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I was newbie ۔۔۔۔completely new to NFTs and didn't know anything about floor prices. One day, I stumbled upon a group where the admin shared daily screenshots of successful deals and claimed that his clients were earning double their investments. I was impressed and believed it to be true. He promised to take only a 10% commission when my NFT sold, which sounded reasonable.
He convinced me to buy an NFT for $200, promising a profit of $400 within an hour or at most 24 hours. I thought it was a great opportunity and bought the NFT without checking the floor price. Unbeknownst to me, the NFTs were likely free assets from a project, and he had sent me a link to buy them without disclosing their true value. He indirectly sold me his own NFTs, taking advantage of my ignorance.
But 24 hours passed, and the NFT didn't sell. I was waiting impatiently, and he came up with an excuse that most clients' NFTs don't sell initially, but when they're paired, they sell together. I foolishly believed him again and bought another NFT for $200 without knowing the floor price.
After another 24 hours, the second NFT didn't sell either. I started to suspect something was wrong and confronted him. He ignored my concerns and started flirting with me, suggesting a video call. I realized he was trying to distract me and that I had been scammed. I reviewed the chat screenshots and discovered that he had created fake conversations and was using them to deceive others.
I called him out on it, and he blocked me from the group and removed me from the channel. I was left with two unsold NFTs and a debt to my sister and friend, who I had borrowed money from. It was a hard lesson to learn, but I eventually understood the importance of researching and understanding NFT trading and floor prices.
I'm sharing my story with you all as a warning, so you don't fall into the same trap I did. Don't trust unsolicited investment opportunities, and always do your research before investing in NFTs. Be cautious of groups that promise unusually high returns, and never buy NFTs without checking their floor price.
MOSTLY PEOPLE WILL ASK WHY CHECKING FLOOR PRICE IS IMPORTANT RIGHT....
SO ..Checking the floor price is important for several reasons:
1. Avoid overpaying: The floor price is the lowest price an NFT has sold for in the market. If you buy an NFT without checking the floor price, you might end up paying more than its actual value.
2. Know the market value: The floor price gives you an idea of the NFT's market value, helping you make an informed decision about your purchase.
3. Don't fall for scams: Scammers might try to sell you an NFT at an inflated price, claiming it's worth more than its actual value. Knowing the floor price helps you identify potential scams.
4. Make informed investments: If you're buying NFTs as an investment, knowing the floor price helps you understand the potential return on investment (ROI) and make more informed decisions.
5. Avoid buying worthless NFTs: Some NFTs might have little to no value. Checking the floor price helps you avoid buying NFTs that are essentially worthless.
Floor price checking is necessary because it:
- Helps you understand the NFT's true market value
- Protects you from overpaying or falling for scams
- Enables you to make informed investment decisions
- Saves you from wasting money on worthless NFTs
In summary, checking the floor price is essential to ensure you're making a smart and informed purchase in the NFT market.
( I really want to share all those screenshots & wanna reveal the scammer but maybe it's not right btw my main focus is on message & WARNING to newbies , please don't trust others & do YOUR own research )
