The metaverse is Unbanked Newsletter For a weekly level up on the NFT and on-chain frontier
Dear unbanked nations,
There are things I know now Something about NFTs I wish I knew when I first started here.
That said, with a new rising cryptocurrency market taking shape, NFTs are gaining momentum again and could soon face their next massive influx of users.
When your family and friends start asking you for advice again, what should you tell them today?
I’ve been thinking about this question a lot. So, in this latest post, we’ll look at 15 tips to share with NFT beginners!
-WMP
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Newcomers tend to approach first. every NFTs as investments are a recipe for frustration.
Of course, there are also digital collections, such as the Profile Photo (PFP) project. ~can do Pretend you’re using real collectibles like action figures or trading cards.
But there are many different types of NFTs, from access passes to gaming assets and everything in between. And many of these are not “buy low, sell high” plays because they provide different types of value: cultural value, educational value, utility, etc.
For example, I don’t want to sell 20 Axies and I don’t consider them an investment since I only use them for gaming to access them. axi infiniti, fight for AXS token rewards, breed more Axies, and more. Approaching every Beyond monetary value, there are many different types of value associated with NFTs and how to make the most of their presence here.
If you’re like me, you find yourself regularly fawning over NFTs with the rarest characteristics in your collection (like the new 10,000 PFP project).
However, going forward, these rare NFTs tend to be very illiquid compared to “floor” NFTs, i.e. the typical lowest priced offerings of a project.
In other words, only pursue rare NFTs if you like them and are comfortable holding them for a long time and selling them at a loss later.
Otherwise, if it flips, stick to the bottom as it usually offers much better liquidity and volume prospects.
Speaking of flipping, it’s owning an Ethereum NFT. ~can do It is similar to making a leveraged investment in ETH. The same is true for Bitcoin NFT For BTC, Solana NFT, SOL, etc.
Any ideas here? sometimes NFTs have amplified price correlation with domestic currencies.
For example, if the value of ETH increases, the price of an Ethereum NFT may increase even more in percentage terms. But be careful, the opposite is also true. If the value of ETH falls, the value of your NFT may fall by a larger percentage at that time!
These days, new products are always being released in the NFT ecosystem.
part Some of these projects may continue to become very popular, so a good rule of thumb is to mint at least two NFTs in any given drop.
This way, you will have a product that you can keep and enjoy forever if you wish. also Make sure you have at least one for sale in case good offers start coming in later!
As much as there is money to be made around NFTs, the unfortunate reality is that there are scammers roaming around here, from lone wolf hackers to nation-state cyber warriors like the Lazarus Group.
Therefore, you should always take wallet security seriously. Consider the following:
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🔏 The most valuable NFT safe Multiple signatures.
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👛 Mine in a dedicated Mint wallet that doesn’t store your major cryptocurrency holdings.
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🔍 Use trade preview tools such as fire Investigate your transactions.
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❎ We periodically revoke previous token authorizations. Cancel.Cash Protect against smart contract hacking.
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🧠 Research and cross-check drop links to avoid fake mint traps..
Together, these kinds of approaches can help protect your NFTs and ensure that hackers don’t have their work cut out for them.
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Last year, we saw a resurgence of NFTs on non-Ethereum networks such as Bitcoin, Solana, Cosmos, and layer 2 (L2) scaling solutions.
So overall, there’s a lot to look at. But in general, if you’re just learning the ropes of NFTs, don’t let FOMO get you in any way.
Do your research, safely store your new wallet recovery phrase, and triple-check that the address you are interacting with is correct. Things like this will help you surf the NFT frontier without too much confusion.
For creators, NFTs provide an excellent means of distributing their works, including illustrations, music, photography, and 3D sculptures.
But being creative can sometimes lead to some doubts. What happens if my work isn’t good enough? What happens if no one mints it? What if I don’t have everything organized yet?
My advice is to ignore these doubts. Just do whatever you want. Experiment, explore, and try different platforms. Keep your creations on-chain for posterity. See what happens. And no matter what happens, you can always look back on these NFTs as digital milestones in your creative journey.
