The Top 5 Things to Consider Before Buying an NFT

Things to Consider Before Purchasin NFTs

The NFT has taken the world by storm, with many celebs jumping on the bandwagon. Not even a single day goes by without a celeb NFT news spreading like a forest fire on the internet. It can be said that celebrities and NFT are a match made in heaven, and this reason makes an NFT stand out is the name that comes attached to it, which is where celebrity comes in as their name carries power and dominance. As such, it ends up automatically winning loads of attention. Perhaps yours too!

As such, if you plan to invest in NFT or celeb NFT, you must walk in with the necessary information in your pocket. Because the market is also filled with scam artists, you don’t want to waste your money on something that is most probably fake. So, what you should do is check these top five things before you buy an NFT.

1.     Check Out the Unique Properties of the NFT

To determine if an NFT is worth purchasing or not, you should first enquire about its unique properties. You must invest in an NFT with low commonness, and it should be one of a kind. For this, you can visit the properties section of the NFTs page on its selling platform and check whether it has a low or high common percentage.

2.     Seller Verification

If you plan to buy a celeb NFT, you must ensure you buy from the right source. The official sellers on NFT platforms like Twitter and Instagram will have a blue tick of verification next to their name. It means the account is not fake but rather trustworthy.

3.     Find the Performance of Other NFTs of the Seller

It is a great idea if you check the seller’s account and figure out how their other NFTs perform to decide whether you have chosen the right one or not. And on different platforms selling NFTs, you are allowed to learn about their previous sales – how much they made a few months or weeks ago. If the price is good, your choice is too.

4.     Don’t Invest More than You Can Afford

Let’s be honest: the market of NFT is fluctuating – it’s currently on cloud nine, but it could fall tomorrow. So, it is wise that your personal situation and finances should be of absolute consideration when it comes to purchases.

If you spend all your savings on an NFT project, you put yourself in a tight space. Think of what you will do when the project fails or doesn’t end up having good value. How will you cope with the money loss? So, try to invest with the mind that the project could be of zero value, so you spend right and feasibly.

5.     Buy the One You Like

The last point in the list shouldn’t be there in the first place because you should spend your money on something that grabs your interest. But sometimes, influence and pressure make you invest in projects for the sake of it; don’t be that person.

For instance, if you prefer modern art, you would have strong knowledge of it. So, please use that and delve into deeper research about their NFTs.

When you tick all these boxes, you make certain that your choice is right! It is always safe than to be sorry when it comes to NFT. Though you can make profits with its purchase and selling, there are many roadblocks for which you have to keep your eye open. Many cybercriminals are out there taking leverage of people’s unaware state; don’t fall to their prey! So, take these into consideration when making a purchase, and you will be thrilled with your decision. 

By Michael Caine

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts