Tips for new NFT Buyers and Sellers at The Auction

[rahulzx]

Add your experience to this post:

For New Buyers and Sellers

Research and Learn
Before diving into the world of NFTs, it is essential to do your research and learn as much as possible about the market. Understand the basics of blockchain technology and how it applies to NFTs, as well as the various platforms and marketplaces where NFTs are sold.

Set a Budget
It's easy to get caught up in the excitement of NFT auctions, but it's important to set a budget and stick to it. Decide how much you are willing to spend on an NFT, and avoid overspending to prevent buyer's remorse.

Choose Wisely
When selecting an NFT to bid on, consider factors such as the artist's reputation, rarity, and uniqueness of the artwork. Don't be swayed solely by hype or popularity.

Be Prepared
Make sure you have the necessary cryptocurrency and a digital wallet before participating in an NFT auction. Some auctions may require a minimum bid, so ensure you have enough funds to participate.

Network and Collaborate
Building relationships with other NFT enthusiasts and creators can be valuable for both buyers and sellers. Collaborating with artists and other collectors can lead to unique opportunities and potential partnerships.

Be Patient
The NFT market is still relatively new and constantly evolving. Be patient and avoid making impulsive decisions, as it's crucial to understand the market and the value of the artwork before investing.

Do Due Diligence
When selling an NFT, ensure you provide accurate information and transparent details about the artwork. Perform due diligence and research potential buyers before agreeing to a sale.

NFTs are a unique and exciting addition to the art world, but it's essential to approach them with caution and due diligence. I think, by following these tips and tricks, both new buyers and sellers can navigate the market with confidence and make well informed decisions.

[Apocollapse]

1. There's no need to understand the blockchain technology, any altcoins network is centralized.

2. There's no way you can know how much overspending is, take a look with bored ape yacht club NFT where anyone willing to spend 100 ETH.

4. It's back to the number 2 answer.

5. If you're an unknown person, you wouldn't able to create a collaboration.

6. NFT is already old and constantly lose it's hype.

[ryzaadit]

Or, just stay away from #NFT things.

People are really new on NFTs, and should stay away from NFTs. The one of hardest things about NFTs, It's for exit the project or NFT you're buying because some of them have zero order book and even there has some order book the bid most the time -90%.

I never touch NFTs, the hype is over right now.

[fat buddah]

I'll say that too, NFTs are too risky and lost their hype, you don't have a lot of chances to grab some cash in this market, only if you're super lucky or you know a lot of inside information, which, I suppose, you don't.

[Johnyz]

Research and Learn
Set a Budget
Choose Wisely
Be Prepared
Network and Collaborate
Be Patient
Do Due Diligence

These are a good list for those who are planning to deal or invest with NFT, you also have to understand the current market situation where NFTs are not that hyped anymore and many are struggling to rise again. Though of course NFTs are still a good investment because it is still new and for sure they can improve more, all you have to do is to do your own research and be sure that you understand its risk before investing.

[Wexnident]

Don't buy NFT's. Easy as that. Might as well just invest in idk, Bitcoin if you really wanted to, or anything else really that seems like a good investment. All of the new projects out there are just hyped stuff, and all the good ones (whether by the result of hype or not) are already priced at sky-high prices and aren't really worth the investment. Ofc, if you were legitimately buying NFT's as a collection owner then go ahead and buy whatever you want then. 

[jrrsparkles]

My suggestion is don't buy it cause its worthless and even if it has value sooner it won't be having any because the hype created around NFTs by the influencers are over now only people with those useless art tokens and waiting for someone to buy it to take atleast some money from what they invested.

NFT is good choice for someone who is very rich and passionate about collectibles then they can buy it and say they too have it and not for investment purposes.

[makishart]

All of your tips are very long essay. In NFT trade is very simple unlike the token trade.

for buyer:

Buy NFT that looks very interesting for you with cheap price by bidding it. If you buy NFT and you have agreed with all of the risks like sometime with its NFT lose its hype and your money may be gone as the FP will be dumped so hard.

for seller:

If your NFT is not having value (Art, utility or value i.e holding NFT potentially give you an airdrop) and then just sell your NFT with sense price. Selling it at FP is the best decision. 

[EFS]

The most important thing about NFT is use case. If there is no real use case then there is no point buying that.
Pictures of paintings sold as NFT have no real value and you will probably lose your money.

[masulum]

The most important thing about NFT is use case. If there is no real use case then there is no point buying that.
Pictures of paintings sold as NFT have no real value and you will probably lose your money.

That's right, NFT is a very high risk investment instrument. The fundamentals of NFT are almost non-existent, only speculation. The use case is the value, if there is no other use for the NFT other than as a digital object, the hype that is happening right now can just disappear. It's the same with tokens, without a use case, these tokens slowly have no value, because they have no fundamentals that can drive buyer interest except for speculation.