Guide To Not Getting Scammed With NFTs

Everybody wants to know how to make money with NFTs in 2022. There are many projects in this space that have done really well such as crypto punks and bored ape yacht club. Celebrities have even jumped on the bandwagon and are using NFTs as their default photos on websites like twitter. But there are some problems with NFTs (Non fungible tokens).

When it comes to the best way to make money with NFTs, there are many different opinions out there. Long term investing, short term flipping, making your own, holding NFTs that pay dividends or give you some sort of privilege of ownership etc etc etc. Most of these methods range from likely unprofitable, to straight up rugpull scams that thousands have already fallen for. And the truth is, just like in the internet boom of the 90s where companies were overvalued simply because they had the word ".com" in their name, even if they weren't profitable, most NFTs will go to zero value like most websites and the companies that were associated with those websites lost all of their value. Did this mean that the internet was a scam? No. Did this mean that some of those companies were scams (or at the very least ridiculously overvalued)? Definitely.

So after spending some time investigating NFTs, really diving deep into the technology and how it works, studying the actual value it provides now, current use cases, and future use cases, I decided to create this free course: An NFT Tutorial. Following some of these basic guidelines and using some of the tools to evaluate NFTs will save you from getting rugpulled if you decide to get into this.

I also decided to create my own NFT (Please for the love of god do not try to buy it), just to see what the process is behind doing that. Spoiler: It's really really easy (but has some nasty gas fees if you use ethereum).

Overall, I just want to make it clear that NFTs are SUPER RISKY. I think the technology is great and will have many future applications that are going to change the world(especially in combination with the metaverse, gaming crypto and defi). But right now it's an unregulated market full of scam projects, rugpulls, and disappointment. If I had to estimate, I'd say at least 80% of the people that get into this won't make money from it. So proceed with caution.