As you may (or may not) be aware, the quantity and popularity of NFT projects are increasing. There are fresh advancements in many NFT marketplaces every day, week, or month. As a result, finding an NFT that earns you money may be exceedingly tough (not to mention daunting), especially if you’re new to the NFT industry. This tutorial will go through some of the topics you should think about during this process.
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How Can You Locate Profitable NFTs?
Begin by describing why you are purchasing NFT projects
NFT projects can mean various things to different individuals, and knowing why you purchase them is a smart place to begin. Only then will you be able to identify NFTs that will create cash for you. NFT markets include various categories, including art NFTs, music NFTs, game NFTs, and virtual territories, to mention a few. Do you want to make money by reselling NFTs? Are you purchasing only for the sake of the art (artistic value)? Knowing the answers to these questions can help you narrow down your search.
Conduct NFT project research
The official website of a project is one of the greatest locations to start learning about it since this is where you can learn about the NFT project’s roadmap and get a comprehensive image of past successes as well as the vision for the future. You may also follow the initiative on social media. Twitter is an excellent place to start in the NFT space.
Join the Telegram or Discord channel for the project
Joining its communication channels, such as its Telegram or Discord server, is the simplest method to acquire a sense of the community behind an NFT project in which you want to locate NFTs that will earn you money. There, you may meet other NFT collectors, ask moderators questions, and get suitable assistance.
Investigate the NFT artist
You’ll need to do some research on the artist or seller, such as their social media account, trade volume, and verification badge, among other things. You can also help new artists by conducting comprehensive research to avoid falling for scams or rug pulls. If you wish to buy from an unverified account, always verify the NFT properties as a backup.
Examine the NFT’s distinct qualities and characteristics
Do you want to know if an NFT is worth purchasing? Then you must consider the rarity of the traits it possesses. When shopping on an NFT marketplace, you may see the characteristics that influence the rarity of the NFT, but it is critical to reverse verify the art using Google Images to prevent purchasing anything that has been pirated. Learn more about validating the legitimacy of an NFT in our previous post.
Examine the performance of the seller’s other NFTs in terms of pricing (floor price, volume)
It is always a good idea to verify the seller’s account if you want to ensure that the NFT you have chosen is a smart investment and will bring in additional money. You may see their prior sales and learn the selling price of their NFTs there. You may also look at the previous sale price of the identical NFTs. The lower end of the range is known as the floor price, and it is the lowest price at which NFTs are traded. This will give you an excellent indication of how NFT prices are shifting and whether this is what you want to see in the future in the NFT of your choosing.
There are many things to consider before purchasing an NFT, but perhaps this article has provided you with some insight into some of the factors to consider while shopping for profitable NFTs.