How to find which NFTs to buy: A Guide
Updated: Sep 12, 2022
You may (or may not) be aware that NFT projects are becoming more common and widespread. On numerous NFT marketplaces, there are fresh innovations every day, every week, or every month. As a result, finding an NFT that pays off can be incredibly challenging (not to mention daunting), especially if you're new to the NFT industry. We look at some of the factors you should think about in this article.
How to find NFTs that pay-off well?
1. Determine why are you buying NFTs?
NFT projects might represent different things to different individuals, therefore it's important to know why you choose to purchase them. You can then discover NFTs that will help you make money. NFT marketplaces have a wide range of categories, including, to name a few, virtual lands, music, art, and gaming NFTs.
You can focus your search by having the answers to these question:
Do you want to profit from NFT flipping?
Do you purchase merely out of passion for the work of art (artistic value)?
2. Research NFTs
One of the best ways to discover more about a project is its official website, where you can find out about its roadmap, get a clear image of its past successes, and hear about its future goals. Additionally, you can look up the initiative on social media. Twitter is an excellent location to start in the NFT industry.
3. Join the project's Telegram or Discord channel
Joining an NFT project's communication channels, such as its Telegram or Discord server, will make it easier for you to learn more about the community that supports the NFT project in which you're looking for NFTs that will bring in money. There, you can interact with other NFT collectors, ask the moderators questions, and receive the necessary assistance.
4. Research and find best NFT artists
You must conduct background research on the artist or the seller by looking up their social media handles, trading volume, and verification badge. Supporting emerging artists is an option as well, but you must do your study to avoid falling victim to fraud or ruses. If you intend to make a purchase from an unverified account, always double-check the NFT properties as a backup.
5. Check the unique properties and attributes of the NFT
Trying to decide whether an NFT is a good investment? The rarity of the traits it possesses must therefore be determined first. You may see the characteristics that determine the rarity of an NFT when you are on an NFT marketplace, however it is crucial to reverse-check the artwork using Google Images to prevent purchasing something that has been copied. For additional information on how to verify an NFT's legitimacy, see our prior article.
6. Check the price performance of the seller's other NFTs
It is always a good idea to verify the seller's account if you want to make sure the NFT you have picked is a wise investment and will earn more money. There, you may see their prior sales and discover the NFTs' selling price. Additionally, you can look at the cost of the same NFTs a few weeks or months earlier. The floor price, or lowest price at which NFTs are traded, is the lower end of the range. This will give you an excellent understanding of how NFT prices fluctuate, and you can decide if you want to see this in the future for the NFT of your choosing.
Final comments on the Six Inventive Methods for Finding NFTs That Pay Off
There are other things to look into before to purchasing an NFT, but hopefully this article has provided you with some insight regarding some of the factors to take into account while shopping for NFTs that can generate income for you.