So, you’ve finally decided to join the virtual world of the non-fungible and wanna buy an NFT! But, before you do that, you gotta understand how to know which NFT to buy!
No NFT is the same as the other – otherwise, why would they be called non-fungible tokens, begin with, right? However, there are certain things you should look out for in every NFT collection you want to invest in! This helps you find the most profitable, safest NFT with the best potential! So, here’s how to know which NFT to buy and what you should look for!
HOW TO KNOW WHICH NFT TO BUY
The world of non-fungible tokens can be pretty scary – especially when you’re just starting out! Even when you got all the NFT basics down, it can still feel pretty vague! Therefore, the knowledge of how to know which NFT to buy is absolutely essential. It can help you avoid scams and rug pulls. A single mistake could cost you anywhere from hundreds to thousands of dollars worth of cryptocurrency.
Of course, there are things that you ALWAYS have to check for right off the bat. In other words, the things you check when you’re putting in minimal effort. This includes things like the:
– NFT floor price
– Volume traded
– Number of owners
– Social media accounts
But, when you’re going for a more serious investment, you have to go the extra mile. Do your homework right so you don’t pay for it later! You can’t just fall for marketing hype and buy NFTs just because other people claim they did! So, here’s how to know which NFT to buy:
#1 High-Quality Creative Art
Looking for high-quality creative art is the first method on how to know which NFT to buy! More often than not, a piece of art with a lot of work and effort behind it is a telltale sign of a good NFT project.
Of course, art is subjective. Therefore, this means that you have to go for an NFT that also sparks your interest. Something you actually like and enjoy. So, you have to make sure that it looks legit, you resonate with it, and doesn’t look tacky!
#2 Doxxed Team
Next, we’ve got doxxed (or undoxxed) teams! This is one of the most important parts of learning how to know which NFT to buy. Projects with doxxed teams usually provide information about the real people behind the project. This ultimately makes them feel more human and less like scammers hiding behind a screen.
However, this is definitely not a deal-breaker. As long as the team provides solid background information about what they do and what they’ve accomplished; you should be okay! As long as you do your research on the creators, their community, and the project itself – you’re clear!
#3 Unique Selling Proposition
Also, sometimes you don’t even need to ask yourself how to know which NFT to buy. Sometimes their unique selling proposition just answers the question from the start. Now that’s a sign of a very successful NFT project.
In this part, we aren’t talking about the benefits or rewards that come with joining an NFT project. We’re talking about the reasons that convince people to join in the first place. What makes them different from other projects in the game? This is what you should be looking for – the offer of unique art!
#4 Social Media & Community
And then there’s social media buzz. This is where you learn how to know which NFT to buy through the help of others. The NFT community happens to be very vocal. So, they will definitely have a lot to say on the social media platforms of different projects. This is just like reading Amazon reviews before purchasing!
A healthy community that supports the project is a sure sign of an NFT on the right track. The number of times they post on their socials. Updates, engagement, alerts, and support are all signs of a good community!
#5 Utilties & Roadmap
Next, we’ve got NFT utilities and a roadmap. Now, NFT utilities are usually the benefits that come with purchasing an NFT. Like, what else can you do with your ape? This is usually along the lines of skins, in-game perks, and things like that! On the other hand, an NFT roadmap is a clear timeline of the project’s previous, current, and future goals. It helps set an idea of how and where things are going!
Of course, this is also not a dealbreaker. If a project checks all the previous marks but doesn’t have a roadmap or supply utilities, it’s okay! A lot of projects don’t start out with either of them. But, having them is a definite plus!
Finally, the last part is how to know which NFT to buy is knowing the supporters. Celebrities are nefariously known for catching hype and money waves. But, it is also a big deal to be endorsed by an A-lister! So, if your favorite celebrity is investing a lot in a certain project, it wouldn’t hurt to take a look. But, of course, you still gotta do the research!
Celebrities could always be in it for the quick money and pull out when things get tough. So, if you’re going to join your favorite celeb on their NFT journey… do the research.
That basically concludes our top tips on how to know which NFT to buy! However, at the end of the day, you just have to be careful. The virtual world is still not governed by any rules or regulations. So, make sure that you don’t bite off more than you can chew!
And, make sure to always do a background check on any project you wanna join!