NFTs have become a favorite asset of modern investors. Blockchain technology, in general, is still in its infancy, making it a fantastic way for investors and collectors to make money and be a part of something new and exciting.
Unfortunately, because NFT technology is so new, there are a lot of mistakes being made by collectors and investors. It can also be quite difficult for investors and collectors to determine whether an NFT project is a quick cash grab or something extraordinary worth buying into.
We wanted to figure out the nuances of successful NFT collecting, so we talked to Click Clone Cash. Click Clone Cash is a team of NFT experts and forerunners in the growing technology.
They have years of experience with the technology and have had success since the beginning, which is why we believe they are the best people to give out advice.
Buy the Backstory
There are a lot of beautiful NFTs on the market if you’re an art collector. This is good and bad at the same time.
It’s good because, well, who doesn’t like beautiful art. However, it isn’t good because now art needs to be more than just beautiful. Just like actual, physical paintings, an NFT’s value will be based on its creator, its backstory, and so much more than just how it looks.
A Picasso will always be worth more than a college student’s art, even if the college student’s art is technically more sound. Click Clone Cash suggests looking for beauty beyond what the eye can see.
Be a Part of the Community
Click Clone Cash says that serious collectors need to lurk on every popular social media platform and stay in touch with what’s happening in the community. Don’t jump on bandwagons or buy what’s popular just because it’s popular, but you should at least have your finger on the pulse.
https://www.youtube.com/watch?v=AKVv49P191Q
Know what’s popular, try to understand why it’s popular, etc. If you actively engage with people and get your name in the community, you may also hear about happenings before others.
This advice goes to NFT artists too. To make more NFT sales, you have to be a part of the community genuinely.
Only buy if you Believe.
This advice goes along with the community’s direction. Just because something is popular and everyone else is buying into it doesn’t mean you should as well. Like stocks, sometimes there is a very popular asset that everyone will buy, and everyone will lose money.
Do your own research, listen to your gut, and decide for yourself. If it turns out you were wrong, at least you made your own decision based on what you knew.
Avoid FOMO
Not only should you buy what you believe in, but you should realize when you’re too late to board the train. There will be a time when a trend will skyrocket in popularity, and a particular group of NFTs will skyrocket in price. Maybe it’s even a group that you love and believe in.
This doesn’t mean you should buy into it. You need to gauge whether the NFT is worth the price tag and is at the beginning of its climb or if it’s too late. Be honest with yourself, and remember there will always be another train for you to board.
Go Niche
Every fanbase has niche communities, and NFTs are no different. Click Clone Clash suggests finding a niche in the community you love and becoming a part of it. This makes collecting a lot more manageable because you’re not looking at the entire field but only a specific section.
2018 ·