Is NFT Sniping Strategic Brilliance or Is It an Ugly Game?
As the NFT world uncovers more and more creative aspects of acquiring and selling digital assets worth millions and trillions of money, there is an ongoing debate that has created two streams, one consisting of those who accept the utility of NFT Sniping and the other , who criticize it.
Who is right and who is wrong cannot be streamlined and get a verdict, but what is exciting to see is that with the advancement in NFT Trading and more people joining the revolution, new methods to hunt for new and rare NFT become a sport and talk of the town. .
To understand how people have developed new tricks and how this makes the exchange platform more challenging, readers need to understand the concept of NFT Sniping and its pros and cons.
NFT Sniping – What is it and how is it done?
NFT Sniping, as the name suggests, is the method by which traders and NFT coiners who want to capitalize their share of the profits through early scanning of the market and tokens that are a rarity and may be worth millions in the future, try to hunt down these tokens for a entry price or relatively low costs, so that when the price rises, they are able to turn them into profitable sales.
Many variations have been seen in these risky markets which are adopted by people who strategically thrive in the market and expand their portfolio. Unlike the traditional stock market, where people and financial enthusiasts seek company information through published reports, inside news, current events around the world and recognize underlying activities, the NFT Market is volatile and prone to change.
Often referred to as the bald eagles of the NFT Sphere, snipers have invented certain tools that have helped them catch NFTs yet to be reacted to by the general public. These snipers are fast, sneaky and strictly active in identifying the targets that will surely bring good luck in the future.
Tool used to perform NFT sniping
- NANSEN: This market analysis tool is one of the first choices of investors and traders who want to have constant knowledge of market movements and price fluctuations. This tool gives users the ability to track real-time price variations of tokens, their demand and supply through dashboards and alerts.
Nansen comes with certain pricing packages for its premium features that start as low as $0 and go as high as $2,500 for the private NFT community.
- ICY.TOOLS: This research tool does not require an account login to use its features. Icy.Tools has become a fan favorite because it allows them to set price alerts and token alerts so when they reach their desired price or launch on the market, the alert lets them know before everyone else. Another cool feature of this research tool is that it allows users to track tokens that are rare, trending and also provides detailed insights on the same.
- ETHERSCAN: Etherscan is a blockchain explorer that directly enables investors and knowledge seekers to accurately determine the prices of ethereum and other NFTs available on the blockchain.
This tool is widely used by the advanced researchers who want to collect NFT directly on the ethereum blockchain.
As a free platform, this tool has a very busy server and it can be finicky for the first timers.
- CUSTOM BOTS AND BROWSER EXTENSIONS: Many NFT Sniping bots have become available with the emergence of new and rarer tokens on the market. Collectors who want to stay one step ahead of everyone use custom robots that provide customizable functions that serve their desired purpose with varying degrees of automation. Examples include MoonCatcher and NFT Hunter.
Several other browser extensions are also available over the internet that allow the trackers to set their alerts and keep an eye on the market information.
For many who believe that this is a competitive aspect of being present in the market, they have started to create their own private communities where they share important and undiscovered information for the benefit of the group. They also participate in community meetings where they discuss their next move, and also teach other like-minded people.
But this trend is not welcomed by everyone. People who want to play in this volatile market with ethics who is deployed in the center believes it is important for everyone not to use tools that allow the tool users to manipulate prices in the market and make prices more hostile and reactive to sudden and small changes.
While the debated issue has thrown people into different belief boxes, it remains uncertain what will play out in future events in the NFT market as the market remains less governed by any regulatory body. Acting like an ocean of constant high tide, the tricks and tools taken into account have certainly helped their users to collect tokens that are not yet available to many and have further brought criticism along with them.
The future trajectory of the NFT market, although it remains a risky venture, certainly has something big and positive for the knowledge holders and seekers in the long run.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional money exchange systems. She is also fascinated by the blockchain technology and its function.