You can also drop free mints on projects with “protocol rewards” to test them from the beginning. Jorah, mirrorand soundEvery time someone collects your work, you can earn some ETH!
Some projects use NFTs as generic digital containers for static art.
That model is perfectly fine, especially from a distribution standpoint, but it’s also not artistically interesting. Blockchain-based art We are approaching NFT as a new medium.
In other words, research projects that couldn’t exist without NFTs. Because it is the project that best demonstrates boundary-breaking creativity in the cryptocurrency field today.
One great example of this is: Fully on-chain art collection Terraform by mathematicsIt serves as an always-on computer for the thousands of interactive parcels that make up Ethereum. Hyper Castle art piece. By seeking out and researching efforts like these, you will learn the deeper magic of NFTs.
The NFT gaming sector may still be young and experimental, but its potential to significantly disrupt mainstream gaming is growing every day.
NFT games are therefore one of the most promising areas of cryptocurrency at the moment, where we are starting to see more diverse and deeper gameplay possibilities, which means more fun all around.
While you’re still getting the hang of it, it might be better to start with something simple and passive, like the Tamagotchi style. Pren Pet starting Game BaseThen work on deeper headings like: axi infiniti and parallel.
Did you find a project you like? Join our Discord server and take a look!
part best The discussions, connections, and mints I encountered were derived from my participation in the NFT project community, which I enjoyed.
Certainly, I promise that if you transition from a lurker to an active participant, you will be making the most of your time around NFTs.
It seems like new platforms and protocols are emerging in the NFT space every day. Don’t be satisfied! This bloom gives you the opportunity to become the first user of such a project in the world.
Of course, knowledge is its own reward in cryptocurrency, so trying something new can earn you valuable Frontier XP. You always want to maximize your knowledge here.
But these enemies also Discover more new projects or Airdrop accumulation It comes from a protocol that is decentralized to the community. Sometimes It’s a good idea to be interested in NFTs!
During periods of high network activity, gas costs for transactions on chains like Bitcoin or Ethereum can rise quite steeply.
If you are faced with high gas prices when trying to move some NFTs, it may be a good idea to wait for a period of less activity when prices are lower to save money! For example, Etherscan has great features. gas tracker This is a service that can be monitored.
Also, take advantage of low-cost networks such as: L2 and Solana This is where you can completely avoid the burden of fees.
You might want to get some FOMO and get involved in a catchy NFT project.
This is normal, but the following is also important: never Make the most of FOMO by overextending yourself and investing more than you can afford to lose.
Don’t try to keep up with others. Everyone is at a different place in their journey. Put aside what works for you when it comes to NFTs, stick to it, have fun, and see what happens from there. That’s how you do it.
One day, you may end up selling NFTs whose value soars. ~ after You sell it.
Whatever you do, don’t dwell on this fact. That doesn’t yield good results, like emotional “catch-up” trading that tends to lead to bankruptcy.
Take your sales in stride and don’t dwell on your mistakes. As a result, you will feel more comfortable and grounded for whatever the future brings. This is the NFT frontier. You will run into some problems during your experiment. It happens to everyone!
Remember that NFT transactions are taxable in many jurisdictions.
This means researching local tax laws regarding cryptocurrencies and NFTs and keeping records of your transactions for accurate tax reporting. Tax tools such as: token tax This will be of great help here too.
It’s certainly not sexy or fun, but it can save you money if you comply with your NFT tax obligations. exorbitant Troublesome tax season is coming!
William M. Feaster is the creator of metaverse—A bankless newsletter focused on the emergence of NFTs in the cryptoeconomy. He also serves as a senior writer for the Bankless newsletter.
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It is not financial or tax advice. This newsletter is strictly educational and does not constitute investment advice, a recommendation to buy or sell any asset, or a recommendation to make any financial decisions. This newsletter does not constitute tax advice. Consult your accountant. Do your own research.
expose. Occasionally I may add links to products I use in this newsletter. If you purchase through one of these links I may receive a commission. Bankless authors also hold cryptocurrency assets. see us Investment disclosure here.