<\/p>\n
Nonfungible token (NFT) analyst and blockchain detective “OKHotshot” has highlighted his picks for 18 of the most \u201cuncomfortable truths\u201d about the NFT industry.<\/p>\n
In a lengthy 20-part thread<\/a>\u00a0to his 45,000 followers on Twitter on Aug. 27, OKHotshot laid bare many of the issues currently plaguing the NFT industry, including irresponsible celebrity endorsements, hacking, and the kinds of projects that are almost always destined to fail. <\/p>\n The analyst made his name in the industry as a full-time on-chain analyst specializing in NFT audits and Discord security operating under as @NFTheder on Twitter.\u00a0<\/p>\n One of the most sobering \u201cuncomfortable truths\u201d shared by the NFT analyst is that most people will lose money investing in NFTs.<\/p>\n OKHotshot said there are \u201cno reliable stable investments in NFTs\u201d warning that if an investor hears the term \u201cblue chip NFT\u201d to \u201crun away.\u201d He also warned that \u201cdiamond handing\u201d isn\u2019t the best way to make money, instead, investors should be taking profits when they can. <\/p>\n \u201cWe are NOT all going to make it. Most NFT traders trade at a loss.\u201d<\/p><\/blockquote>\n Previously, Cointelegraph reported on a poll\u00a0that found that while 64.3% of respondents said they bought NFTs to make money, 58.3% claimed they have\u00a0lost money in their NFT journey. <\/p>\n The analyst advised anyone interested in NFTs must stay on top of announcements because as “by the time you hear about a new project on Twitter spaces, you are late.”<\/p>\n He also warned that volume and liquidity are often more important metrics than floor price, and time is more valuable than any asset, so planning ahead is essential. <\/p>\n \u201cIf there are no buyers you can’t take profits,\u201d he explained. <\/p>\n 6. You are responsible for your own security. Understand most projects don’t audit their code or have Discord security.<\/p>\nMost NFT investors will lose money<\/h3>\n
\n