As you may (or may not) already know, NFT projects are growing in number and popularity. Every day, every week or every month there are new developments on various NFT marketplaces. As a result, it can be extremely difficult (not to mention overwhelming) to find an NFT that makes you money, especially if you’re a beginner in the NFT space. In this guide, we explore some of the things you need to consider in this process.
How to find NFTs that make you money?
1. Start by defining why you are buying
NFT projects can mean different things to different people, and understanding why you buy them is a good place to start. Only then can you find NFTs that will generate income for you. There are many categories on NFT marketplaces including art NFTs, music NFTs, gaming NFTs, virtual lands, to name a few. Do you want to make money flipping NFTs? Are you buying just because you love the art (artistic value)? Having an answer to these questions will help you refine your search.
2. Conduct research on the NFT project
One of the best places to start learning about a project is the official website, as this is where you can learn about the NFT project's roadmap and get a full picture of past accomplishments as well as the vision for the future. You can also check out the project's social media. In the NFT space, Twitter is a great place to start.
3. Join the project's Telegram or Discord channel
The easiest way to get an idea of the community behind an NFT project in which you want to find NFTs that will make you money is to join its communication channels, such as its Telegram or Discord server. There you can meet other NFT collectors, ask questions to the moderators and get appropriate help.
4. Do research on the NFT artist
You'll need to research the artist or the seller by checking things like their social media handle, trading volume, and verification badge, among others. You can also support new artists, but this requires thorough research, so you don't fall for scams or rug pulls. Always check the NFT properties as a backup if you want to buy from an unverified account.
5. Check the unique properties and attributes of the NFT
Want to determine if an NFT is worth buying? Then you must first check the rarity of the properties it has. When you are on an NFT marketplace, you can see the attributes that determine the rarity of the NFT, but it is important to reverse check the art using Google Images to avoid buying something that has been plagiarized. See our previous article to learn more about how to validate the authenticity of an NFT.
6. Check the price performance of the seller's other NFTs (floor price, volume)
If you want to confirm that the NFT you have chosen is a good investment and will bring in more money, it is always a good idea to check the seller's account. There you can view their previous sales and find out the selling price of their NFTs. You can also check the sale price of the same NFTs a few weeks or months ago. The lower end of the range is called the floor price, which is the minimum price at which NFTs are trading for. This will give you a good idea of how NFT prices are fluctuating and whether this is what you would like to see in the NFT of your choice in the future.
Closing thoughts on the Six Brilliant ways to find NFTs that make you money
There are a lot of things to check before you buy an NFT, but hopefully this guide has given you some knowledge about some of the things to consider when looking for NFTs that will make you money.
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