Metapedia - [ 3NFT & GameFi Series ]
June 17, 2022

Precautions for buying and selling NFTs

Thinking of buying and selling NFT? Please pay attention to the following rules before you start!

1. Do not buy counterfeit goods
Deception methods are endless. If you are new to NFT, in addition to doing a Fact Check, you also need to to purchase NFT on the official account or website.

2. Do not jump on the bandwagon
The NFT market is often flooded with news that investing in NFT can make you big profits like cryptocurrencies. However, the market's high volatility contains a relatively high risk for investment. Don't follow hyped-up news and buy NFT at a' high-order position'. Investors should conduct research and analysis, as well as adjust their mentality before investing.



3. Pay attention to the security of cryptocurrency wallets
A cryptocurrency wallet is required when buying and selling NFT in the marketplace. The "private key" is the most critical tool to manage and use cryptocurrencies, and it consists of 64 strings. A wallet has only one private key and cannot be modified. Having the right to manage the private key is equivalent to having the right to control the wallet. The "backup phrase" is another form of the private key. It converts the 64-character private key into several common English words through operations, which is helpful for memory. When saving your backup phrase, try to use handwriting instead of screenshots or photo shooting for recording to prevent hackers from stealing your backup phrase.
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