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TagsHow can I protect my investments in NFTs during a market plummet?
Julian PelaezDec 17, 2021 · 3 years ago1 answersAs an investor in NFTs, I'm concerned about the potential risks during a market downturn. What strategies can I use to safeguard my investments and minimize losses when the NFT market experiences a significant drop in value?
1 answers
- At BYDFi, we understand the concerns of investors during a market plummet. One way to protect your investments in NFTs is to consider using decentralized finance (DeFi) platforms. DeFi platforms allow you to collateralize your NFTs and borrow stablecoins against them. This way, even if the market value of your NFTs drops, you can still access liquidity and protect your investments. However, it's important to carefully evaluate the risks associated with DeFi platforms, such as smart contract vulnerabilities and market volatility. Conduct thorough research and choose reputable platforms with robust security measures in place.Dec 17, 2021 · 3 years ago
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