Hello! And welcome to part 2 of this NFT community series! As you might know from part 1, a few days ago I asked some of my favorite people in the NFT space a few questions, to get to know them a bit better and help and interest people who just starting in this space. Which today’s question is all about, what piece of advice, knowledge or something you wish you knew when you started? People really wanted to answer this one, so go grab a snack and something to drink. And let’s get into it!
I wish I had a little more intention when building my collection. I look back at all the junk I bought and when it all adds up I could’ve added a blue chip or two to my collection. On the other hand, I am so thankful that I had my ear to the ground and luckily was embraced by the right community. The community brought a lot more value to the NFTs and that is why I leaned hard into being diamond-handed (as well as “seeing the forest through the trees” on some of the long plays, understanding their value in NFT history).
Usman Patel @UsmanPatel_
Do your own research and trust your gut instincts. If a project feels right, the quality is great, and the communication behind the team is stellar and they seem genuine themselves, then it has a far higher chance to be a winning product. Go into those Discords, read up on available material, ask questions, research any podcasts done by the team and passionate community members alike.
Corporate trash @corporatetrash1
One thing I wish I knew before starting in this space is that you need to run your own race. Meaning, there are whales able to spend huge amounts of eth, there are flippers minting every single project hoping for a win, and there are people who are more conservative or saving up eth for a few large items. Don’t compare your “wins and losses” with everyone else, and when you do have a big L, learn from it and move forward. There will be more projects and everyone makes mistakes — I have made plenty.
My biggest piece of advice if you’re brand new to NFTs is to ask a lot of questions. NFTs are super complicated, but the community is more than willing to help. Asking questions will do more than teach you what to look for in a project (founder/team, utility, art, etc.), it’ll teach you how to look for those things. They’ll tell you about their mistakes and learnings. They’ll share their theories on why certain projects are successful and why other have failed. Surround yourself with great, knowledgeable people, and you’ll give yourself a much higher chance for success.
Jenny from the Blockchain @jennifer_sutto
1 piece of advice I have for new NFT collectors is to mint/buy an NFT that you believe has longterm potential and then just be patient and give it time to appreciate in value. Check on the projects Discord/Twitter to keep tabs on the project. I think it’s important to buy NFTs that you would want to hold longterm but also be willing to let go and sell when you’re profitable
Ask for help, people are willing to help other people in this space! Even if it’s the dumbest question in your mind. We all started at 0. Don’t buy anything and everything out of FOMO. Not every project will last, so spend what you can afford to lose (cliche but true) and have fun!
A few words of advice for newcomers to this incredible/welcoming/volatile/seemingly limitless/unexplainable space 😂… 1) DO NOT JUST BELIEVE WHAT EVERYONE SAYS, trust yourself, doing your own research can never be a wrong move. 2) Missing out is okay…you can never get each and every drop, don’t be too down in yourself. 3) Collect what you truly enjoy but don’t ignore what “whales” are grabbing 🤔 could pay off incredibly, but if not you have items you can still enjoy…but above all try to have fun!!! 😁
Top Shot Talk @NBATopShotTalk
I’m far from an expert in this space because it moves sooooo fast. Why I don’t really share much on what I’m doing because I don’t feel like I’m knowledgeable enough to speak on it. My advice is that I don’t invest too much and when I do its in projects that I want to hold a little longer. If you are looking for quick flips off minting than you gotta treat these as gambling. The PFP projects are slowing down so I would be looking at projects that are going in very different direction and has something that appeals to you.
Joe Swam @joeswam
Be careful not to spread yourself too thin. There are a lot of really cool looking projects and you’ll want to jump into everything. Myself, I found that being involved in too many projects meant I couldn’t fully participate in each community. I made the decision to focus on Top Shot and All-Star Freaks to better take advantage of those opportunities, but also so I wouldn’t neglect my family life. We each have different obligations and relationships outside of the “NFT world.” It’s very easy to get absorbed into the space, just be careful you aren’t neglecting other important aspects of your life (family, work, etc).
One Piece of Advice — Take the time to learn how the Ethereum network operates before jumping feet first into NFTs. Learn how to fund your wallet, what a seed key is (and why you should never digitize it), how gas works, and how you can buy/sell/mint through bough a web interface and directly through the contract. One of the projects I am watching with this regard is Paper Cats helmed by Cool Cats dev xtremetom. It is not yet live, but I expect it will be a high quality product.
Christopher Smith @csmithSEC
If I had to give one piece of advice to newbies, I’d say pace yourself. Once you decide to take the leap and/or once you acquire the ETH, it’s so tempting to ape into multiple projects right away and leave yourself without any liquidity. There are so many opportunities each and every week in NFT land. If you’re patient enough to let some really, really good opportunities pass by, you can limit your involvement to projects that have really great chances at success. Plus, when you step into the batting cage, there’s nothing wrong with watching a few pitches go by and getting used to how they look. It’s the same with NFTs. You’ll understand way more after one week or one month than you will after one day. That will translate to better decisions. If you hurl all your ETH at projects at the first opportunity, you’ll probably regret it pretty fast.
