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What You Should Know Before Buying NFTs

Published on: December 13 2022 by Arie Scherson

With the recent rise of NFTs, or non-fungible tokens, many people are curious about this new form of digital ownership. However, before diving into the world of NFTs, there are some important things to consider.

1. What are NFTs?

NFTs are unique digital assets that are stored on a blockchain. They can be anything from digital art, to music, to videos, and more.

2. How do NFTs work?

Each NFT is stored on a blockchain, which is essentially a digital ledger that records transactions. When an NFT is bought or sold, the transaction is recorded on the blockchain, providing proof of ownership.

3. Why do people buy NFTs?

People buy NFTs for a variety of reasons, including as a form of investment, to support artists, or as a way to own a unique piece of digital content.

4. What should you consider before buying an NFT?

Before buying an NFT, it's important to consider factors such as the authenticity of the item, the reputation of the artist or seller, and the potential resale value of the NFT.

While NFTs may seem like a new and exciting way to own digital content, it's important to do your research before investing. By considering the authenticity, reputation, and potential resale value of an NFT, you can make an informed decision about whether or not to buy.

What You Should Know Before Buying NFTs

NFTs are booming right now, but before buying your first NFT, there are some things you should know. This article will provide important information and advice to prevent you from getting rug pulled and to encourage you to start looking into this market.

1. Learn How NFTs Work:

- Buy a super cheap NFT to learn how NFTs work.

- Browse different marketplaces to find what you like and understand the aesthetics at play.

- Follow people on Twitter for good coverage of the NFT universe.

- Join Discord servers to see if you like the community.

2. Consider Your Budget:

- If you're a civilian with a normal life budget, consider any purchase of any NFT to be in your entertainment budget for the month.

- If your budget is more than $10,000, buy a hardware wallet to keep your NFT safe.

3. How to Think About Buying:

- Most people start at the floor, which is the cheapest price in the collection.

- The plus of a floor is that market price is known and it's most liquid to exit if needed.

- The con is that it's the most competitive.


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