Just look at the top most expensive NFT ever sold in the history which is Beeple’s “Everydays The First 5000 Days”. This particular artwork sold for a whooping $69 Million Dollars, breaking all the records and setting a new standard for NFT’s.
Similarly, there has been several new tech and crypto companies popping up, like Larva Labs and Dapper Labs. They are the ones, who’ve released projects like Crypto Punks and CryptoKitties which are some of the hottest NFT projects right now.
Today an average CryptoPunk character will cost you no less than $200,000 USD. While getting the rare ones will cost you millions of dollars. This is to say that the NFT market has sky rocketted to a really high level.
Because of this, there are tons of opportunities out there in this NFT sphere and even you can easily make lots of money buying and selling NFT’s. The problem is you have to invest in the right NFT’s and you cannot just buy any random NFT and expect to make lots of money. This is called the “Aftermarket NFT Works” or so called the “Thrash Art Movement”. This is also the reason why most of the people out there lose money on NFTs and that is because they don’t invest in the right NFTs.
The trick to making money in NFT’s is not to invest in Art but to invest in the purpose and the story behind the art. Let me explain.
What most people do is that they invest in random NFT’s and most probably they will lose their money because the NFT market is the least liquid market, compared to the highly liquid crypto market. This means it will be hard for them to sell their NFT’s.
Because with Cryptocurrencies, you can easily sell in an instant. That’s not the same case for NFT’s or Non-Fungible Tokens.
So, to really profit from NFT investments, you’d first need to make sure that your Investments are Liquid enough, meaning, you can sell your NFT’s easily in the future if you wish to.
Secondly, you need to invest in the brand and the company/creator who is creating these NFT’s. This is because just investing in random NFT’s provide you with no future. However, investing in the brand or the company provides you with a much more grounded product or NFT. Because not only can these Brands and Creators be trusted but also their NFT’s and Collectibles have the potential to rise in the future.
FEATURING FIN SOCIETY FABLES NFT COLLECTION
Fin Society Fables is a collection of 10,000 Fins that roam in the vast Metaverse of Opensea on the Ethereum Blockchain. Out of the 10,000 unique fins, 5000 of them are Male and 5000 are Females. The Females possess unique traits and properties that set them apart.
The fins are to face threat of extinction and mass massacre from the creators and they have to grow their species, and become stronger and more powerful in order to adapt in this vast Metaverse.
The Creators behind Fin Society Fables have established a defined Roadmap and Whitepaper giving their community insight on their overall vision. Their Whitepaper elaborates on the different NFT collections broken down into 3 Phases. The project is currently not yet launched but pre sales will happen on 12/3 – 6 PM EST, while Public Sales will happen on 12/4 – 6 PM EST.
FEATURING – 2088 HUMANS NFT COLLECTION
2088:HUMANS consists of 8,888 HUMANS NFT living on the Ethereum blockchain. These HUMANS are humans with mutated abilities from lab experimentations during 2088 in Neo Koguryo.
Uniquely generated from over 538 hand drawn traits, this NFT collectible collection is inspired by Cyberpunk 2077. Cyberpunk’s design is filled with neon colours, has a dystopian feel and futuristic style. Similarly, 2088:HUMANS is created to achieve this sci-fi and dystopian feel. Unique traits include red hair punk, varsity jacket, pink face tattoo, bowl blue hair, telekinesis ability… and more.
HOW TO FIND GOOD NFT PROJECTS OR NFT’s?
PROPERTIES AND ATTRIBUTES OF AN NFT
Finding good NFT projects is actually pretty easy. You see NFT’s are driven by the rarity factor, meaning the more rare an NFT is, higher will be the price of the NFT. Hence it will also appreciate in value. So, when you are finding NFTs or NFT projects, you want to understand and figure out how the creators of the NFT makes his NFTs rare.
Let’s take for example, Raging Rhinos.
Raging Rhinos is a collection of 5000 unique NFT’s, which are randomly generated, each having their own unique appearance, style and personality.
Now if you go to the OpenSea website and search for Raging Rhinos, you’ll find that the “Pricing Floor” of Raging Rhinos is about 14.2 ETH. This is that the average or the lowest possible price to own any one of these Rhinos is 14.2 ETH.
Now if you open and click on any one of the Rhinos, you’ll notice that these Rhinos come with certain properties, such as background color, body color, clothes, eye wear, head …..etc.
These are attributes or properties of the Raging Rhino NFT.
Now some of the properties are rare and it is these properties that define the rarity level of the Raging Rhinos NFT.
Now what you can do is you can use tools such as Rarity Tools to check the rarity of any NFT collectible.
HOW TO DETERMINE THE RARITY LEVEL OF AN NFT? & USING RARITY TOOLS
Websites like Rarity tools allows us to check the rarity score or level of any NFT. This rarity level depends upon a number of factors, including properties, type, editions and much much more. Additionally, you can also use Rarity tools to find new upcoming NFT projects that are going to be released very soon.
In the upcoming section, you’ll find lots of NFT projects but the problem is, How do you determine, what NFT project is a Good Investment.
The way I found out how to determine whether a NFT project is good or not is by finding out whether the NFT project has a community or not.
Do they have a community?
How many pieces are there?
How much are they selling for?
Because remember that NFT’s are extremely risky investments and the reason they are risky is because they are not liquid investments unlike Cryptocurrencies like Bitcoin, that can be sold instantly.
NFT’s once they are bought has no guarantee whatsoever that it will get sold.
This is the exact reason why NFT Projects that have a community would be a very good investment choice even if their art isn’t that great. The NFT Project, simply requires, a good story, a good persona and branding and that as long as people are following the Project, you can bet on it.
