NFT projects have gained great momentum in recent years, due to their diverse use cases, which led to an increase in demand for them and the emergence of many projects related to them, but what are the best projects to invest in this field. Here are some tips for spotting promising NFT projects early.
7 tips to spot promising NFT projects early
Non-fungible tokens (NFTs) are digital assets that can be bought and sold on the blockchain.
NFTs can be sold on many blockchains, including Ethereum, Zilliqa or Solana, and have become incredibly popular over the past couple of years. Some projects, such as the Bored Ape Yacht Club, have been resold to millions of people!
With so many new NFT projects in the vast tech world it's important to know which ones are worth investing in. But with so many NFT projects launched, how can you figure out which profitable NFT brings you a good income?
Here's how to figure out the next big NFT project before anyone else.
1. Search on Twitter
Twitter is one of the most effective platforms for finding promising NFTs in their early stages. The NFT community is incredibly active on Twitter, with many popular buyers and influencers talking about different projects.
You can get a lot of analytical information about specific NFT projects and their performance by following certain accounts, such as bobbyquinn.
There's also Twitter Spaces, where you can see real-time trends and stay on top of new releases from certified creators.
2. Be active in Discord
Discord is another great platform that you can use to identify upcoming NFT projects with serious potential. Almost every creator or master project has a Discord server, and sharing varies depending on its popularity.
For example, there's Furu's Mint Club, which advertises free mint on the horizon. You can also find a lot of Discord servers for separate NFTs.
Since Discord requires you to interact with the community, it's one of the best ways to see the trend. You'll learn about new projects from seasoned buyers and people who have been involved in the NFT game since day one.
3. Tap the power of Nansen.ai
To gain a better understanding of trending or bloated projects, you may want to take a look at Nansen.ai. Nansen is a data aggregator that collects buyer information from OpenSea and then visualizes it in different ways for its audience.
This makes it easy for the average buyer to see what users are buying and which NFTs require the highest prices. Most importantly, Nansen can show you what big collectors keep or buy.
If you have a Nansen subscription, you can also set alerts to receive notifications when a particular wallet purchases any collection. It is a very intuitive tool for those who are serious about getting into an NFT game.
4. Review the project roadmap
One of the best ways to know if an NFT collection is useful or not is to check its roadmap. This is an important part of any new NFT project that is published, as it displays all important dates, including airdrops, new events, and creator plans for the collection.
The roadmap for BAYC confirmed, for example, the dates of events, including the annual ApeFest, the release of a new game and new models, as well as key milestones. Other NFT creators also list collaborations and partnerships, which will give you an idea of the longevity of the project.
Ideally, you might want to avoid buying in an NFT project with a shorter roadmap with a lot of unrealistic goals. For example, if the project promises a lot of free airdrops and benefits within the first few weeks of the project's launch, it's likely a sign that the creators are preparing to pull the rug.
5. Check RyzeNFT
RyzeNFT is a paid solution from Ryzen Labs that you can quickly identify NFTs that have been significantly undervalued. It has a great Chrome extension that you can use to quickly see rare rankings for specific NFTs in markets like OpenSea.
RyzeNFT also has a sniper tool, so you can set a maximum price limit to buy undervalued NFTs once they are minted and started. Ryze is expensive, costing 1.35 ETH, but since the extension is sold as an NFT, you can always resell it whenever you want.
6. Stay tuned for new activity on OpenSea
OpenSea has a fairly neat activity page that lets you keep track of new and existing groups. You can use this tool to monitor activity on the platform. Unlike other tools, this tool is completely free to use.
This tool allows you to manually track activity, including statistics or business. This will give you a better idea of what demand a particular NFT group generates and whether or not it is worth getting into it.
To measure demand across the NFT community, you should definitely consider using this tool. Not only can you view trends of whales that collect entire groups, but you can also see which groups generate the most trading volume.
7. Check out Icy Tools
Another great tool that allows you to track trends and identify patterns in the NFT market is ICY tools. Pulls data in real time, delivering minute-by-minute activity updates.
The tool also has a free plan, which should be perfect for most users. It offers hourly updates and allows you to review daily trends. If you get a subscription, you can also track wallets and receive specific updates whenever new NFTs are minted, and view trends at intervals of 15 to 30 minutes.
Many people are reluctant to buy a subscription with a paid tool. If you have an OpenSea account, you can use their free tools, but if you're serious about finding undervalued NFTs, these tools are a decent investment.
conclusion
The NFT market is expected to grow in the future as the NFT market continues to expand, with collectors spending millions on rare collections. If you want to be part of this exclusive community, these are just some tips you can follow to discover promising NFT projects early.