Here are a few tips for setting up your crypto wallet, navigating the market, and avoiding scams.
Anyone who decides to spend money purchasing an NFT should use caution. Be discerning about whose advice you internalize. Kim Kardashian and Floyd Mayweather Jr. face afor their involvement with a blockchain project. The minimal regulation means it can be difficult to confirm when a celebrity is paid to promote anything.
“Only invest what you can afford to lose in NFTs. I know a lot of people who go all in without realizing what they are doing,” says Parekh. She does not advise people to make spur-of-the-moment buying decisions and encourages taking time to research whoever is behind a project. OpenSea’s VP of product, Shiva Rajaraman, recommends newcomers get someone they know IRL to help pick out an NFT. He says, “Find a buddy, and go through this together. Rather than feeling like you need to do it in isolation.” When it comes to interacting with OpenSea, the company’s website provides a handful of, like not sharing your secret recovery phrase and avoiding suspicious links.
Make sure any NFT listings are closed on the blockchain when you want to hold onto an item. Smart contracts that were not properly canceled caused owners to sell off NFTs on OpenSea atThese marketplaces are where the digital art is bought, but many of the communities blossom on Discord. Be careful—even well-moderated servers can be a breeding ground for prospective scammers. Rajaraman says, “When you jump into these communities, turn off DMs from the server.
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