5 Things To Look For When Buying An NFT

January 26, 2022

In a $40B NFT market, how do you decide which ones to buy? Here are the 5 things to look for.

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The NFT market surpassed $40B 😮

What’s an NFT? Check out this video by Whiteboard Crypto: "What is an NFT?"

More people are buying NFTs than ever before.

But how do you decide which NFT to buy?

Here are the 5 things to look for when buying an NFT.

Are the founders credible?

If the founders doxxed themselves (revealed their identities), then they have skin in the game and want to do well.
Check to see if they have experience building previous crypto projects or come from a relevant industry. Doodles founders came from Kabam Games and Dapper Labs.

How’s the art?

Art doesn’t determine a project’s success, but it creates a baseline.
It’s subjective, but decide if you actually like the art! We personally like Azuki!

Is there an empowered community?

Check their Discord to see how engaged the community is for supporting the project and responding to each other. Crypto Packaged Goods has a community of supportive crypto influencers and mentors!
A DAO structure and community incentives show that a members are active in helping build the brand.

Is the roadmap exciting?

Many NFTs whitelist NFT holders for future airdrops or merch. Check to see if their roadmap excites you. CloneX introduced their metaverse Space Pods!
Some roadmaps are community-led with voting on proposals!

What’s unique about it?

Many projects just copy others or create derivatives of them.
Some have gotten creative with exploring non-pfp (non-profile picture) and experimenting with NFT utilities. CyberKongz gave $BANANA tokens for holding on their NFT.

NFTs to Watch:

@CPGclub

@BoredApeYC

@doodles

@coolcatsnft

@RTFKTstudios

@wulfznft

@AzukiZen

@nyanheroes

@CryptoMories

@InvsbleFriends

@CryptoKitties

@CyberKongz

@HAPEBEASTGANG

Key takeaway:

NFT projects are almost like mini startups.
Do you believe that people will like what they’re building? And are these the right people to make it happen?

Sources

https://www.bloomberg.com/news/articles/2022-01-06/nft-market-surpassed-40-billion-in-2021-new-estimate-shows

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