Don’t Make These Mistakes When Buying NFTs With Matt Crypto
When I caught up with Matt Crypto yesterday, he was getting quite upset with all the mistakes beginners are making in crypto land, particularly when purchasing NFTs. “It’s getting bad. Being in the trenches in the NFT space makes me realize just how many beginners there are and how easy it is to make costly mistakes. A lot of my content is focusing on helping beginners navigate the space and stay safe,” Matt said. I just write the articles, Matt’s Crypto is the man with the brain who might just be able to smooth your entry into the brave new world that is crypto and all things regarding NFTs!
The number one thing that gets Matt’s Crypto’s eyebrows twitching is gas fees, or peoples lack of understanding of how gas fees work. So if you are paying a ridiculous amount of gas for your NFTs you have to be certain that the cost is worth it. The general rule of thumb is that the more you pay in gas fees the quicker your transaction will get processed. Gas prices depend on the volume of traffic so the more people buying or minting NFTs at any given moment means the price is usually higher. Matt says currently anything over 100 gwei is pretty common, but is a decently high gas price. It’s not uncommon to see gas over 140 gwei day to day now, which was insanely high just a few months ago.
Next thing to note is that gas fees can change minute by minute so it is always wise to use a tracker to enable you to buy, list, sell or mint an NFT when the price of gas is down. A good workaround is to join a Whitelist or an Alpha Group that can get you the inside intel on when a noteworthy new NFT drop is about to take place. This often means you can get in early and beat the rush during the pre-sales with Whitelists.
Matt’s Crypto’s other big qualm with the NFT space is scammers! Unfortunately the space is currently ripe with scams that are stealing money from innocent beginners. This is to be expected with new innovative technology that hasn’t been fully optimized yet. It can be difficult sometimes to tell the genuine people from the impersonator or fakes. Matt Crypto has already had 13 Twitter accounts suspended that were impersonating him. Some of the things to look out for are those unsolicited DMs asking you for money for a promo video, or to click on a link; fake accounts and fake discords. Research is the best remedy for this, always know who you are dealing with and double check to make sure the person is who they say they are.
Mistake number three is buying into projects that are overly hyped. Hype is without doubt the biggest driver in price right now! If you’re looking for a project to flip then sure you can flip the hype. However, if your interests lie in something more sustainable and long term then don’t buy into the hype. Matt’s Crypto always asks what the value of the project will be six months out from now before he will commit. Even then it will only be if there are at least two good reasons that the value will remain stable or increase. So folks, buy value not hype!
There you have it from Matt Crypto the three biggest mistakes that new players in this new and confusing space make. Remember there are no quick fixes here, but for the full story please watch Matt Crypto’s YouTube video on this topic. You might also like to check out his many other on topic videos that can be found here.