Picking the right NFT project

Picking the right NFT project

Let's face it: We've all been there. It's easy to feel overwhelmed in the NFT space. It's difficult to keep track of hundreds of new projects every day and figure out which ones have the most potential. You'll either overpay due to the hype or get roped into a pump-and-dump project. First you’ll need to determine why you want an NFT. There are many reasons people choose to buy NFTs:
  • Aesthetics - the beauty of the art piece.
  • Emotional resonance - the NFT carries a sense of personal significance, relevance, or an emotional connection for them.
  • Social Value - It feels like acceptable social behavior. Everyone they know is buying NFTs.
  • Scarcity - NFTs are items of value and are scarce. They want to have the only piece of that NFT available.

What should you be looking for?

There are four important things you should research:

  • The creator
  • The product
  • The community
  • The project

With an elite team of builders, you can bet on fundamentally sound projects. Even the most desirable projects experience large price changes in the short term. Long-term investors who see more value than an NFT profile picture have the best chance of obtaining massive rewards. 

Almost every project these days is completely sold out. However, a sold-out NFT collection does not guarantee success. When investing in an NFT project, there are several factors to consider. For starters, the artwork must be captivating. It will be difficult to attract collectors from other well-known communities if it is not visually appealing or culturally moving.

Second, the team must be completely dedicated to delivering project milestones. The majority of recently launched collections have anonymous teams, which makes it simpler for them to gradually rug the project. You want to see a team with a wide range of talent and experience. Finally, the community is the most significant component. To judge which project has the best community, you don't need to compare social media figures. Instead, you must uncover the mindset of holders in order to determine whether they want to flip or hold for the long term.