Alright, I am gonna say it!
I lost money with NFTs.
So don't do the same mistakes I did.
Here are my 21 lessons learned after 1 year of trading NFTs on @MultiversX.
#egld #NFTs @egld_initiative
1/Staking NFTs for a token without real utility is bullshit.
2/When you see an NFT project being shilled everywhere, it's too late to get in, so don't.
3/NFTs don't need the utility founders been promising - it's either not working or was just a sham.
NFTs are about a strong community with a present team in the trenches and build to provide value for the holders.
4/Wait until the hype settles to get into your favorite NFT project.
5/Never FOMO into NFTs, this is a very hard thing to do.
I still didn't master this. Hoping to get fully pro at this skill in 2023.
6/@ElrondApes is not the God NFT project.
7/@ElrondApes is not the safest NFT investment.
/8@ElrondApes is not safer or better than EGLD staking.
9/@Gnogen is a storytelling NFT project and will not create a metaverse anytime soon.
10/A metaverse is not created in one year, as many projects claimed.
11/NFTs are not an investment, but just a game we, crypto enthusiasts, like to play.
12/If an "influencer" is shilling an NFT project, 99% of the time, they have a big bag listed for you to buy.
13/If @MultiversX is endorsing an NFT mint, there is no guarantee they will be successful.
14/Twitter followers and Discord members are not measures for evaluating a good project.
15/Too many messages on discord that you can't even read them, it's a huge red flag. Stay away.
16/If the founders are not transparent and doxed, there is a very high chance they can leave with the money.
17/NFTs are about creating a community, learning, growing, and bringing value to the holders and the crypto space.
18/A hoodie or a t-shirt is not utility.
19/Don't fall for web2 utility disguised as web3.
20/No NFT project is going to make you rich. Only you can do that.
21/When you see hype for a project you have invested in, everywhere, take profit.
You can read the unrolled version of this thread here: typefully.com/AndreiMX_/zfi4BaU
Andrei ( )
@AndreiMX__1
I digest complex info for you, visually. Sometimes in writing. Business Dev at @0xSoulProtocol & @HatomProtocol