How To Find and Invest in a Profitable NFT Projects
In 2021, the whole world was stunned by the unexpected growth of NFTs. It is the first time this novel technology has broken into the mainstream, revolutionizing the world of artworks and various industries. In 2022, NFTs will definitely grow even stronger. With so many new NFT projects launching, it is crucial to recognize which ones are worth your time and money to invest in. But the question of how to invest in NFTs smartly is a different matter altogether. NFTBOOKS will give you the best tips on how to invest in NFTs in the article below.
NFTs are one-of-a-kind assets that prove digital ownership of something linked to the token. It might be an image, music, book, video or even a meme or tweet. The Ethereum blockchain is the most widely utilized platform for developing and selling NFTs. The NFT market is now a $41 billion sector, with thousands of trades taking place every day.
NFT is a potential market that will bring users a lot of profit, but before you start investing in NFT, you need to figure out which ones are worth your time and money. Due to the overall volatility of the cryptocurrency market, the unexpected decline of the community, and the general lack of liquidity in the NFT marketplaces, NFT investments can be exceedingly dangerous. But don’t be concerned. NFTBOOKS will give you step-by-step instructions on investing in NFTs so you can get the most out of your digital asset investments.
1. Utilizing popular NFT tools to find attractive NFT projects
We can easily find successful NFT projects because of their popularity, but maybe they are too expensive for us to buy one of them. Therefore, you should spend more time learning and researching. You can take advantage of powerful tools like Rarity.tools and UpcomingNFT. These tools will provide you with information about available NFT collections or showcase upcoming NFT collections, and these are great platforms to start your research.
Since NFT collections have a greater chance of exploding than single NFTs, you should look for a collection with great potential. When looking for projects, keep in mind that the main goal is to buy cheap NFTs and move on to making a profit later.
Besides, social networks such as Twitter, Telegram, Discord, Reddit… are also effective channels for you to figure out potential NFT projects. Most NFT projects have at least one social media channel, so it’s easy for you to access these projects.
2. Check out the projects community on social media
The community that supports an NFT project is one of the most critical variables influencing its success. In other words, if a project has a large following, the odds of reselling NFTs will be higher. Besides, you should ensure that that community is legitimate.
NFT projects all have social media channels, such as Twitter and Discord, where they may post project-related news. For example, you should find projects that have Twitter channel with an average size of about 10 million followers or even more. Furthermore, you must engage directly in order to assess the community’s activity, avoiding projects that purchase bot accounts in order to inflate the number of members or community participation.
3. Check out the project’s website and founders
All NFT projects should have a legitimate website with no red flags such as grammatical or spelling issues, a lack of crucial information, or just an unattractive design. On the website, they should contain all of the relevant information, such as whitepaper, founding team members, partnerships, and other details.
The more information you have about the project, the better the basis for determining the success or risk of that project. You should not invest in a project that does not publicly show the identity of the team. Currently, the number of scams and rug pulls is increasing so checking the credibility of creators is extremely crucial for your success and investment.
Typically, you can find more details about the founders on the project’s social media channels, where they have links to other profiles, and details about their work.
4. How is NFT different from others?
Nowadays, most NFT collections are part of blockchain games, metaverse, or other digital projects. NFTs can be in-game digital assets or have other utilities. You can find out the utility of the projects by reading the project website or their whitepaper. You should determine what is the difference of that NFT project, such as its applicability, scarcity… these are the factors that make a project attractive and distinctive.
NFTBOOKS is a project to read and publish books in the form of NFTs on the blockchain platform. Each of our books is considered an NFT; you not only read books to expand your knowledge but also have a profitable investment opportunity. With a clear development roadmap and professional founding members, we firmly believe that this will be a potential project in the future for you to invest in. The future, the success, the profits that lie ahead and the path to those auras is NFTBOOKS.
Buying an NFT is fairly straightforward, but learning how to invest in an NFT project requires a lot of time and effort to research and observe. If you want to really put in the effort to find profitable NFT projects to invest in, make sure to go through all the steps listed in this guide.
