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New to NFTs? Six NFT Mistakes to Avoid

New to NFTs? Six NFT Mistakes to Avoid

We all know that the NFT has many forward-looking potentials and utilities. As you find more NFTs trading in different marketplaces, you start to wonder what you should do next- “To buy or not buy”. Here are 6 NFT trading mistakes to avoid for newbies.

Mistake 1- Not promoting your NFT

After buying the NFT that you like, that NFT is yours. Most people have this mentality that the creator should be the one promoting, and as holders of the NFT, let’s sit back to watch the prices grow.

I’m afraid that’s not right. If you promote your copy of NFT, your unique NFT could be the one that gets sold the fastest. Always remember you control your assets. There is no need to wait for the creator.

Mistake 2- Flipping it too fast

In the bull market, you have heard from NFT experts that they flipped their NFT 100X in an hour for millions of dollars.

Yes, this is possible back then. Right now, at this bearish market, you need to think long-term. You bought something that you feel has good value and potential. You bought a low price, and you do not mind keeping it. This kind of mentality will bring you far. “Good things take time”- remember this.

Mistake 3- Buying it on the wrong marketplace

There are many NFT marketplaces in the space right now. Some of them are more controlled; They filter what can be listed and remove items that are unsuitable, not authentic or with copyright issues. While some are more open, adopting an “anyone can list” model, they have minimum supervision, and anyone can list almost anything on their platform.

If you choose the latter, you could be buying a fake and when you realize that, you are too late. There is no one attending to your complaints. And yes, there is no refund too. Hence choose wisely.

Mistake 4- Buying an NFT that you do not like it

This is a real example. I have friends flexing their apes and punks as profile pictures merely to show they are well-to-do. But the fact is they do not like them. One guy told me he likes tiger more and is his good luck animal, but there isn’t a big blue chip tiger NFT project. So he bought the monkey.

My sincere advice to all is to buy something you like, not just for the value. I purchased an NFT at $0.01 from Bybit NFT marketplace last month. It is affordable, has potential, and most importantly I like the colours and I am keeping it. This is how it should be. There is no stress about it.

Mistake 5- Not using the right tools

There are many groups out there who are giving you tips on which NFT to buy. You can take their advice, but I suggest you do your own research before agreeing to their advice and committing to your first NFT.

Many NFT tools in the market right now help you with your decision. For instance, some tools allow you to check on the rarity types. Some tools allow you to analyze the volume and tell if any wash trading is involved. Stop guessing. Use the right tools!

Mistake 6- Listening to the wrong consultants

NFT creators who listened to the wrong consultants are another common thing. They tend to hire the more expensive consultants thinking they know it all. Based on a survey I have conducted with corporations which have launched their NFT, they paid $300,000 on average to the consultants to start the ball rolling.

I would advise corporations and even for individuals to look online for resources before hiring consultants. I know of NFT studios who helped fellow creators by sharing their resources for free and helping them to list on platforms with zero cost. One of the groups that I founded in 2006 is doing just that. They groom NFT rising stars, front the NFTs for them and do not ask a single cent from the creators. I think the spirit of sharing is essential, and they did it all correctly.

I am not here to put up any sale propositions. I want to see more people entering the NFT market with ease. And that is also the reason why I launched my book- “NFT: From Zero to Hero by Anndy Lian” in August.

An NFT or non-fungible token is a unique digital identifier that is recorded in a blockchain and used to certify authenticity and ownership. Remember the above. NFT is not a profile picture or just another speculative product. The real value is in its utility. Do not make this mistake as well.

Featured image generated via HackerNoon Stable Diffusion prompt of ‘bored apes making sales at a lemonade stand.’

