What is a Noob in Crypto?
Like the term “rekt”, “noob” is a slang term that originated in the gaming world to describe someone who is new or inexperienced in a certain game. Today, the word has crossed over into the online lingo of cryptocurrency enthusiasts, who use the term to describe newcomers to the crypto and NFT space.
More experienced traders are generally helpful towards noobs. But if you don’t want to get clocked for acting like a noob, we have some beginner tips for you below.
What Is A ‘Noob’?
The term “noob” comes from the word “newbie”, which describes an inexperienced newcomer to a job, field, or activity. In the online gaming community, the word “noob” can either be used as friendly trash talk or as a sharp insult. Other variations of the term “noob” include “newb”, “nub”, and “n00b”.
Some newcomers will label themselves as noobs, especially in online forums where they don’t want to get disparaged for asking basic questions.
In conversations about cryptocurrencies, noobs are usually those who don’t have any real experience trading in crypto exchanges. They usually can’t tell obscure coins from popular coins and often cave to FOMO.
How To Spot A Crypto Noob
Aside from having a wide range of questions about the basics of digital currency investing, what do cryptocurrency newbies look like?
They Tend To Go “All In”
Crypto is incredibly volatile. One day, your crypto currencies could be “going to the moon” as they say, and the next, it could be dropping to the ground. As such, anyone who knows a thing or two about crypto knows not to put all of their life savings into crypto. In fact, you should be prepared to lose any money you put into crypto.
They Think Crypto Is “Easy Money”
As with any type of trading, crypto investing requires both soft skills and technical knowledge about complex concepts such as blockchain technology, decentralized finance, and investment strategy.
They Easily Fall For Scams
The crypto market is rife with “get rich quick” schemes and scams, such as the classic pump-and-dump scam, dodgy crypto wallet scams that steal your funds, shitcoins” that have little to no value, and fake coins that scammers use to defraud naive crypto noobs.
NFT Noob Mistakes To Avoid
Investing in any type of crypto asset, NFTs included, is a high-risk gamble. Even experienced traders can lose a lot of money if they’re not careful.
If you want to avoid getting rekt – that’s crypto-speak for suffering massive financial losses – avoid these five rookie mistakes.
Succumbing To FOMO
FOMO means the “fear of missing out”. It’s a term used to describe traders (usually noobs) who can’t help but buy digital tokens just because everyone else is doing it. Giving in to FOMO without doing your research first can lead you to invest in bad projects that’ll result in unsatisfactory returns.
Having No Strategy
All NFT projects follow a similar market cycle – the pre-project reveal generates buzz, the project’s value increases in value as more people become interested, more people try to hype up the project at the public minting stage, the project reaches peak value at the reveal, and then there is a drop in value post-reveal.
One great strategy would be to buy NFTs during the initial stages, then flip your assets right before the reveal or at the reveal stage when market value is still climbing.
Getting Too Attached To Your Assets
Nervous traders may want to HODL onto their NFTs for as long as possible, especially their very first tokens, as it carries some type of sentimental value.
But if you pay more attention to your emotions and not the market conditions, you could miss out on the opportunity to make a decent amount of money on your NFTs.
Letting Trading Take Over Your Life
Your brain needs to be firing at all cylinders when you’re trading crypto. Otherwise, clouded judgment and poor decision-making skills can cost you thousands of dollars.
To avoid crypto brain drain, learn when to step away. Don’t sacrifice sleep for your investments, don’t trade well into the night, and take a break when it starts to feel too overwhelming.
Being a noob in the NFT and crypto space can be tough. But, generally, crypto traders are a helpful and welcoming bunch, eager to help noobs find success. Still, it’s good to be prepared with the basics before jumping into trading. Remember: don’t put all your eggs in one basket and learn when to let go of your assets.
If you’d like to start your own NFT collection, Tokenfy can help. Check out our site today and learn how our NFT launchpad can help you kickstart your own NFT project today!
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