Making money through NFT games is becoming more popular. Of course, this does not mean that earnings from NFTs can turn you into a millionaire overnight. However, when you play your game right and you know the pitfalls to avoid; you can avoid losing money unnecessarily in NFT games.
The first thing to understand is that you can lose your earnings if you are not careful. To prevent this from happening, we will share some tips to help you avoid losing money when investing in NFT games. Let’s get right into the details!
Do Not Buy NFTs at Peak Price
Everyone wants to jump onto the NFT train but it is not everyone that knows the right time to jump in. While there are already established projects raking in money for stakeholders, you should never be carried away with the fanfare.
Investing in NFTs that are sold at ceiling prices is not the best. When shopping for NFTs, watch out for the prices. It is never a good idea to buy a digital asset when the price is at its peak. Instead, wait until the price comes down and you can get it at a cheaper price.
There are dozens of reputable NFT games that you can invest in with high growth potential. Do your research and opt for the relatively cheaper options. With this, you can grow in value as the project grows.
Do Not Sell Your NFT below Your Purchase Price
As simple as this point may seem, people find it hard to stick to it. Selling a product below the purchase price is a loss; this is even more when it comes to NFTs. If you sell your digital asset at a lower price, you are making a big loss.
Now, the loss is not just the price of the NFT but also the loss of the transaction fees you paid when purchasing the asset. Do not jump on the bandwagon of NFT hypes. It is not all NFT games that are launched that will be successful.
Some already failed even before they launch. When you do your due diligence before you buy an NFT, you can relax even when it seems the market price is shaking because you know it is a matter of time. Put your NFTs to use and play games with them.
With this, you can earn more NFTs along the way. If you are not a good player, rent out your NFTs to other players who cannot afford to buy one. With this, you earn rental money and still own your NFTs. When the price is good, you can decide to sell it.
Do not be Greedy
Being greedy can put you in a fix. Scammers love greedy collectors and regularly target them to offer juicy deals that are too good to be true. When you let greed cloud your judgment, you will make a bad purchase decision and may end up collecting NFTs that are worth nothing.
It is best to always research the market before you make a buying decision. Find out more about a project before you invest in it.
If an NFT project looks shady or feels too good to be true, take a step back and reconsider. It is probably too good to be true in the real sense of the word. Choose projects carefully and make sure you believe in what you want to buy.
Never give out your Secret Phrase or Wallet Password
We cannot overemphasize this point enough. Under no condition should you give out your crypto wallet information to anyone. Your password and secret phrase should be guided jealously and should not be shared with anyone.
Scammers can come under any guise to steal your details. Guide against this as giving out your wallet information puts your assets at huge risk. Keep your wallet information under lock and key literarily to avoid losing your digital assets and by extension, your money.
These are tips on how not to lose money in NFT games. Remember, you do not have to play the games to own NFTs from a gaming platform. You can buy NFTs and rent them out. You can then trade them out when the prices are right for you.