NFTs Mistakes to Avoid

Top NFTs Mistakes to Avoid

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    NFTs Mistakes to Avoid
    In 2020, the NFT space seemed to be very new and foreign to most people. Fast forward to 2022, everyone has probably heard about NFTs and the space has evolved so much in the span of just less than 2 years.
    It’s important to understand why you’d want to buy an NFT before getting into mistakes to avoid when investing in NFTs. Many NFTs, for example, are stored on the Ethereum blockchain. As a result, most individuals purchase these assets in the hopes of profiting from the project’s growth. During the uptrend, many fomo-ed (Fear of Missing Out) into NFTs and buy them just for fun, not studying their communities or utilities. Most projects during the hype were having great sell-out collections. Celebrities also entered into the space, and their fans supporting them, would learn how to get Eth and purchase NFTs without knowing what they are getting into.

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    Azuki’s NFT Mistakes From Previous Projects

    We’ve heard about the creator of Azuki “rug pulling” his previous 3 projects. These were the lessons that he learned in order to turn Azuki into a successful project. We now know that Azuki’s success was not built over night but rather the founder went through.
    Azuki’s NFT Mistakes
    Despite, the negativity after the Azuki founder’s tweet, these were lessons that brought the project to where they are today. Like for example, ERC721A has managed to reduce minting significantly and other projects have also benefited from it. Azuki NFT has had its share of problems, but the founder’s recent accusations for rug pulling puts the NFT project in jeopardy. While we do not know the fate of the owner disclosing the mistakes and experiences with his previous project, there were lessons we could learn, and we can only wait and see what the future of Azuki might hold.

    Common Mistakes to Avoid in NFTs for Creators

    Not Investing Enough In Your NFT Project – Many individuals believe that they can freely create and list NFTs and expect them to sell off the shelves. However, being an NFT creator is about building the community and utility for your project.

    In for a Quick Flip – This is the common mistake most creators make while going into NFTs. People observe how some NFTs has been sold for millions of dollars and believe it is a quick method to generate money. Many NFTs inventors have failed because of their short-term mindset.

    Getting the Wrong Influencer – Influencer marketing can go wrong if you choose to work with the wrong influencer that don’t go insync with your project. According to this Medium article, “Even though 75% of marketers are employing the influencer marketing strategy, only 36% are satisfied with the results, and 19% openly admitted that their influencer marketing techniques are ineffective. This research by The Association of National Advertisers (ANA) clearly shows that influencer marketing encounters terrible collaborations”. At Crowdcreate, influencers are curated and handpicked to meet and serve the needs of marketing your project by choosing the right influencers that would best suit your targeted audience.

    Not Verifying your NFT – Users want credibility. When people come across an NFT project, they want to see a powerful brand image. Having a blue verified tick will give investors assurance. By not having a verified page would cause doubts in your project, and risk of someone else impersonating your project.

    Common Mistakes to Avoid in NFTs for Investors

    Cheap NFTs – The first thing to stay away from are absurdly low-cost NFTs. They could be a scam or be worthless. This is not to say that an NFT should be expensive. However, valuable items are uncommon. Several blue chip NFTs can be bought for a few hundred ETH, which is the equivalent of thousands of dollars. As a result, novices look at the rankings page and buy cheap NFTs at cheaper costs. These rookies later discover that they have purchased a dormant project.

    Fake NFTs – Always join the official Discord link of the NFT project and click on the official opensea link. See a Bored Ape for less than 1 Eth? It is probably a “fake” one on OpenSea.

    Scam Links – Ever joined a Discord channel, left your DMs (Direct Messaging) open and someone hit you up and tell you that you do not need to get a whitelist in order to mint the project? These are usually scam tactics that scammers used to get you to click on their link and drain your wallet’s assets.

    Not Securing your NFTs – Protect your NFT assets by getting a hardware wallet like a Ledger. We’ve seen so many community members in this space had their NFTs transferred away but not having enough security. While the Ledger is not 100% full proof from hacks, it is still after layer to safeguard your assets. Although it might be a little more troublesome having to connect your wallet with an additional device, but it is definitely worth the hassle as an extra precaution to safeguard your assets.

    Getting Into Way Too Many Projects – Owning an NFT is like owning a membership to a club. If you’re buying up too many projects, make sure you have the time to keep up on what’s going on in the community. Some NFT projects have events and collections which you have to be an active member in the group to enjoy these perks. By not keeping up, you’re actually losing alot of value from owning the NFT.

    Lack of Proper Understanding of NFTs – This mistake is easy to avoid, but many people make errors with their NFTs because they do not have a good overview of how NFTs work. You need to know the basics about crypto and blockchain, and there are many resources online available to help you with this.

    Accepting Offers Not in wETH – There are offers on OpenSea that would offer you USDC or DAI. New users might mistakenly take it as wETH and accept the offer. After then realising that they sold their NFTs for a really low price.

    NFTs Mistakes to Avoid
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    Looking for a NFT Marketing Agency for your Project?

    Crowdcreate is a leading crypto & NFT growth marketing agency and advisory. Crowdcreate is an award-winning full-service consultancy being named “Top Crypto Marketing Firm” by Forbes, CoinBureau, and Clutch.
    NFTs Mistakes to Avoid

    Need to Succesfully Market your NFT Project?

    Hiring an NFT marketing firm can save you a lot of time and money that you would otherwise spend experimenting with different methods that may or may not succeed. A professional cryptocurrency marketing firm like Crowdcreate, on the other hand, will use a tried-and-true marketing plan to take your business from obscurity to prominence in the digital world, allowing you to raise more cash or attract more investors to acquire your project.

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