Non-Fungible Tokens (NFTs) are a type of cryptographic token that represents a unique entity on the blockchain. NFTs can be digital assets or tokenized versions of real-world assets and are referred to by some as collectible digital assets.
Over the past few months, the NFT market has experienced a relative recovery. People are starting to pay exorbitant prices for those graphical art images, memes, and collectibles. For instance, Beeple’s “Everydays: the First 5000 Days” was sold for $69 Million which broke all the records and became the most expensive NFT that ever sold in history. The Ethereum, Solana, and Cardano blockchains are all experiencing increased NFT activity.
When CryptoPunks was created in 2017, the CryptoPunks NFTs were giving for free yet today the average price of CryptoPunks NFTs are averaging nearly $200,000. The same success can be mentioned for the Bored Apes Yacht Club since when they released their NFTs, each went around 0.08ETH but now the floor price is around 39.48ETH in OpenSea. Since such NFTs are getting more popular and expensive day by day, NFTs investors started to turn their attention to newer projects.
Before investing in the upcoming NFTs, you have to do your research about them since there are numerous NFT projects in the market. The current hype on NFTs would trick you to invest in scams or overpay on that project. You need to also search the team, purpose, and story behind the project before you invest since the reputability in the NFT community helps you to sell your NFTs much easier.
How to Find New NFT Projects
Rarity.tools: Rarity Tools help people to check the rank of rarity and level of NFTs. It also helps to find new upcoming NFT projects which are going to be released. If you are browsing through the projects, you can see the sale date and time of those projects in the upcoming section. In the same section, they have a link to their Discord channels, Twitter pages, and their web pages that people can look at to get more information about the upcoming projects.
Social Media: There are numerous social media channels that people can follow the latest topics and publicize their current or upcoming NFT projects. Places like Twitter, Reddit, and Discord channels are the most popular among NFT investors to share and discuss particular NFT projects. Those channels could give tips to people whether they are good or bad to invest in.
Looking at different ecosystems: Since Ethereum gas prices and Ethereum NFTs are relatively expensive, looking at different options such as Solana and Cardona NFTs could help you to find new and relatively cheaper NFTs. However, the trading volume and the market cap of those NFT markets are important factors for investing. Since the NFT market is the least liquid market comparing others, those factors are essential for the investors whether it would be hard for them to sell their NFTs.