<aside> đź’ˇ This guide has been approved by Gary, the content lead but is yet to be imported to SolanaFloor.
</aside>
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Description: An introductory guide on everything a beginner should know before trading NFTs on Solana
You may be reading this because you just learned about Solana NFTs amidst the current frenzy, or you're coming from other ecosystems (or blockchains). Perhaps, at best, you’re simply a pure DeFi and crypto enthusiast looking to diversify your portfolio into other digital assets (like NFTs). Whichever way, this guide has been curated for you. It aims to help you avoid the consequences of testing the waters with both feet. Just as turbulent as the North Sea can be, the NFT market can be highly volatile. However, with the right knowledge and tools, it can also be extremely rewarding.
Let's say you've read our previous guides on (Solana NFTs: beginner guidelinks for this articles will be inserted here*) and (cryptocurrencies for beginners), you should know by now that:
So, in its simplest form, NFT trading is simply buying and selling Non-Fungible Tokens on a marketplace. But in case you’re new to the tech, that's not all. It takes more than buying and selling these tokens to be an NFT collector or trader.
What does this mean?
Before jumping right into buying and selling, there is quite a lot to take into consideration before buying an NFT because it needs you to bring in real cash, as in fiat (your dollar or euro, etc). And as you know, anything that involves money needs proper planning and considerations. But the first step and probably the most important step here is to make peace with why you want to own an NFT.
Why are you here? Do you have a thing for art that you feel like owning one digitally or on-chain won’t cause any harm? Are you just curious and want to know how this technology works? Or are you the type that cares about art but not so much and just wants to make a buck trading them on-chain?
If you have answers to the first step, next is to figure out what type of art to collect or trade: Will you be collecting gaming collectibles, profile pictures (pfp), generative arts, or 1/1s from artists? It's okay if you haven't found a niche taste yet.
For those who just want to trade, what's your plan for trading NFTs? Are you in for the flip (short-term trading) for quick profits or long-term investment? Do you think owning IP rights to NFTs is your thing?
These are self-reflective questions, and they will help get you started in terms of gauging your risk appetite, your investment approach, entry and exit plans, and staying afloat during turbulent market conditions.
The next step after these should be getting familiar with the crypto economy and the basics of NFTs. These are topics that we have demystified for you in our previous guides. You should read them here (*inserts link) as it is a prerequisite to fully understand this guide. If you’re grounded in these topics, let's get on to the other sections right away.
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