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Although the world of NFTs is fairly new, people have already made lots of mistakes when they are creating and selling their tokens. In this article, you will learn about 5 common mistakes that people make with NFTs. You need to avoid these at all costs.
- Trying to Make Money too quickly
People see that some NFTs have sold for millions of dollars and they think that it is a good way to make money quickly. This is short-term thinking and has been the undoing of a number of NFT creators and sellers.
If you want to succeed with NFTs then you always need to provide value first. Focusing on making money fast with NFTs is a recipe for disaster. You need to trade NFTs that people want to buy and be consistent with your promotional efforts.
- Not Promoting Listed NFTs
This is the “build it and they will come” syndrome. You create an NFT or a series and list on OpenSea. Because OpenSea gets millions of visitors each month you think that your NFTs will sell like hot cakes. What you need to take into account is that there are millions of NFTs available on OpenSea all the time so yours can just get lost in all of this.
You need to do more than just create and list your NFTs on a marketplace. Determine who your target audience is and then promote your NFT drops to them. Use social media platforms and find communities that are dedicated to your NFT niche.
When you are promoting your NFTs you need to avoid outright sales tactics. Nobody likes to be sold to and this is particularly true in the NFT world. You need to showcase your NFTs and let people know what is special about them to generate interest.
- Listing your NFTs on the wrong Marketplace
This is something that happens a lot. A lot of NFT creators are not prepared to spend a little time researching which marketplace is best for the creation and listing of their NFTs. Many beginners will use the OpenSea platform for their NFTs because it is the largest. But this can be a big mistake as your target audience might not hang out there.
You need to do your homework here and find out which NFT marketplace your target audience is the most likely to use. Find out what the community is like with the different marketplaces and see how responsive they are.
- Not Investing in your NFTs
It is usually not free to list your NFTs for sale on a marketplace. If you are going to use the Ethereum blockchain network for your NFTs then you will need to pay a “gas” fee. A lot of people think that they can create and list NFTs for free but this is not the case.
If you are creating NFTs that have high value then you need to invest in them. We are not just talking about paying the different fees here. You need to invest in marketing to spread the word about your NFTs.
- Not Understanding NFTs properly
This mistake is so easy to avoid but there are many people that make errors with their NFTs because they do not have a good overview of how they work. You need to know the basics about crypto and blockchain and there are many resources online available to help you with this.