What to look for in a great NFT project

Are you new to the NFT house? Don’t have any idea how one can buy one or what to look for? What makes good projects better than others? Who must you be following?

In case you are reading this, it’s probably because you’ve been poking across the NFT area and community and have some questions. Some of these “images” introduced under the name of “NFT” sell day-after-day for a lot of money … and hopeful this weblog post will enable you to discover your way around.

What is an NFT?

Before we go too far, let’s just take a step back and start with the basics. NFT stands for a non-fungible token, or in other words, behind these items of art are unique and non-interchangeable units of data which might be stored on a digital ledger. These are powered by blockchain technology to establish proof of ownership. Like your typical pieces of art, NFTs are collectible digital assets that truly hold value.

Just like with every other funding strategies, it is necessary you all do your own research. I’m definitely not a pro at this NFT space so please take what I write beneath not because the source of truth.

Unless you’re sleeping under a rock, you definitely know that NFTs and the Metaverse are on fire proper now. Bored Ape Yacht Club and Cryptopunks have opened up a completely new digital sector of crypto collectibles.

2021 proved to be the year of large adoption for the NFT market space. NFTs are more than just collectible pieces of art, many are actually adding utility to them and are starting to be integrated within the Metaverse. CoinMarketCap reports that the sales from NFTs has reached over USD 19 billion. From these sales, 57% got here from main sales. The goal behind this is to get in early after which sell them for a profit. We know that not all NFTs will survive. We are in hyper mode proper now and unfortunately, not everybody will make it.

But with all these NFT projects out there, how can one select the one that will boom? How can you level out the ones that will make it from those that will flop?

There are not any magic eight balls, but there are some primary strategies that will help you along the way.

Get In Early, Get Out Big!

Finding profitable good NFT projects might be difficult. There are many things to consider and a lot of places to look. Hopefully this can help you slender things down.

Twitter

Bar none, Twitter is king and the place where NFTs live. It is likely one of the best places to learn about upcoming projects, discover its communities and keep up to date with certain projects. Discovering projects on Twitter is really easy and it can be the place the place you can market your own NFTs and collectibles.

Leveraging influencers and different NFT thought leaders will be really helpful to find out which projects they are following and interested in — normally a powerful indication of a great project. This platform is the place everyone talks about projects they like, dislike, what they’re buying, holding, and selling.

What to look for

If you will make investments your own money into something, it only make sense that you simply spend time learning. The NFT space does take a bit of time however if you’re willing to place in some extra efforts your probabilities of finding good projects enhance dramatically. A great approach is one which investors would typically use to measure success for startups:

Traction (social, discord, influencers, etc.)

Team (individuals invested in the success of the project)

Sales ( of sales and price movement in recent days/weeks)

Let’s go a bit deeper into a few of these components which you’re on the hunt for that next NFT gem

Road Map Or White Paper

An NFT Roadmap is a doc that maps out the goals and strategies of an NFT project you might be at the moment looking into, to be able to communicate its lengthy-time period value. NFT roadmaps usually include key project milestones, quick and long-time period goals, and plans for marketing and growth. It is the same as with common businesses. It needs a transparent vision and mission. We have to look at how it is constructed up and how much effort was given to placing the items together. Is what they want to achieve even possible? Comply with your intestine… if it appears like it doesn’t make sense, then it probably won’t.

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