How to Find and Evaluate NFT Projects
Are you a newbie in the NFT or blockchain and don't know how it works?
Or you probably have little knowledge about the blockchain but still trying to understand the NFT?
In this post, you'll learn what an NFT is and the factors to consider when looking for good NFT projects like MonsterArmy.
Before we go on, let's take a moment to look at the NFT.
What are NFTs?
The NFTs (Non-Fungible Tokens) are digital assets such as arts, GIFs, and even tweets that people buy for vast amounts of money.
These digital assets have taken the world by storm!
NFTs are non-fungible tokens, meaning that a unique unit of data in each piece of art makes it unexchangeable. Unlike physical skills, NFTs are virtual arts with actual value.
If you're an investor or lover of arts, the NFT space is a great place to invest as it offers many opportunities. But the problem is knowing the right one to invest in, as you can't buy a random NFT and expect colossal profit.
How to find a good NFT project?
Finding good NFT projects is easy if you know your way around them. The rarity factor drives the NFT space - the scarce an NFT is, the higher the price of the NFT. This will also make it increase in value in the long run.
There are various steps you have to take when looking for a good NFT project, but these steps have been summarised into four:
- Have a goal
- Look for a project
- Do your research
- Buy the NFT
1. Have a goal
When looking to buy the NFT, you have to make a list of why you want to own it. Some questions that can help when doing this are:
- Do you need an NFT to learn?
- Do you want to support the artist?
- Do you want to invest in NFT?
If you can answer these, you're good to go.
2. Look for a project
As we noted earlier, finding projects in NFT is easy if you know your way around it. Some of the ways you can find exciting projects are:
- Search for trending projects. Sites like OpenSea, Rarible, and CryptoSlam provide a list of NFT projects you can choose from.
- Be a follower of NFT collectors. You can follow NFT collectors on social media platforms like Twitter. They are often the first people to get new NFT projects.
- Join an NFT community. Being a community member makes it easier to get the latest alpha (info on trending projects).
Note that NFT sites with large communities indicate NFT projects with suitable investments.
3. Do your research
After you've seen a project, you have to do your research.
You can visit the project website, its social handle, and a community to gain information about the project. In addition, you should search for additional indicators such as the floor price, verification, and owners.
4. Buy the NFT
After you've gotten a project that interests you - and also done your research, the last step is to decide if you want to buy it or not. You can buy NFTs by:
- Creating (minting) the NFTs for the first time
- Buying on a secondary market.
The NFT is here to stay. More creators are coming up, the community is increasing, and new projects are added every day. Whatever decision you make, whether to invest in NFT or not, make sure to have a proper understanding to succeed.