What Problems Can Newcomers to the NFT Art Market Face?

NFT tokens have already become part of the digital revolution and have brought a lot to the development of the crypto world. Creating and selling crypto-art today is a strong trend that attracts more and more artists, ordinary fans and enthusiasts, provoking many to urgently grab their laptops and upload their works to famous marketplaces like OpenSea or Rarible, which are written about in every guide titled “How to issue and sell your own NFT token”.

However, not everyone is aware of the fact that there are nuances and serious problems that you should also be aware of before you start selling your crypto art.

By the way, we recommend you the best NFT ART Marketplace – v-art.digital/nft-art-marketplace

Researching information

Source: marca.com

If you are planning to start working with FTT, you should first learn as much information as possible about the laws of the FTT market.

If you are planning to start working with the NFT, you should first learn as much information as you can about the laws of the NFT market.

First, you must remember that it is a high-risk and volatile market. The value of NFT assets changes at a tremendous rate, and in order to succeed here, you need to immerse yourself in the process of constantly analyzing emerging trends and be prepared to make lightning-fast decisions.

Secondly, this is a brutal market. Speculation flourishes here, which is presented under the guise of “easy money”, and it is this myth that is the main tool for attracting a large share of users into the NFT-sphere. Collections and assets are speculated on by those who have capital. The average user often perceives speculation on the price of an asset as a positive trend, invests in it and ends up with nothing.

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Third, it is a complicated market. Not all of the projects that are created in the NFT are really promising and profitable. At this stage, the market is oversaturated with a large number of “scam projects” (fraudulent investment projects). It is almost impossible to choose a promising project without proper experience in project search, analysis and evaluation.

Having studied all the services necessary for work, you can move on to the search for a promising project. In order not to lose money, but to multiply it, it is necessary to adhere to certain points on the choice of the project.

Information about the project. It is necessary to analyze the project website, the team of creators, the roadmap and promises of developers, as well as assess the quality of the project’s social networks and their activity. Only a qualitative study of each criterion will help you get an idea of how promising the project is.

Quality of the NMT. You need to evaluate the elaboration, detail, and quality of the NFTs produced. Low quality collections rarely gain popularity and often turn out to be “rogue projects”.

Originality of the application. You need to ask the developers about plans to use NFTs; perhaps the token will be used in a game, series, or other feature platform. If the collection has no purpose, its chances of becoming popular decrease.

Project Support. It is necessary to research those who support the project in question. If the market leaders act as partners and investors in the project, then such a project can maximize profits.

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Mint. A free mint is the ability to mine NFT, paying only a network fee per transaction. If the project team can afford to do free minting, it is most likely aimed at the future development of the project to recoup the investment.

Using this algorithm, you can analyze each project to find exactly the one that will bring you the maximum prospects in the development of your financial assets.

Keep in mind that there may be risks when purchasing virtual items

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The easiest place to start is with the Opensea.io platform; you just need to install a browser extension to use it. The extension is called Metamask. To avoid losing money, it is important to keep your password and recovery phrase in a safe place, for example, it is safest to store this data on several flash drives and in a password manager, an app you can find for your system.

It is important to remember that when buying NFTs, there may be risks associated with the widespread unscrupulousness of collection authors. You should first familiarize yourself with the collection, check if the NFTs in it are really unique, or if the author is trying to sell the same lot many times. It is also worth checking the name of the lots through a search on the platform, to exclude the possibility of duplicates on the platform, when the author of the collection copied someone else’s work and has no copyright on it.

How do I evaluate my NFT art?

Source: cointelegraph.com

A very common question that spills over into a real problem. Any art is difficult to price, the cost is affected by many factors: from the popularity of the author to the prices of similar works. Very often some artists are afraid that no one will want to buy their work and put a very low price, thus reducing its value in the eyes of collectors. Others, on the contrary, greatly inflate the price, as a result of which no one buys their NFT. Again, it’s important to research the market, gather followers and potential buyers who are interested in your art, keep track of how much they buy other works for.

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Who do I go to with my questions?

At large marketplaces, customer support suffers, to put it mildly. Most often, users (especially beginners) have problems due to lack of knowledge about the functioning of the system and understanding of all processes – from the creation of NFT to receiving payment for its sale to the wallet. Most likely, the answer to your question is already available on the forums or in the FAQ section of the platform. You can also contact support: many problems are eventually solved, but only after a few days.

In any case, be careful and extremely cautious with any transactions, if you suddenly need help navigating or troubleshooting, you will probably have to put up with it and wait.