 

 

Source: https://hackernoon.com/new-to-nfts-six-nft-mistakes-to-avoid

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
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Six MOU Signings with Industry Partners to Explore Blockchain Collaboratively

Six MOU Signings with Industry Partners to Explore Blockchain Collaboratively

Founded in Singapore, Linfinity is the world’s first distributed supply chain platform based on blockchain, Internet of Things and Big Data technology, that is commercialising FMCG products. It aims to transform the supply chain industry by building a trusted and traceable anti-counterfeiting supply chain through blockchain technology.

Today’s global supply chains are slow, inefficient, and susceptible to fraud and negligence. This, in combination with consumers’ increasing demand for greater levels of transparency regarding product origins, is exactly what Linfinity plans to address in its blockchain system for supply chains. With reliable data, transparent information and interconnected networks, Linfinity enables traceability of supply chains from source to end consumer.

The application of blockchain technology in the supply chain industry enables the following advantages within the ecosystem:

  • Enhanced transparency — A product’s journey can be documented across the supply chain from origin to destination, increasing trust between players in the ecosystem.
  • Scalability — Any number of users can participate in the supply chain and engage in the transfer of information.
  • Better security — A ledger, such as the blockchain, would self-regulate the system improving on previous internal audit inefficiencies.
  • Engaged stakeholders — Using an incentive model (using tokens, cryptocurrency and a system of smart contracts that automates payments), it allows automation of payments and quick transactions. This creates an active ecosystem that benefits all parties involved.
  • Increased innovation — Once a blockchain system is in place, smart contracts can be used to increase efficiency and integrate with the rest of the system.

Mr Anndy Lian, CEO of Linfinity Singapore, said, “As the demand for transparency increases for products, the application of blockchain to this system will not only improve supply chain efficiency, but allow reliable collection of data. Throughout the various points in the supply chain, the data will be handled in a secure, digitised and verifiable manner. This will allow consumers to access accurate and trustworthy information about the product that previously was unavailable to them, as well as ensure that the product is authentic.”

Linfinity Introduces Blockchain Technology to Various Supply Chain Industries

Moving ahead to raise greater awareness in the blockchain space, Linfinity has several upcoming collaborations across various industries, which also includes conducting a blockchain roundtable to facilitate open discussion around blockchain.

Linfinity has signed Memorandum of Understandings (MOUs) with six companies — Crossinvest, RHTLaw Taylor Wessing LLP, RHT Holdings, RONGDE Logistics, Scientific Tradition, and WealthBriefingAsia on 31 May, Thursday. These MOU signings will mark the start of strategic collaborations between industry partners and Linfinity to explore blockchain together.

                                                                                                                                               MOUs
Under the terms of the memorandum with Scientific Tradition and RONGDE Logistics, Linfinity will introduce its blockchain system to their supply chains in order to increase effectiveness and efficiency. The introduction of Linfinity’s blockchain system to Scientific Tradition’s supply chain will protect their research from fraud and negligence and provide a transparent overview of product origins to their consumers.
The MOU signings with Crossinvest and WealthBriefingAsia signal the agreement between partners to contribute knowledge and expertise in their respective fields to facilitate the blockchain ecosystem at different points of the supply chain. Linfinity’s partnership with RHTLaw Taylor Wessing LLP and RHT Holdings will entail pilot trials implementing blockchain technology for future projects involving the clients of RHT across multiple industries in Singapore and the region.
Mr Tan Chong Huat, Managing Partner of RHTLaw Taylor Wessing LLP, said, “Linfinity’s partnership with RHTLaw Taylor Wessing and RHT Holdings creates exciting opportunities to collaborate and value add to this ecosystem. We look forward to commencing these pilot trials for our future projects, as well as to support and further the work that Linfinity is doing within the supply chain industry. With the transparency and accountability afforded by blockchain technology, we believe this can be a gamechanger, and with further potential for this technology across various sectors, it is something we are excited to be a part of.”
https://medium.com/@grigorenko911/six-mou-signings-with-industry-partners-to-explore-blockchain-collaboratively-f1e19298a0ffhttps://finance.yahoo.com/news/linfinity-worlds-first-distributed-supply-065300410.html

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j