BEES.Social Explains Sniping NFTs Vs. Minting an NFT
October 25, 2021 at 23:01
BEES.Social is taking new strides to help the NFT community learn what sniping and minting constitute in the world of NFTs. Given how difficult it may be for newcomers to come to grips with the subject, the company has published an informative video series that aims to explain everything their community needs to know about sniping and minting as well as their key differences. All those interestested in expanding their knowledge of NFTs are welcome to view the NFT Sniper video series for free on their BeesSocialTV Youtube channel.
One of the first points the series makes is that knowledge is power and security: while NFTs (otherwise known as Non-fungible Tokens) can lead to a great deal of financial gain, the opposite is also true, and this is particularly true for those who are not aware of the potential pitfalls they may run into. However, the BEES.Social crew has explored NFTs to a considerable degree, and they have made many of these mistakes themselves. Having learned from their experiences, they urge the NFT community to do everything they can to learn more about the system in order to minimise their chances of suffering a loss — and to improve their chances of succeeding on NFT platforms.
NFTs, briefly put, go hand in hand in blockchain technology. The term ‘Non-fungible’ refers to the fact that each token is unique, so every NFT is a unique token on the blockchain. Most will be familiar with the fact that many NFTs currently on the market come in the form of digital art — but while the art can be duplicated endlessly online, the NFT can only belong to one person. This gives it value, and like more traditional forms of art, some NFTs are rarer than others. This can potentially raise their value.
BEES.Social points out that WeGoBattle is releasing free NFT tools for the NFT community to use. While WeGoBattle has not yet released information on what these free NFT tools will do, the company believes that the tools will be a game changer — and everyone in the NFT world will likely use them to improve their experience. All anyone interested in the tools has to do is follow WeGoBattle on Twitter and join their Discord to receive them for free when they are released.
According to the first video in the NFT Sniper series, NFT creators can put out large numbers of NFTs for sale during the minting process without revealing the asset they are attached to. These NFT drops can number in the thousands or more, and buyers or collectors may make their purchases in the hopes of obtaining a rare NFT once the assets are revealed at the end of the minting process. However, the series refers to this process as ‘playing the lottery’ since it is virtually impossible to identify what NFT is being bought before the public reveal by the creators.
At this point, buyers can spend large sums of money buying up every NFT they can possibly obtain, simply for the chance of getting one that is truly rare (and therefore worth more than their investment). However, this is a fairly risky process because there is no guarantee that they will actually obtain an NFT that makes their investment worthwhile. Notably, the video also clarifies that making a random purchase is not truly equivalent to buying a lottery ticket because the item in question will inevitably have some value. A non-winning lottery ticket is worthless, but an NFT that is not considered rare will still be useful to some extent.
Those who wish to learn more about NFTs, especially regarding rarity, value selling and so on are welcome to watch the NFT Sniper video series on the BeesSocialTV Youtube channel. The channel also encourages viewers to participate in discussions and leave their insight or questions in the comments. Alternatively, they may reach out to BEES.Social via their preferred social media platforms.
BEES.Social also invites their community to stay tuned for more updates from WeGoBattle. Anyone who wishes to use the platform’s upcoming free tools can join WeGoBattle on Discord or follow them on Twitter.
For more information about BEES.Social, contact the company here: