There are many questions you should ask when choosing which NFT project is best for you. Like investing in crypto, this hinges a lot on your personal plan. Today we dive into some good practices when NFT shopping.  Covered: Which Blockchains Are Best For NFTs What Type of NFT? Best Practices? Which Blockchain? One of […] The post NFT Shopping 101: What To Look For When Picking What NFT Project To Invest In appeared first on CryptosRus.

NFT Shopping 101: What To Look For When Picking What NFT Project To Invest In

There are many questions you should ask when choosing which NFT project is best for you. Like investing in crypto, this hinges a lot on your personal plan. Today we dive into some good practices when NFT shopping. 

Covered:

  • Which Blockchains Are Best For NFTs
  • What Type of NFT?
  • Best Practices?

Which Blockchain?

One of the first things you would want to look at when choosing which NFT to buy is what blockchain it’s built on. This year we have seen quite a few blockchains launch and compete with Ethereum.

When it comes to overall NFT volume, Ethereum is by far the leader in the clubhouse. Most of the new and old A-List projects are hosted on ETH. During peak 2021 NFT buzz, we saw a number of chains created to challenge ETH with cheaper gas/transaction fees.

Other popular chains are Cardano, WAX,  Solana, and Binance. These are just a few of the many available.

Recommended: NFT 101 ANSWERING THE QUESTIONS YOU ARE TOO AFRAID TO ASK

What Type of NFT?

The next step when shopping for your NFT is deciding which type to buy. That can be a bit confusing, but what I mean by that is what utility your new NFT will carry.

Initially, NFTs were as simple as a profile picture (PFP). CryptoPunks is a great example of this, and they are among one of the most expensive NFT to purchase. It also doesn’t hurt they were one of the first NFTs. Not to mention, Visa also bought one back in August.

Bored Ape Yacht Club (BAYC) changed up the utility aspect when they released their soon-to-be blue-chip NFT. When purchasing your BAYC back in April, you were also given exclusive access to their Club. Fast forward eight months, and wow, it has become quite the exclusive Club to be a part of. The fascinating part is this “Club” has some of the most diverse members. Some members you may be familiar with are Steph Curry, Post Malone, Jimmy Fallon, Logan Paul, and many more.

Being that time moves at warp speed in the NFT world, the utility for current NFTs is endless. Virtual real estate within The Sandbox, Decentraland, and others seems to be what’s popular now. Same with play-to-earn games. As with most things in crypto, a lot of this is speculation, and this is why having a plan is key.

Once you have a plan on what chain and what type of NFT you’d like, you are much better suited to go shopping. But now that you’ve done all that work, which NFT should you actually get?

Recommended: What Is The Bored Ape Yacht Club?

Best Practices?

It’s never a clear-cut answer on which NFT will be the next BAYC or your potential lotto ticket. There are, however, some common best practices to use when investing.

Below are a few common steps to follow:

  • Community: As we preach here often, community is HUGE. You can get a gauge of a potential investment’s community by their Discord interactions and social media. Helpful community members are a must, especially in the infant stages of a project
  • Leadership: Dig into who created the project and what their roadmap is. Is this a cash grab for someone, or do they have a plan in mind that aligns with yours? There’s a new NFT project popping up every hour, so the leaders behind the project are important. Especially when investing your own coin in the project.
  • Roadmap: What is their roadmap after the initial FOMO dies down? It is common for a project to pump and lose traction because they didn’t have a clear plan for their community. A roadmap should lay out the plan and an overview on how they plan to execute their big ideas. It’s always a fluid situation, and things can change quickly, and that is why the Leadership behind the project is important.
  • Does It Make Sense: When thinking about an NFT investment, it’s important the project makes sense to YOU. Can you see the long-term vision playing out the way they do, can you see other people wanting to invest in this project, etc. There is no right or wrong answer, but the more information you equip yourself with, the better.

Maybe this is the year you get gifted your first NFT?

That’s the gift that POTENTIALLY can keep giving all century-long, Clark.

Recommended: What Is CardanoKidz?

 

 

 

The post NFT Shopping 101: What To Look For When Picking What NFT Project To Invest In appeared first on CryptosRus.