What You Should Know Before Buying NFTS
Don’t just buy an NFT – Know what you’re investing in.
Meet Daniel Bigay, an artist from San Juan Puerto Rico — better known as Badwabbitz. A self-taught artist and entrepreneur from Puerto Rico, he believes the cliche of the “starving artist” should be a thing of the past. Setting out to revolutionize the art world in both the digital and physical space, Bigay has forged his path building a community of artists and “brand ambassadors”. Bigay shares his insight on understanding the potential of what NFT’s can do in revolutionizing the way we conduct transactions in the near future.
Some people believe that NFTs are just a way of trading JPEGs online, while others see them as exclusive, utilitarian, or financially rewarding. However, these applications only scratch the surface of what blockchain technology can do.
Instead of buying NFTs purely for monetary gain, we should focus on the potential of this technology to create new opportunities and experiences that were not previously possible.
For example, imagine buying an NFT to receive alerts about the perfect wave conditions for surfing, or to gain early access to a new vintage from your favorite vineyard. You could also purchase an NFT to gain exclusive access to a musician’s tour or to store your medical records securely on a decentralized platform.
When buying NFTs…
- Don’t succumb to FOMO: it’s important not to succumb to the fear of missing out of this rising trend. Instead, focus on what you want to buy and ensure that you’re purchasing the correct item.
- Do your due diligence: Make sure you do your own research before buying an NFT recommended by a friend or community member. Remember that you own this product, and it should be valuable to you and you alone.
- Choose the right marketplace: It is essential to choose the right marketplace when buying NFTs. When minting, or publishing the NFT on the blockchain, note that the minting site is spelled correctly to avoid scams and malicious sites. Some reputable marketplaces include OpenSea.io and Rarible.
NFTs offer exciting opportunities for art creators and collectors alike. However, we should be mindful of the technology’s potential and focus on buying NFTs for their inherent value rather than solely for financial gain. By doing so, we can start to better realize the potential of blockchain technology and create new possibilities for the future.
You can see more of Daniel’s work at his website , Wabbitz World and follow him on twitter, facebook and instagram at @badwabbitznft