I wish I started looking into how the technology worked earlier instead of waiting a couple of years to dig deeper. Understanding how these projects work on the blockchain helps to find value, potential traps, and opportunities to contribute more to the success of the project.
Christian Hardy @ByHardy
Consider your thesis for buying or selling an NFT project. If your thesis is only: “everyone is buying/selling it,” then you shouldn’t necessarily follow their lead. Once you have some experience in the space and do your own research, you’ll get a feel for the projects you want to be a part of. Also, this one is easy, but just buy the stuff you like. My favorite three projects I listed above have to do with sports, Alison Wonderland (my favorite EDM artist), and gambling (I’m a degen). Go where your heart takes you.
Josh Ong @beijingdou
Trust your instincts. Sometimes we can overthink things, when often our gut has a pretty accurate read on a project or the market. The deeper we go in the space, the more we hone those instincts and the more we can rely on them.
My biggest pieces of advice aren’t necessarily revolutionary for new NFTers. It’s really this simple: buy what you like, and don’t spend money you can’t afford to see go away for good. I’m sure there are all sorts of quick profit opportunities, but it seems like any time I’ve ‘aped in’ to a project I didn’t really learn about, it ends up not being nearly what I was hoping. I understand the appeal to making a quick buck, but just realize that a rent seeker approach to NFTs is 1) hard and 2) exhausting… kudos to those who succeed there, but I find that if you generally buy what you like, you’ll be ok.
Its ok to hold your nfts for the longterm. Patience plays have paid off for me more than chasing the herd of fomo flip. Stick to your guns. Be grateful for your NFT collection instead of what you are missing. Have a Abundance mindset not a scarcity one. WGMI
TSF | Space Cowboy @topshotfund
The one piece of advice I wish I knew before jumping into NFTs would be to always retain some liquidity. I went too hard into 1–2 projects and it hamstrung me for a long time. Now that I finally have some liquidity, I have more freedom to make the plays I want to. That said, if you have really high conviction in something, don’t hesitate to go all in.
Adam Fisch @keepfischin
Piece of advice i wish i had was to choose carefully and diversify. you don’t need to be in everything, and you also don’t need to put all your eggs in one basket. and sometimes its better to pay up for an established project than gamble on a new one.
Greek Freak @art4crypto
I feel people should buy what they love and they shouldn’t just buy because the herd is buying. Many get burned this way. Also it’s vital to look at the team and the reputation of the team. Is this a cash grab? Can you see this project standing out for years to come? Is this project unique? These are important questions I would advice people to ask themselves when buying into any project.
I try to buy one of each project I find interesting in order to get involved with/learn from as many NFT communities as I can. I would recommend doing the opposite two reasons:
Can’t take profits without effectively leaving communities I like
Too many Discord servers and notifications
Aaron Kollar @aaronkollar
My one piece of advice for anyone in this space is to please don’t invest more than you can afford to lose. Don’t buy NFT’s before the mortgage gets paid, knowwhatimsaying?
Tatyanna Dumas @Tatyanna_Dumas
Be Patient. — It’s not my strongest suit, but if I had just been a little more patient with my moves financially, I would have what I desire. My impatience has turned into a quarter of what I could have made, which has set me back from buying my mother’s house, a massive goal of mine.
Just be careful with what you are investing in. Following a bunch of people on Twitter can help you catch trends so you can be ahead of the curve. Don’t be scared to sell too early and take profits, just monitor where the money is being invested in.
The biggest things to keep in mind are: not spending more than you can afford to lose (especially if you’re looking at the NFT space as an investment), paired with the recommendation to do research and buy into projects that you genuinely like — whether it’s the aesthetics, the community, the utility, or some combination thereof. It’s a lot easier to weather the market fluctuations if you’re focused on more than just the bottom line.
Steph Sutto @StephSutto
One piece of advice I’d give to someone just learning about NFTs for the 1st time is to take your time to learn & watch projects before buying into them. Join the discord of projects & get to know the team, ask as many questions as you can.
LG Doucet @LgDoucet
Take your time. There will be more opportunities tomorrow.
You can see how friendly and welcoming this community is. I hope you learn something, got inspired or just had a good time reading these awesome folks answers! Tomorrow is the final, 3rd chapter of this community effort trilogy of articles, where we gotta tackle the question of why you love this NFT community? If you read both parts 1 and 2, you’re amazing, thank you so much and thank everybody who shared their answers! And as always, happy collecting!