One mistake that everyone makes in the NFT space is selling NFTs for the next ‘new shiny’ project.
Instead of trying to FOMO into new shiny collections, buy and hold the existing NFT collections you truly believe in.
The moment you sell Project A for Project B is the moment you start incurring losses. Want to collect a piece of art but can’t afford it? Wait a couple of weeks, months or even years until you can afford it.
Before buying any NFTs, ask yourself:
- Do I love the art?
- Do I know the team?
- What are they building?
- Am I buying into it just because someone else bought it or made a post about it on X?
People say DYOR for a reason and when you actually do it, that’s when you start making the right decisions.
Not to mention, if you truly love something the floor price shouldn’t affect your love and conviction toward it.
Perfect example: my PFP. I remember offering five figures to the previous holder of my PFP one and a half years ago. He didn’t sell it to me at the time and then I waited weeks, months and years to get it. I kept DMing the holder every now and then just to check if he still wanted to sell it.
Result? I was finally able to acquire it after one and a half years.
A lot of people wanted to buy BAYC at 100E, Pudgy Penguins at 30E, Azuki at 20E, Doodles at 15E and so on. Now you can buy them for 90% less. Don’t feel like buying them now because the FP is down? Then you probably never really wanted them in the first place.
The NFT space will become a better place when people start buying what they genuinely love instead of buying something just because someone else bought it.
Making money from NFTs is not a bad thing, I’d say it’s actually a very gud thing because it shows that NFTs are still a thing where people can make money. But if you’re blindly apeing into NFTs based on some post on X or wallet tracking, you’re not going to make it.
Normalize buying NFTs regardless of the floor price, simply because you love them.
NFTs are the future.