’t need it<\/strong>.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How safe is cryptocurrency: Cold wallet.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//crypto_wallet_safety_practices_03.jpg/" alt=\"How safe is cryptocurrency: Cold wallet.\" width=\"1000\" height=\"760\" \/><\/p>\n<p>Though this is something that you’ve probably figured out already - thieves and malicious individuals are always looking for people who are not careful with their belongings. Cryptocurrency wallet devices are definitely not an exception. Instead, quite the opposite is true, really - they attract attention, due to the fact that they look interesting and futuristic. Even wallets that are designed to look like everyday items are still somewhat unusual - that’s both a good thing, and a bad thing, really!<\/p>\n<p>In other words, <strong>your hardware wallet should remain in a safe and secure place, at all times<\/strong>. Usually, there’s absolutely no need to bring it with you to a date, a meetup with friends, or to the local grocery store. Everyone learning about how safe is cryptocurrency should know this very well!<\/p>\n<p>If you do accidentally take your wallet with you and notice only after you leave the house - keep it in your pocket, and don’t tell anyone! Otherwise, you might end up being the main character of the situation I described at the beginning of this section!<\/p>\n<h2>Be Careful With Your Transactions<\/h2>\n<p>Up to this point, we’ve mostly talked about <em>“external”<\/em> factors - thieves stealing your wallet, keyloggers & viruses, and so on. However, learning is cryptocurrency safe, you’ll find out that wallet safety practices are applicable to the other side of the deal, as well.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How safe is cryptocurrency: Transactions.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//crypto_wallet_safety_practices_04.jpg/" alt=\"How safe is cryptocurrency: Transactions.\" width=\"1000\" height=\"755\" \/><\/p>\n<p>To be a bit more specific, <strong>you should always check the transactions that you’re participating in<\/strong>, too. Never interact with strange applications that ask you for your wallet address, and never send your crypto to some shady third parties. With the crypto market evolving so fast, scams evolve, as well, and become more and more intricate and clever. The best way to avoid them is to remove yourself from a fishy situation, altogether.<\/p>\n<p>On the flip side, avoiding these types of situations can sometimes be tricky, I admit. This is where the second part of this crypto wallet safety practice comes in - <strong>diversifying your crypto storage options<\/strong>.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How safe is cryptocurrency: Crypto storage.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//crypto_wallet_safety_practices_05.jpg/" alt=\"How safe is cryptocurrency: Crypto storage.\" width=\"1000\" height=\"529\" \/><\/p>\n<p>Is it safe to buy crypto on <strong><a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//robinhood-crypto/" target=\"_blank\" rel=\"nofollow noindex noopener\">Robinhood<\/a><\/strong>? Probably, but only if you use an external wallet. Is Gemini crypto safe? Perhaps, but far less safe if you keep your tokens on the exchange! Can I keep crypto on <strong><a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//binance/" target=\"_blank\" rel=\"nofollow noindex noopener\">Binance<\/a><\/strong>, <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//kraken/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Kraken<\/strong><\/a>, or any other exchange? Well…<\/p>\n<p>If you want to feel a bit more at ease about your portfolio, you should <strong>always have multiple wallets at your disposal<\/strong>, with at least one of them being a hardware device (due to their high-end security). This way, even if something were to go wrong, and one of your wallets got compromised, you wouldn’t risk losing ALL of your assets.<\/p>\n<p>Of course, managing multiple wallets can be a daunting task. Nonetheless, it’s certainly a practice that can save your crypto, especially if you have a large portfolio of different coins and tokens!<\/p>\n<h2>Wrapping Things Up<\/h2>\n<p>Those were some of the best crypto wallet safety practices that every beginner crypto enthusiast should be aware of, and utilize. Of course, there are many more different safety measures that you could take, in order to ensure the security of your crypto. However, if you employ the practices that were discussed in this section, you’ll already be ahead of the curve, by a significant margin!<\/p>\n<p>So, how safe is cryptocurrency, and is it safe to invest in crypto, in the first place? It’s clear that, if you follow all of the proper precautions, <strong>crypto can be relatively safe<\/strong>. Though it’s important to always stay up-to-date and aware of what’s happening in the industry!<\/p>","youtube_video":{"id":48,"channel_id":1,"sort":48,"video_title":"Is Your Crypto Safe? (5 Best Crypto Security Practices Explained)","description":"How safe is cryptocurrency, and what are some of the best crypto wallet safety practices?\n\nCryptocurrency wallets are designed with security in mind - that\u2019s obvious. However, even the most secure wallet in the world can fail, if the owner doesn\u2019t understand the basic principles of wallet safety!\n\nIn this video, I will tell you about how safe is cryptocurrency, as well as the best crypto wallet safety practices that any and all wallet owners need to employ. We\u2019ll look into both hardware and software wallets, talk about is crypto safe, in general, and discuss tips that will suit both of these types of crypto storage.\n\nDo you have any additional tips for keeping your crypto wallet safe? Share them in the comments below!\n\nVideo Time Table:\n\n0:00 Introduction to Best Crypto Security Practices\n1:08 Don't Tell Anyone About Your Crypto\n3:10 Store Your Recovery Phrase Somewhere Safe\n4:15 Avoid Clicking Weird Links on the Internet\n5:35 Don't Carry Your Wallet Around With You\n6:50 Be Careful With Your Transactions\n8:26 Wrap-up: Best Crypto Security Practices\n\nGet Quick Crypto Tips on Twitter - Follow:\nhttps:\/\/twitter.com\/crypto_xplained\n\n#HowSafeIsCryptocurrency #CryptoSecurity #IsCryptocurrencySafe","video_id":"bN5XetWivGA","duration":549,"view_count":264,"thumbnail_url":"https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/is-your-crypto-safe-5-best-crypto-security-practices-explained.jpg","thumbnail_width":1280,"thumbnail_height":720,"published_at":"2023-02-01T16:48:42.000000Z","created_at":"2023-02-01T23:00:03.000000Z","updated_at":"2024-01-09T23:00:04.000000Z","channel":{"id":1,"title":"CryptoFinallyExplained","channel_id":"UCOryUY0yxC08eJtK23mNgiA","main_playlist_id":"UUOryUY0yxC08eJtK23mNgiA"}}}"
:model="{"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"}},"featured_image":{"id":3079,"uuid":"b5630536-872e-4b10-9ec6-8149137e853e","name":"how-to-trade-nfts-featured-image.jpg","url":"https:\/\/assets.bitdegree.org\/crypto\/storage\/optimized\/how-to-trade-nfts-featured-image.jpg","path":"crypto\/storage\/optimized\/how-to-trade-nfts-featured-image.jpg","mime_type":"image\/jpeg","disk":"digitalOceanSpaces","size":40379,"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? 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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 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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="how-to-trade-nfts">