The decision to invest in NFTs is one many investors are looking to make nowadays. Its booming popularity, an interesting concept, and promising prospects it offers are sure to lure anyone in.
It makes sense that everyone is jumping on the trend. After all, it can end up paying off well. People are buying NFTs like crazy.
However, there’s another aspect to look out for. Anyone who knows anything about investing knows that there’s a right time to invest in something. They also know that not every product is an optimal investment. The same is true for NFTs.
Below, we’ve outlined some of the ways you can spot NFT projects that are worth your time and your money!
Use tools
There are so many tools you can use to gauge whether or not a collection is worth investing in – learn how here!
These tools can help you track publicly available data to show you trends such as keyword and search trends.
Using them can help you find out when the NFT was created, the price changes, and other similar trends. NFTs with low keyword and search trends as well as minuscule price changes aren’t worth your time.
Social media
Social media is one of the most powerful tools on the internet nowadays. The use of social media has helped popularize many trends, including the concept of NFTs themselves!
Simply hanging around in circles that talk about NFTs can help you figure out where the great investment opportunities are.
What’s better, interacting with people that are a part of these circles will help you gain some better insight. Exchanging opinions with others can bring some new opinions and points of view into perspective that you may not have had before.
If you pay attention to what people are talking about, you’ll quickly be able to spot some opportunities.
The creators
The creators or founders of an NFT project may not be the most telling aspect, but it is one of the more important ones.
NFT artists that are transparent and have already built a foundation of trust upon which to base their project are preferable. Their transparency as well as what they hope to achieve with the project – and how – is going to be an important factor for investors.
Outlining their goals and methods will help you decide whether or not this project is worth your time. Taking a minute to decide whether this is something you want to stand behind is as much of a sign of a telling project for you as it is for others.
