As the NFT world unravels more and more creative aspects of acquiring and selling digital assets worth millions and trillions of money, there is an ongoing debate which has created two streams, one consisting of those who accept the utility of NFT Sniping and the other, who criticize it.
Who’s right and who’s wrong cannot be streamlined and be given a verdict, but what’s exciting to see is that with advancements in NFT Trading and more people joining the revolution, new methods of hunting new and rare NFT has become a sport and talk of the town.
To understand how people have devised new tricks and how this is making the exchange platform more challenging, readers must understand the concept of NFT Sniping and its pros and cons.
NFT Sniping- What it is, and How it is done?
NFT Sniping, as the name suggests, is the method through which traders and NFT minters who want to capitalize their share of profit through early scanning of the market and tokens which are a rarity and might become worth millions in the future, try to hunt these tokens at an entry price or relatively low costs, so that when their price rises, they are able to turn them into profitable selling.
Many variations have been seen in these risky markets which are being adopted by the people who strategically thrive in the market and broaden their portfolio. Unlike the traditional stock market, where people and finance enthusiasts seek company information through published reports, inside news, current happenings around the world and acknowledging underlying activities, NFT Market is volatile and susceptible to changes.
Snipers, who are often called bald eagles of the NFT Sphere, have invented certain tools which have aided them in capturing NFTs that are yet to be acted upon by the general public. These snipers are speedy, sneaky and rigorously active when it comes to identifying the targets that will surely bring fortune in the future days.
Tools used in conducting NFT Sniping
- NANSEN: This market analysis tool is one of the first choices of the investors and traders who want to have constant knowledge about market movements and price fluctuations. This tool provides the users with the facility of tracking real-time price variation of the tokens, their demand and supply through dashboards and alerts.
Nansen comes with certain pricing packages for its premium features which start with as low as $0 and go to as high as $2500 for the private NFT community.
- ICY.TOOLS: This research tool does not require account login to use its features. Icy.Tools has become a fan favorite because it allows them to set price alerts and token alerts for when they arrive at the desired price or are launched in the market, the alert lets them know before everybody else. Another cool feature about this research tool is that it allows its users to track the tokens that are rare, trending and also provides detailed insights of the same.
- ETHERSCAN: Etherscan is a blockchain explorer that directly enables the investors and knowledge seekers to accurately determine the pricing of the ethereum and other NFTs available on the blockchain.
This tool is heavily used by the advanced researchers who want to collect NFT directly on the ethereum blockchain.
Being a free platform, this tool has a very busy server and it can be picky for the first timers.
- CUSTOM BOTS AND BROWSER EXTENSIONS: Many NFT Sniping bots have become available with the emergence of new and rarer tokens in the market. Collectors who want to stay one step ahead of everyone use custom bots which provide customizable features that serve their desired purposes with varied degrees of automation. Examples include MoonCatcher and NFT Hunter.
Several other browser extensions are also available over the internet that allows the trackers to set their alerts and keep an eye over the market information.
For many who think that this is a competitive aspect of being present in the market, they have begun creating their own private communities wherein they share crucial and undiscovered information for the benefit of the group. They also engage in community meet ups where they discuss their next move, and also teach other like-minded people.
But this trend is not being welcomed by all. People who wish to play in this volatile market with ethics being deployed in the center believe that it is important for everyone to not use tools that enable the tool users to manipulate the prices in the market and make the prices more hostile and reactive to sudden and small changes.
While the debated issue has casted people in different belief boxes, it remains uncertain as to what will unfold in the future events of the NFT Market as the market remains less governed by any supervising body. Acting like a sea with constant high tides, the tricks and tools being taken into account have surely helped their users in gathering tokens that are not yet available to many and have further brought criticism along with them.
The future trajectory of the NFT Market, while remaining a risky venture, certainly has something big and positive for the knowledge keepers 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 monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/05/08/is-nft-sniping-strategic-brilliance-or-is-it-a-fouls-play/