Thread by @theuttermost

🚨 Letter to #cNFT Community 🚨

The #Cardano #NFT community has been a source of great blessing to me. I have made friends, taken a few profits & assembled what I believe is a great art collection! 🖼️

Unfortunately many newcomers do not share the same experience...

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In the past few weeks the market has been relentlessly flooded with sub-par, copied, non-original or down right scam projects, many of which look like 5k+ series.

This coupled with a "lottery" (pull rare, sell high) mentality has lead to ppl getting REKT & losing ADA

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Some come with hopes of "increasing their ADA bags" or "hitting it big". Only to be left disheartened, disillusioned, holding #NFTs with no value or broke.

There's been a disturbing trend of people DM'ing me with their stories & seeking advice. Very sad... 😔😞

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We each must take responsibility for our own actions but we should also look out for each other.

Below are a few personal tips I have shared, in the hopes of helping others stay safe & enjoy their experience.

Feel free to retweet & share the ones you like.

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Tip 1: DO NOT invest what you cannot afford to lose 🛑

It's been said "Risk it for the biscuit" 😂. However, if your risk leaves you not being able to buy biscuits, stay away. Period. No matter the cuteness, the hype, the profit potential. NFTs as "assets" are RISKY.

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Tip 2: How NOT to DYOR 🙅🏾‍♂️

If your research consists of only looking at large twitter & discord followings (these can be bought), Youtubers and following hype, put bluntly you NGMI (not gone make it)... 😅

Easiet way to open yourself up to FOMO and getting REKT...

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Tip 3: DYOR 📝

Consider assessing #NFT projects by the following:
1. Quality Art
2. Consistent Creator / Team
3. Active & vibrant community
4. Innovation / Originality
5. Utility (Both present & future potential)
6. Committed OG collectors
7. Historical significance

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Tip 4: Be Strategic 🎯

Unpopular opinion. Flipping "alone" to NOT a strategy. Its very risky & requires significant time & effort. Staking is a safe way to "increase your bags".

You can be successful by making targeted purchases / sales & HODL'ing blue chip projects.

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Tip 5: Engage & Collect Good Art 🫂

The #Cardano #NFT fam is the best in crypto. I've been warned of scams, tipped of good projects & made friends simply b/c I engaged. You should too!

Finally, in the end YOU have to look at your wallet so fill it with good art you enjoy. ♥️