When It’s Too Good To Be True Do More Research.

I have been doing tasks on the moongate platform for some airdrop and it’s not hard to do hence my consistency on the platform. To my greatest surprise I was whitelisted to mint the NFT pass which is said to be pretty valuable. Having the Moongate Pass NFT is said to give you access to more moongate airdrop and perks to other rewards in the future. The supply was 6,969 which is pretty small for a large community, and it had 4 different stages of whitelist, the Free mint Whitelist Stage, the guaranteed Whitelist stage with a FCFS( First Come First Serve) term, the FCFS whitelist stage and the Public Mint stage.

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The cost to mint was 0.005 ETH on Base Network and the time for minting was in the midnight, the time here was 5AM for the minting badge I was on. I was so determined to mint an NFT so I set an alarm to wake me up at 4:30 AM with the hope of minting, fortunately for me, I minted it for 0.005 ETH and went back to bed happy and feeling fulfilled. But I love a good investment, this means I will keep looking out for opportunities like an arbitrage opportunity.

I woke up the next day to find that I have 0.011 ETH offer price has been placed on the NFT. I went to the NFT marketplace and saw no trading activities but the floor price was 0.007 ETH, a great idea came in. Sell mine for 0.011 ETH and buy the NFT with floor price of 0.007 ETH. While this seemed like a good idea, I was wondering why after more than 8 hours it doesn’t have any trading activities and why is it too good to be true to sell at 0.011 ETH and buy from the market for 0.007. I decided to check their discord and discovered that trading the NFT is supposed to go live at 10:00 PM UTC.

I laughed because it was too good to be true, when it’s too good to be true, do more research.