NFTs are one of the foundations of web3. This series will introduce NFTs through 30 short articles, allowing everyone to understand and master the relevant knowledge about NFTs from scratch.
In previous articles, we discussed the strategies for purchasing NFTs and emphasized the potential security risks in transactions. In this article, let's learn what to do after purchasing.
After purchasing an NFT, we need to "play with it". As I mentioned before, buying an NFT doesn't just mean getting a picture, but it's like buying stocks in the NFT project. As the value of the NFT project rises or falls, the price of the NFT we hold will fluctuate accordingly. So, if you have a long-term positive outlook on the NFT or really like the NFT project, you can hold onto it without doing anything. However, if you only have a short-term positive outlook and want to sell at the right time to make a profit, you need to have a trading strategy. The simplest way is to set a threshold for when to sell if the price drops and when to sell if the price rises. Trading involves a lot of uncertainty, and you can't rely on your intuition to guide your actions, as that would entail significant risks. This is a new and rapidly developing industry, and no one has accumulated enough experience to trade based on intuition. Therefore, setting a trading strategy can effectively protect our funds.
Whether you are a long-term holder or a short-term trader, you need to understand the NFT project. You can follow the project's Twitter account, join Discord servers, and keep track of project updates, among other things.
Next, let's talk about:
Following the project's Twitter account#
Every project will have its own Twitter account, which serves as a channel for external promotion. Here, they will promote the project, interact with other projects and users, and more. By following the official account, we can stay up-to-date with the project's relevant information. While reading the project's information in the long term, we also get to know them better. This information can all influence our evaluation of the value of the NFT project. If, as we delve deeper into our understanding, we find that the project is excellent and currently undervalued, we can increase our holdings of the NFT. However, if during the process of understanding, we find that the project team is not seriously advancing the project and is more focused on emotional manipulation to encourage people to buy, it is very likely to be a Ponzi scheme or a project that will run away after the price goes up (rug). At this point, we need to consider whether to continue investing or jump ship.
On Twitter, we can also follow users who support or oppose the NFT (these users' statements should be based on viewpoints and data, and we should stay away from emotional statements). By understanding their thoughts and thinking for ourselves, we can train ourselves for long-term development. It is very dangerous to only listen to one voice.
Sometimes, project teams will hold voice broadcasts on Twitter Spaces. If we have time, we can join in to learn about the latest project updates. In this process, we can gain a better understanding of the project's details, which will help us make more reliable decisions.
Joining the project's Discord server#
In addition to following the Twitter account of the NFT project we purchased, we also need to join the project's Discord server. The invitation link to join is usually in the description column of the Twitter account and at the bottom of the official website.
After joining the Discord server, through a simple account verification process, we can gain the ability to read and participate in discussions within the community. The advantage here compared to Twitter is that we can browse all past messages, which is like an archive of project information. We can learn about the project's development process, key milestones, documentation from the product development team, and more. At the same time, any questions we have can be discussed within the community, and other community members as well as the project team will respond to our inquiries.
This is a great place to access first-hand information about the project and to delve into the project's details. It is also a place to meet other people interested in the same NFT. If we are interested in the project, we can even ask the team if they need community positions and join the project's operations.
Discord servers also have regular meetings and discussions, and some teams even have various learning areas. It's great for people who like the same NFT to gather together, discuss and learn together.
Project updates#
We can obtain information about the project's progress from the messages posted on the project's Twitter account and the official announcements on Discord. In addition to these two places, NFT projects generally have their own project websites, where we can also find information about the project's progress.
Alright, that's it for this article. If you have purchased an NFT, join the community and participate in discussions. It will be interesting.
If you want to learn more, you can find me in these places:
Digital Territory: HoodrhXLog: Hoodrh
Twitter: Hoodrh
Discord Chat Group: Hoodrh
Mirror: Hoodrh
SubStack: Hoodrh
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