Down the NFT Rabbit Hole

by Shaan Chopra

Ok now, this is addictive, I was better with the currency. NFT rabbit hole is a monster way to get your wallet balance to ZERO. You will encounter great art to delicious scams. Now that I am in this space, people are after two things your currency and NFT tokens. For anyone who wants to get started in this space, I have some recommendations.

  1. Separate your wallet from currency and NFT.
  2. Never keep the open change (gas fee) in the NFT wallet.
  3. Keep track of the NFTs and the community.
  4. Separate wallet for minting and storing.
  5. Avoid wallet connections, authentications and authorization.
  6. Stay away from the unknown.

In the last 3 months time I have seen some really good artwork and the worst scams. The only thing that makes the NFT Space different is the community.

I am going to give this space some more time and they decide if I want to carry on or get out of this space. You will find all kinds of people in the community, and the best way to counter this is to do your own thing. Buy if you like, sell if you like.

I am still in the shallow waters as of now and still forming some rules that will follow when getting into an NFT project. One of the first rules I have drawn is not to hurry into any project. This is where most of the things go wrong, (hype+hurry=chaos).

Most importantly if you are getting into the crypto space start with an investment in a hardware wallet. It does cost but you will sleep better if wanna go a cheaper route then use offline wallet apps such as Airgap and Ownbit. Whatever you do just try to keep your secret keys offline.

As I learn more about the space I will keep putting my opinion, the first opinion I have is the market places such as opensea, they should have a lock-up in place or staking before the launch of a new project. That will reduce the scams that are taking place. This will make everything a bit expensive but in the long-run users will not burn.

Now, let’s see how things get around.

You may also like