Mistake 1: Buying cheap NFTs
If you really want to try your luck with NFTs, don’t waste your money on cheap NFTs. The most popular NFTs have exorbitant prices, which makes beginners look for more affordable NFTs. However, many of these cheap NFTs fail to find buyers.
Choosing the right NFTs is a difficult task. But some like Nftcalendar.io list upcoming NFT collections so you can be among the first buyers at the issue price. This way, you will have a better chance of reselling it for a higher price.
Mistake 2: Buying Illiquid NFTs
Even if a collection of NFTs looks interesting, it may not appeal to anyone. If a collection you’ve invested in gets little attention, you’ll end up with NFTs that no one will buy, even if their price drops.
It’s also possible that you chose to buy a rare collectible, and the floor price increased significantly after your purchase, but you still can’t sell your NFT for a reasonable amount.
You may need to lower your selling price, perhaps closer to your buying price, in order to find a buyer as quickly as possible.
Mistake 3: Having a short-term vision
NFT trading can be very difficult. Quick buy and sell transactions usually only take place after a new collection has been issued. You will therefore have to be patient.
Read also Advantages and disadvantages of NFTs: Everything you need to know before buying them
Think of an NFT as a long-term investment if you are confident in your investment. Every single NFT can be the key to your success. One huge sale can make up many times your losses over several years in this market; it depends on the demand for a particular type of NFT at any given time.