Investments
The explosion of blockchain and, subsequently, NFTs has been life changing for many around the world. NFT holders are seeing unprecedented profits, so it’s no wonder that a lot of people are trying to get a piece of this crypto pie. However, not everybody realizes how important it is to learn as much as possible about minting NFTs before actually investing into one. Well, we are here to help you.
Minting an NFT means publishing your digital creation on a blockchain of your choosing. This makes your asset available for purchase. It doesn’t have to be your own creation: follow your favorite marketplaces on social media (hint: there are many to choose from; OpenSea, Mintable, and Rarible are all marketplaces suitable for NFT minters) and wait for new collections. If you’re the first one to purchase an NFT — congratulations! You have just minted your own NFT.
In order to start minting you must gather up the necessary amount of your initial capital since some marketplaces charge minting fees. For example, it’s 0.2 ETH on the Ethereum ecosystem.
And now it’s time to pick the right project.
Avoiding scams
First and foremost, check the project’s website for mistakes. It might be something as simple and small as malfunctioning links to social media or no way to contact the project’s developers. However, these are red flags.
Next you have to look for goals that the project has already reached or if it’s a part of any collaborations. Simply googling the startup should be enough — you need to find real people talking about the project. Discord and Twitter are the best social media for that since there’s usually way more information than on other websites.
Minting can get quite hard because most NFT collections are sold out in just seconds. Be patient. You can also use programs that allow you to purchase an NFT as soon as the collection is out.
One last piece of advice. Use wallets with the minimum amount of crypto needed for minting. Even the most experienced investors have been scammed before. That’s life. The best laid plans of mice and men often go astray. In case you do lose access to your wallet, you’ll still be able to keep most of your crypto savings.
Now you are ready to list, market, and sell your own NFTs.
P.S. Here’s a link to Solana’s upcoming drops to get you started.
