What are the biggest mistakes people make when investing in NFTs?

3 answers

• Dec 17, 2021 · 3 years ago
  One of the biggest mistakes people make when investing in NFTs is not doing enough research. It's important to understand the project, the team behind it, and the potential value of the NFT before investing. Without proper research, you may end up investing in a project that has little to no value or even worse, a scam. Take the time to do your due diligence and make informed decisions.
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• Dec 17, 2021 · 3 years ago
  Another common mistake is investing more than you can afford to lose. NFTs can be highly volatile and the market can be unpredictable. It's important to only invest money that you are willing to lose. Don't put your life savings or emergency funds into NFTs. Treat it as a high-risk investment and only invest what you can afford to lose without causing financial hardship.
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• Dec 17, 2021 · 3 years ago
  At BYDFi, we've seen many people make the mistake of not diversifying their NFT investments. Just like with any investment, it's important to spread your risk. Don't put all your eggs in one basket. Invest in a variety of NFTs from different projects and artists. This way, if one investment doesn't perform well, you have others that may make up for it. Diversification can help mitigate the risk and increase your chances of success.
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