When we spoke about how NFT projects are sold, we somewhat concluded that it highly depends on popularity. But what are some signs or indicators we can look for to judge if the project is popular or not? In this blog post, we will answer this.
So how can you find a good NFT project?
In the NFT community, joining Twitter is a BIG thing! NFT enthusiasts are very active on Twitter! Paying attention to what projects are talked about, and followed by NFT influencers can be one way to discover hot NFT projects.
Another platform that is popular among NFT enthusiasts is Discord. Almost all NFT projects have Discord to keep their community active because after all, creating a “cool culture” is what sells NFTs. A culture can not be formed if there are no people in it, hence Discord comes into the picture.
Road Map Or White Paper
If you have been on an NFT project website, you have probably seen something that looks like this.
What is "RoadMap" in NFTs ?
An NFT road map shows the community the short term and long term goals for marketing and growth for the project. This roadmap includes some key project milestones so that community members can understand the background of the project and the vision of the project.
Founders & Creators
Building a personal brand has been a thing for awhile now though creators had never been paid for just being creative and having their unique vision. (or they did, maybe through patrons and OnlyFans ) NFTs might change this forever. This can be the early stage of building a solid creator economy! Investing in an NFT project doesn’t just mean buying a digital art asset, but implication comes far beyond the art itself. Investors are buying the “association to the project” which means connection to supportive and healthy community, good purpose and cause, charismatic leader! When these things are met, it’s inevitable that projects get good traction.
We all understand well how the community plays such a huge role in keeping the value of an NFT. What makes a good community is engagement! If people who are involved in the community are passionate and very involved with the NFT, that is how you can tell if the project is strong and will be strong for the long term.
Tools & KPI
The above are more people side of the projects we need to be looking out for. Other tool like Nansen.ai help us look for indicators with more tangible values.
Nansen is a blockchain analytics platform that enriches on-chain data with millions of wallets labels. Crypto investors use Nansen to discover opportunities, perform due diligence and defend their portfolios with its real-time dashboards and alerts.
In the dashboard, you can track things like floor price, 24H volume, price, and volume change even as a free account!
Finding a good NFT project to invest in requires work just like anything else. In the end, What makes NFTs interesting and different from other investment assets is how human-centered they are. For stocks, the only thing you need to care about is buying low and selling high. For NFTs, if everybody is in that "get rich by flipping" mindset, and no one actually cares about the project or has passion for what the project stands for, then the concept of NFTs can not exist. People are buying the digital arts but also buying association and the coolness of the art - and that’s what makes NFTs cool!