How do I join NFT trading?
While the profitability of NFT trading is no longer the same as it was a year ago, it is still possible to continually increase your capital.
It is important to keep in mind that this new environment is highly volatile, still in its early stages of development, but still with an exciting, enlightening future, and with a dynamic global reach.
Expand your social media with information from NFTs
Twitter is the channel where you can get information about any NFT, where you can find out about new projects, and what members of the NFT community are saying about them. Check out whom the most popular collections follow and based on that, many platforms serve as an NFT release calendar or join discord servers of knowledgeable users
Beware of FOMO
When you get into buying and selling NFT assets, you will be exposed to a lot of hype from different new projects that may or may not be quite profitable in the future. One piece of advice we can give you for sure is to be a person aware of this hype when deciding to enter into trading NFTs amidst the Twitter noise.
Look for the best crypto pick
While the Ethereum network is the most famous network that houses the largest collections of NFTs, it is the most expensive of them all. Thus, if you want to trade an NFT from the Opensea.io platform, you will have to add to the cost of the NFT ($200) an additional transaction or fuel cost (gas fee) that will vary according to the demand at the time.
So keep in mind that the price at which you buy the NFT is not necessarily the final transaction price.
Look for opportunities in other networks
In both marketplaces, there are 2 iconic collections because they were among the first, Degenerate Ape Acadamy for Solana and Spacebudz for Cardano. While they are less popular than Ethereum, the cost per transaction or fee is negligible, with values ranging under 2 dollars in Cardano’s situation per transaction.
What type of NFT do you like?
If you are one of those who want to collect 1/1 art from independent artists you should consider that the return on your investment may take longer than with a collection of 10,000 NFTs with an average of 2-3500 collectors per collection.
Being an NFT collector and trader is very exciting, but it is important to be well informed and be careful with excessive hype before starting to make investments, as well as taking into account that although we can get a return in a short time, most of the time it is not and it takes time so you have to be patient.