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If you are in the world of NFT games, keep these tips in mind
So far, the NFT gaming and cryptocurrency sector in general has become a very profitable business. There are people who win hundreds or thousands of dollars with these games. However, it is very important that you do not fall in love with a project, as this can lead to you lose a lot of money.
In the world of cryptocurrencies, everyone seeks to make money, sadly, it is not possible for everyone to do so. For some to win, others have to lose and this is something that you must be clear from the first moment.
Today we are going to tell you a little more about this, and we will give you some tips that will help you avoid losing money with these games.
What is an NFT game?
The first thing to be clear about is that these NFT games are not really games, at least not most of them. The vast majority are simply "click to earn", that is, a few clicks a day are enough to get your earnings.
This can be favorable for many, however, the truth is that by not having a real gameplay, people will only see them as a way to make money. And this is a dangerous thing for your economy, as it can easily make a fascinating project end up in oblivion.
These types of games are actually an investment; In order to win you will need to invest your money, in some cases it may be little money, while in others it may be a lot.
The ROI of these games is usually short, on average, this can be in 15 days, then, only the profits come, that is if the game survives long enough.
However, it must be clear that all these games are a kind of modern ponzi system. The players who enter are paying the winnings of those who entered before. And so on until it is all over, then the last to enter are those who lose their money.
Tips for "NOT" losing money with NFT games
1. Avoid falling in love with a project
Perhaps you consider that a game is good and that it can last a lifetime giving you good profits. However, this is simply impossible, each game has a cycle and is unlikely to last more than a few months. Some do not even last a week before dying.
So, don't fall in love with a game no matter how much you like it, when there is money involved, you never know what might happen.
You may find it tempting to get into a game that promises to pay you back in a few days.
However, do not invest all your money in a single project, it is necessary to diversify in order to have greater security. Obviously you are going to make less money, but if the project ends up dying, you are not going to lose all your money.
3. Invest only what you are willing to lose
Investing in cryptocurrencies and especially NFT games are a risky investment. So, it is not recommended that you invest money that you need. In the event that the project fails, you will not find yourself in a bind.
Of course, it is also very important that you never lend money to enter a game. Regardless of whether it works or not, you are going to have to pay that money, so this is very important.
4. Stay calm, but don't be silly
When the token of a game goes up, everything is happiness, however, when the uptrend ends (and it will), that is when the panic begins.
People start selling like crazy and the token will start to go down much faster, causing more people to sell and creating a snowball effect.
In these moments it is very important to remain calm, I am not saying do not sell, do it, but do not panic. Take your money and put it in a reliable currency, like BNB, ETH, BTC, USDT, etc. Then, when the token starts to rise again, buy at a lower price, and you will have multiplied your coins.
5. Watch out for whales
One of the things that you must be clear when you enter an NFT game that whales are going to exist. We understand as whales a person who does not enter the game, but who does buy the token and in large quantities. They are people who invest hundreds of thousands of dollars and play to speculate with the currency.
These people are capable of moving the market and causing the token to rise or fall abruptly.
It is very important to be clear about this, as this can lead to panic among players. And as we have already seen, panic can contribute to generating sales that can take the token towards very low values.
6. Analyze the games very well before entering
Before entering a project, it is very important that you analyze very well how it is structured and how it will really work. Every project has a tokenomic and a whitepaper, this is the route that the game will follow.
It is very important that you analyze it thoroughly, in this way, you will be able to determine if the game is really worth it or not. This way you can avoid falling into projects that are scam or that may have very little future.
Another option is to watch videos on YouTube and search for information on the web about the project. In this way, you will be able to have another opinion about it.
These were 6 simple tips that will help you maintain your capital; This way you will avoid losing money, and you will make the best possible investments. Put these tips into practice and become a very good investor in the world of NFT games.