For Beginners: NFT Resources
This is in continuation of my previous blog, For Beginners: How to Start in NFTs.
Let me start by saying this: DO NOT BUY INTO AN NFT BECAUSE YOU SAW IT ON Instagram OR TikTok. Your main source of info has to be Twitter. This is not to say that the alpha (in the NFT world, alpha means information about a potential project that may make you a lot of money) on Instagram and TikTok is to be ignored. This is to say that whatever you hear anywhere other than Twitter needs to be double-checked on Twitter.
This is because almost all the OG crypto and NFT people communicate on Twitter, almost exclusively. All the respected projects and their founders share announcements on Twitter. And if there is something fishy about a project or its founders, you will hear it first on Twitter.
Aside from Twitter, you will also need to learn how to use discord. All NFT projects that are worth a dime, have a discord channel to communicate to their holders and gather the community together. Be aware that on discord, NO ONE will send your a DM about anything except SCAMMERS. so please just turn off your DMs from the getgo.
Minting is the initial public sale of NFTs. To be able to min an NFT from a project you will either need to be on the whitelist or allowlist of the project or wait for the public mint date. Just a heads-up that the public mint usually is very chaotic and ends within a few seconds to minutes depending on the hype of the project.
To get on a whitelist, projects have different approaches but usually, you have to join the discord and prove to be of value to the community. Sometimes you may win a whitelist through a raffle or a competition.
Now you may ask why int and not buy on secondary markets? The answer is that sometimes the mint price is the lowest price. Of course, there are projects that go below the mint price, but there are many others that never go below. So it kinda comes down to you doing a risk assessment on the project and deciding if your time spent on getting on the whitelist is worth it.
Opensea and LooksRare and recently Coinbase NFT are examples of NFT marketplaces (secondary markets), where you can buy or sell NFTs. On these websites, you can browse NFT projects and study their stats. For example, on Opensea, here, you can find the top NFTs, ranked by volume, floor price (is the lowest price of a single NFT in an NFT project.), and other statistics.
To find a specific NFT project on any marketplace, you use the search toolbar. However, be aware that there are many scam NFT projects that mimic a legit one. Before buying into a project, you have to make sure that you are using an official link. You may find official links to the secondary markets on the project’s website, discord, or Twitter.
Keep in mind every transaction and every single thing you buy on the blockchain is public domain. But it is up to you to stay anonymous or not. If you'd like to stay anonymous, do not use your name as your Twitter or Discord username, hide your email address, don’t share your location, don’t buy an ENS domain with your real name, etc … In other words, do not provide any info that ties your crypto wallet, which is public, to your IRL (In Real World) identity.
In the next blog post, I will discuss ways to protect your identity and will also spend some time on wallet security tips.