Last night’s NFT event was AMAZING. Did you miss it? Catch the replay here.
My Trading Challenge students Matthew Monaco and Adam Jarrett are both killing it in the NFT market. Matthew made over $63K on two NFT trades (check them out here and here).
And Adam’s made over $1 million on NFTs. Their success has really opened my eyes to the opportunities out there.
So many traders want to make bank on NFTs. But a lot of traders are losing money because they’re approaching the market all wrong. They’re not educating themselves, and they’re choosing random projects and falling for scams.
I want to help you do better.
That’s why I created my NFT club — I want you to be PREPARED. I want you to understand how NFT trading works so you can take advantage of the staggering potential of this multi-billion dollar market.
Preparation starts with the right resources. Here’s my list of what EVERY trader needs to get started with NFTs. But before we do, a little background on why I’m so excited about NFTs…
Why NFTs?
NFTs are creating some of the most exciting opportunities for traders right now.
It’s exciting to see the profits that my Trading Challenge students have been making on NFTs. But it’s not just a trend … It’s a revolution. And I believe it has staying power.
One reason is that there are a ton of exciting projects coming down the pipeline.
For instance, Coinbase currently has over 89 million users … It’s getting ready to go live with its own NFT platform.
To put that in perspective, right now one of the largest NFT exchanges is OpenSea, which recently passed one million users.
This could be HUGE. I’m so inspired that I even created my first NFT collection!
Ready to get started? You’ll need a few things, starting with…
1. Crypto
Most NFT trading is conducted with cryptocurrencies. So if you want to trade NFTs, you need cryptocurrency. That means you need a crypto trading account.
A crypto trading account is sort of like a stock brokerage account (click here for a special opportunity with one of my top brokers). It’s possible to use a broker that offers crypto — but they may have limitations. That’s why a lot of crypto traders choose to work through a crypto exchange.
Some popular crypto exchanges include Binance, Coinbase, and Kraken.
You’ll need to link a payment method to your account to buy coins. Usually, that means funding your account directly or linking a debit or credit card to the account.
Want more info on crypto? Matthew Monaco made a beginner’s guide to crypto — check it out here.
Next, you need…
2. A Crypto Wallet
Your crypto wallet isn’t just a means for moving around your currency. It’s also where you’ll store your NFTs.
There are two types of crypto wallets — hot and cold. A hot wallet is a digital wallet that’s connected to the internet. A cold wallet is not connected to the internet. There are advantages and disadvantages to each type — check out my detailed post here.
Another consideration — most crypto wallets do NOT support multiple currencies. So depending on the types of coins you’re interested in, you might need multiple wallets.
Once you have crypto and a crypto wallet, you’re all set to…
3. Buy NFTs
NFTs aren’t stocks. But like stocks, you buy them on a marketplace.
Like crypto wallets, NFT marketplaces will be tied to the blockchain and crypto they accept.
For example, if you want to buy ethereum NFTs, you’ll probably want to look at marketplaces like OpenSea and Rarible.
I prefer Solana NFTs for several reasons — including the fact that they’re better for the environment. Considering my work with Karmagawa, that shouldn’t surprise you. Some marketplaces include SolSea, Solanart, and Magic Eden.
But it’s not as easy as picking a marketplace and buying something random.
Like with stocks, choosing random NFTs will give you random results.
As Matthew shared in a recent post, he likes to do his research before buying an NFT. He looks for things like rarity and social media hype behind an NFT or collection.
In short: You need a plan.
That’s why you need the final and most important thing on this list…
4. An NFT Education
I’m always talking about how traders need to invest in their ‘knowledge accounts.’ I’ve been saying it for years…
Utilize EVERY trade to increase your knowledge account, NOT just your brokerage account. Because when your knowledge account is big enough & it starts overflowing after a few years, all that expertise inevitably spills over into your trading account too & your win rate spikes BIG
— Timothy Sykes (@timothysykes) August 24, 2020
I created my Trading Challenge to help penny stock traders learn the rules and develop foundational and ongoing knowledge and trading skills.
The new NFT program was designed to help traders develop skills specific to the NFT market.
I paired up with Adam Jarrett to create this course. It goes way beyond the basics. Among other things, you’ll learn the three-step NFT trading system that helped him make $1 million in just 10 hours.
You missed the launch yesterday … But there’s still time to take advantage of this opportunity.
Check out the replay here and start your NFT journey!
Ready to Take the Next Step?
I don’t care if you’re trading stocks, options, crypto, or NFTs — you’ve gotta be prepared.
Plenty of people are interested in the mega-hot NFT market right now.
But they’re not seeking out the right resources or investing in their knowledge accounts.
Sadly, because of that, many newbie NFT traders will fail.
Don’t be one of them. Take the time to pursue an education. Give yourself an edge in the market. Start now.
Are you as pumped about NFTs as I am? Did you make it to my event … If not, did you check out the replay? If you’re on board, leave a comment on this post and say “I WILL BE PREPARED!”
The post NFT Checklist: Here’s What You Need to Trade appeared first on Timothy Sykes.