The Gist: Are you a beginner in the NFT space? Struggling to find authentic and good NFT projects to invest in? Read our article to know the factors that determine the best NFT projects to invest in.
No doubt that today NFT has become the darling of new world technology and gained a lot of popularity in just two years. Over the past two years, the market of NFT is surging and is expected to grow by $147.24 billion. Most popular NFT projects are worth millions of dollars.This shocking surge has made NFT enthusiasts excited and optimistic about the future of NFT art.
They see it as a new source of having a passive income. Artists are benefiting a lot from this novel technology. NFT is another means for them to interact with their fans and sell their art. Digital artists are making millions of dollars through NFTs and the prime example is Mike Winkelmann. Not to mention, the anonymous artist named Pak who is the highest-grossing NFT creator till now.
However, due to the increase in the NFT projects on NFT marketplaces like OpenSea and Rarible it has become tough to find the right NFT project to invest in. Many people struggle to find a long-term profitable NFT project which is why we have brought you the list of factors that defines the top NFT crypto projects.. These factors will help you find the right collection for you. So without any further ado let’s get into the topic factors to look for in the best NFT projects in crypto.
Factors you should check for in a good NFT project
If we believe the data of Chainalysis, people spent about USD 40 billion on various NFT projects last year. People are still going on and forward at the same pace. Varieties of NFT artworks are selling online including avatars, music, and recently real estate. Yes, a real estate as NFT and recently a Florida property is sold for 210 ETH (almost USD 60k) as an NFT.
For beginners, finding the right NFT might be overwhelming because of hundreds of new NFT projects. And let’s be honest here, most of them look nice and cool, but which NFT has the future and can make a long-term profit? This is the most important question that you must ask yourself before investing in any of the top upcoming NFT projects.
Five elements that you need to take into consideration to invest in a good NFT project and make a profit. Here you would know everything on how to buy NFT collections?
A strong team
The first thing you need to know before investing even in top or any upcoming NFT project is the team behind it. A passionate and dedicated team makes NFT successful. Therefore, it is important that you have a thorough knowledge of the team.
More importantly, a good team plans long-term and visionary projects for a fruitful contribution to the NFT space. Increasing the valuation and reach as well as making sure that the project evolves in the new space.
The team must be solid and it should have at least the following three traits.
Founders must be identified
It is super important that founders are out in the world with their real identities. This will help the traders and buyers to see the creators of the NFT project. The real identity includes a real picture, name, and the place where they love.
An active social media presence
NFT is all about marketing digitally and one of the best ways to do that is through social media platforms. This includes hosting Twitter space, answering the questions across different platforms, etc.
Suggested: Major Functions of NFT
Good at delivering the result
The best and most performing NFT projects have a strong storyline, project plan, and road map attached to it. Most of the NFT projects illustrate all these plans on their official website. You can visit their website and know everything.
The definition of traction is the reach or popularity of the project. You can track all these records from their social media platforms like Twitter, Discord, and Telegram as well as search engines. Whether the general public is aware of the NFT project, are people excited about the NFT art, whether the project has unique holders, and whether the NFT project has good social media followings, these are the questions you must look for.
Furthermore, you must also look at whether this project has the potential to bear long-term profit? You will get the answers to all these questions when you will do thorough research.
A strong community
This is the most important factor that makes an NFT project successful. NFT is all about the community and rarity. If you are planning to buy NFT artwork then look for these two factors. There are a plethora of NFTs on some of the best NFT marketplaces but only a few are worth your money.
Moreover, many NFT projects are fake and they don’t hold any credentials whatsoever, an active NFT community implicates the seriousness of the project. Creators put efforts to hold back the followers or members of NFT projects. They create various contests, announce giveaways for the winners, and so on.
It is quite interesting to see how quickly NFT projects die after they are launched in the market. If you are nervous to invest early in the minting period then you could wait for a few weeks before diving into the uncertain market. It takes only a few weeks for NFT projects to die.
Wait for four weeks or more and see whether the NFT art is standing still in the market. If it is doing well and people are taking part in it then you are good to go.
Price and sales evolution
The last thing you need to look into is the sales performance of NFT collections. And it is the toughest thing to do because of the fluctuations in the market. Sometimes the market is bullish and other times bearish, but which NFT project holds its position in both situations is what you need to study. A top crypto NFT project will not get affected much when the market goes down.
Read more: How to mint NFTs
About Krazy Kong NFT
Krazy Kong is the latest ape NFT project that aims at contributing to the NFT space. Unlike other NFT projects, Krazy Kong is the legit Kong NFT project, portraying the life of Kong. He is a modern ape who wants to fit into modern human society.
For more details on Krazy Kong visit our website https://krazykong.monster.