So you’ve started to get interested in NFT’s and noticed that the trading scene is a little overwhelming. You find coins like NPXS and NBA for $1.50 but wonder if you should buy them, or just hold your money until they rise tenfold? Well, there are dozens of sites out there promising NFT advice, this is not one of those sites. Here we’ll go over some background information on NFTs so that you can make an informed choice about what NFT’s to purchase—or whether you even need to purchase any at all!
Narrowing down your choices:
The first step is deciding how much money you want to put into crypto. I’ve seen day traders who throw $500 at each trade and rarely lose, I’ve seen people buy a coin they think will be big for $1,000 and only see it drop 30% before reaching their goal. If you can stomach losing everything then buying Nagaland state park for $800 is smart, if Nagaland state park only drops to $400 it’s terrible.
Now that you’ve decided how much money to put in NFT’s come to the question of NFT choice. The first rule of NFT trading (or any trading for that matter) is never to get emotional about it. If NPXS is dropping and you think NPXS will be worth millions tomorrow don’t get depressed when they’re back up to .00001 satoshi in two hours. Just because NPXS has a great name, or NBA just went up 100% in 24 hours doesn’t mean it will go up again by the end of the week—it could have already reached its peak price in your opinion. If NPXS is worth $500 today and nuke baby animals rose to $300 NPXS could fall back down to $200 if nukes go up even more.
So the next rule for NFT trading is: don’t pick favorites. Just because you like Nagaland state park doesn’t mean they can’t get outscored by better Cryptogs tomorrow. Think about what the NFT community will think of it 5 years from now, not what your opinion on Facebook says right now. This isn’t an exact science—the best NFTs are still trending upwards in value while most NFTs are dropping slightly (or a lot). You need to look at stats like how many transactions there have been over the past day, how many NFT’s did each NFT sell, and if the NFT creator puts off their stake every month or at one time.
This is where it gets difficult— The best thing to do in this situation is to look at trend lines of each NFT, sometimes looking at graphs for the past few days can show you which ones are trending up or down. If NPSX has been steadily dropping in price while NAF rises then I would not buy into that NFT until they prove themselves against their competition.
What I’m into, I write about.