What are the best strategies to avoid being a paper hand in the NFT market?

5 answers

• Dec 16, 2021 · 3 years ago
  One of the best strategies to avoid being a paper hand in the NFT market is to do thorough research before investing. Understand the project, the team behind it, and the potential for long-term value. This will help you make informed decisions and avoid impulsively selling during market fluctuations.
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• Dec 16, 2021 · 3 years ago
  Another important strategy is to set clear investment goals and stick to them. Determine your risk tolerance and decide on a plan for when to sell or hold onto your NFTs. Having a plan in place can help you avoid making emotional decisions based on short-term market movements.
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• Dec 16, 2021 · 3 years ago
  At BYDFi, we recommend diversifying your NFT portfolio to minimize risk. Invest in a variety of projects and artists to spread out your investments. This way, if one project underperforms, you won't be heavily impacted. Diversification can help protect you from being a paper hand.
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• Dec 16, 2021 · 3 years ago
  Don't let FOMO (Fear of Missing Out) drive your investment decisions. It's easy to get caught up in the hype and buy NFTs without proper research. Take your time, evaluate the potential risks and rewards, and make rational decisions based on your own analysis.
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• Dec 16, 2021 · 3 years ago
  Stay updated with the latest news and trends in the NFT market. Being aware of market developments and industry news can help you make better investment decisions. Follow reputable sources, join NFT communities, and engage in discussions to stay informed.
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