Because by having a community, you lower the risk of liquidity that means, it will be easier for you to sell your NFT. Think about it, even if you buy an NFT for $400 Dollars in January, and after 8 months, you are able to sell it for say $500 dollars in December. The project may not be a good investment in terms of profitability, but in terms of Liquidity, it saves your from Losing the entire $400 dollars!. That’s the power of having a community in NFT’s.
CHECKING THE COMMUNITY STRENGTH OF NFT’s.
Now if you open the upcoming section of Rarity tools, you’ll find tons of NFT Projects there. When you scroll through the NFT Projects, you want to find out how big their community is.
Another one has 5555 amount of NFT’s and 2093 Followers.
You want to check three things while determining how big the NFT community of the project is.
- Number of Twitter Followers
- Social Media Following
- Future Goals and Plans of the NFT Project.
NFT Projects with lots of twitter followers and social media following is more likely to have a big community and valuable NFT’s. This indicates that there are people who are willing to actually invest in their projects and buy their NFT’s. While, the value and price of these NFT’s are also likely to rise in the Future.
Due to this, not only will you be able to sell your NFT’s quickly if you wanted to, but you’ll able be able to make huge profits in the future.
CHECKING THE DATES OF RELEASE AND PRICE
So, when you are browsing through the NFT projects, in the upcoming section of the Rarity Tools, you’ll come across “Sale Date and Time”.
This is when the NFT Project will get released. You can easily figure out whether if the NFT Project is Worth your investment or not by checking the number of NFT’s that is going to be released and how many people are following the NFT project.
Most of the NFT Projects will have a price range between 0.1 ETH to 0.01 ETH which is around $300 to $30 Dollars.
Now as long as the community of the NFT project is big that is when the NFT project has lots of followers on Twitter and other Social Media accounts, you’ll be on the safe side if you invest in that project.
Because remember, you’re not worried about whether if the Artwork is at the best standards in terms of art and creativity. That matters but even more than that, community matter a lot.
Your main goal is to see whether or not, you’ll be able to sell your NFT quickly in the future.
And the fact that you’re getting in early means you have a good chance to profit in the future. However, you also need to find out why and what kind of NFT’s in that project is rare and valuable. Try to look out for rare attributes and properties and see if you can get those for a cheap price.
This is how you can invest in NFT’s in a very safe way. Because what most people do is they go after art and creativity which is not a bad thing. But, the problem is they buy random artworks and to be honest, 90% of the NFT’s in the market looks amazing in terms of art and creativity.
It’s really hard to figure out, what NFT will sell and what kind of Art will appreciate in the future.
The conclusion is, that the NFT industry is a mix of Collectibles and Art Industry. Therefore, when you are buying any NFT, you either buy a Beautiful Looking Artwork or a NFT Collectible.
FOLLOW TECH AND CRYPTO MEDIA SITES
The next trick I found that has really helped me find good NFT projects continuously following the top Media sites like:
Remember that NFT sites that have a big community around them are good NFT investments.
And most of the time, what happens is that NFT Projects that get featured in these big Media Sites quickly grow in size and value. The best example I can give you of is Crypto Punks.
Who’d ever want to bet on an Artwork that’s just 24×24 pixelated Punk characters right. They look like any 5 year old can make and draw those Punk characters and sell them as an NFT.
But CryptoPunks when they first got released, there were only 20 to 30 users who claimed some of their punk characters. However, when Mashable featured a story of Cryptopunks as this cool new NFT Project, within a few hours, the entire collection of 10,000 Punk Characters were sold out.
Ofcourse, this doesn’t mean that Crypto Punks totally relied on that Featured Story for it being Viral and yes, to be honest Crypto Punk had a very unique story and vision. But that Press Media Feature did help Cryptopunks a lot.
This is to say that these Media Sites are indeed powerful and hunting for NFT Projects on these sites can land you with amazing profitable NFT projects.
What I normally do is I just go to the search section of their and search for the Keyword “NFT”. Normally, you’ll get a bunch of news articles on NFT’s, but I am pretty sure, you’ll find some unique projects out there.
TWITTER IS THE KING
Believe it or not, Twitter is the place where NFT lives, communicates and it is where you’ll find most of the NFT communities.
Forget Instagram, Facebook or any other Social Media sites because the place where NFT’s and NFT art is most talked about is on Twitter.
Twitter is the best place to not only find lots of NFT Projects but also to market your NFT art and Collectibles.
If you go right on Twitter and search for the hashtags, #NFT, #nftart, or #NFTCommunity, you’ll find lots of art, posts and tweets about NFT.
The NFT community is extremely active on Twitter and shockingly, on Instagram, they aren’t so active as Twitter.
This is the say that Details matter a lot in the NFT community and Twitter allows users to present the details about their art in a much better way that other social media platforms.
YouTube is also a great source for finding good NFT projects that can potentially make you lots of money. You should follow some YouTube personalities like Gary Vee, who constantly make YouTube videos on NFT and NFT artworks and collectibles.
Some of the best YouTube channels for NFT’s and finding NFT projects are:
So, this is how you do your Due Diligence with NFT’s. Finding good NFT projects isn’t a hard job once you understand how the NFT market works and what should you be looking for.
Here’s an article about How to make money Flipping NFT’s. You should definitely check this article out as it would further help you understand how the NFT market works. This is essentially a golden article that I’ve written about the core financial aspects of the NFT market and industry so do have a look when you get time.
Otherwise, if you’d like to create your own NFT’s or Digital Art, you can always hire someone to create art for you. Websites like Fiverr.com provides you with thousands of Digital Art services where you can find some of the most talented artist who can create art and illustrations for you.
Till then, hope you find you dream NFT project and stay safe.
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