Faux pas while buying NFTs
In 2017, ‘crypto kittens’ was basically a blockchain game where you could buy and breed two virtual cats to create a one-of-a-kind, collectible offspring. It created a one-of-a-kind crypto cat that belongs only to its creator using a mechanism called a Non-Fungible Token (NFT). Within a year, the market had grown to a million-dollar market. For onlookers, the most perplexing aspect was that these ‘breedable infants’ had no inherent value other than what gamers are prepared to spend for them.
It’s the elation of the new form of Investment that keeps the adrenaline rush high and there are some blunders that one ends up doing. Here are three main mistakes one should avoid while buying an NFT.
- Stay away from click baits!
Never buy NFT from a non-verified account!
RESEARCH! Research well … You can not just afford to buy your NFT from a non-verified account. It is a big No! No! And the reason why you should always avoid them is because there are a lot of scammers out there.
The best way to find the verified accounts is from the official project leader. Majority of the time your NFT founder/ owner will actually publicly announce their opensea official accounts out there for you. So all you have to do is go under either twitter or discord in order for you to find the official opensea secondary market link so you can purchase with a peace of mind from those links.
- Read more to Invest better
The second mistake that one ends up making while buying NFTs is not researching & reading well enough on the NFT project. Do not invest in a project and an nft just because an influencer said so.
After you’re made aware of the project, the first step is to go on their website and look at the team behind the project. Look at what they have been doing to set their project out for you and thoroughly understand their credentials. Look out for the roadmap. What does the team say that this project would do ? Is the project going to have a roadmap that allows the project to have longevity? Invest in an NFT that has a really bright future.
- Know the Artist behind the Art
Now the next thing to look out for is their twitter and their discords — handles. Now this is not the best gauge of whether this project is good or not but it shall allow one to see how many people are actually involved in this project. How strong their community is; because at the end of the day it is all about supply and demand — and the demand comes from a really strong community.
Therefore if the project does not have a strong community then it’s something that one should reconsider. The community often lives in their discord channel and on twitter. So these are two places to definitely look out for. That being said, the next thing to look out for is of course the artwork — if this is an artwork that you don’t mind having on your wall even if the price goes down to zero you must like the art and enjoy the art otherwise don’t buy it.
In the same manner that cryptocurrencies have endured in the market, NFTs are expected to do so as well. They are now another example of a technology that has had a significant impact on the digital asset market, but they still raise certain questions on the area of origin and creator verification and authentication.
Hence, to hardwire all such concerns, rev3al comes into picture. It is at Rev3al where we believe in being authentic because the world loves it. REV3AL Digital Copyright Protection & Anti-Counterfeit Technology protects artists, creators, and owners of Intellectual Property across the digital spectrum and into the physical world. REV3AL makes an appearance to protect, authenticate and verify beyond the blockchain. We make the best of our efforts to futureproof multi — factor authentication and anti counterfeit protocols ; and this applies to authenticate and interact with digital assets and NFTs in the physical world.
To know more and to “Keep it Real” check out our website: https://www.rev3al.io/
