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 strategies for purchasing NFTs and emphasized the potential security risks in transactions. In this article, we will learn what to do after purchasing.
After purchasing an NFT, we need to "play with it". As I mentioned before, buying an NFT is not just about acquiring a picture, but it is equivalent to buying shares in the NFT project. As the value of the NFT project rises or falls, the price of the NFT we hold will fluctuate accordingly. Therefore, 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 price at which you will sell if it drops, and a price at which you will sell if it rises. Trading involves a lot of uncertainty, and you cannot rely on your intuition to guide your actions, as it would entail significant risks. This is a new and rapidly developing industry, and no one has accumulated enough experience to rely on intuition for trading. 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 discuss:
Following the project's Twitter account#
Each project will have its own Twitter account as a channel for external promotion. Here, they will promote the project, interact with other projects, and engage with users. By following the official account, we can stay updated on the project's relevant information in real-time. While reading the project's information in the long term, we can also get to know them better. This information can influence our evaluation of the value of the NFT project. If, as we delve deeper into 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 likely a Ponzi scheme or they 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 (their statements must have viewpoints and data, and we should stay away from emotional statements). By understanding their thoughts and reflecting on them 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 developments. In this process, we can gain a better understanding of the project's details, which will help us make more reliable decisions.
Joining the 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 available in the Twitter account's description or at the bottom of the official website.
After joining the Discord server and completing a simple account verification, 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, essentially creating a repository of project information. We can understand the project's development process, key milestones, and the progress of the product development team from the beginning. Additionally, we can discuss any questions in 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 project information and gain a deep understanding of project details. It is also an opportunity to connect with 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 periodic meetings and discussions, and some teams even have various learning areas. It is a great place for people who like the same NFT to gather, 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 sources, NFT projects generally have their own project websites where we can also find updates on 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
Nostr: npub1e9euzeaeyten7926t2ecmuxkv3l55vefz48jdlsqgcjzwnvykfusmj820c