7 Tips to Spot Promising NFT Projects Early
Non-fungible tokens (NFTs) are digital assets that can be bought and sold on the blockchain.
NFTs can be sold on several blockchains, including Ethereum, Zilliqa, or Solana, and have become incredibly popular over the past couple of years. Certain projects, like the Bored Ape Yacht Club, have been resold for millions!
With so many new NFT projects out in the open, it’s important to know which ones are worth investing in. But with so many NFT projects launching, how can you tell the NFT wheat from the chaff?
Here’s how to spot the next big NFT project earlier than everyone else.
1. Scour Twitter
Twitter is one of the most effective platforms for finding promising NFTs in their early stages. The NFT community is incredibly active on Twitter, with many popular buyers and influencers talking about different projects.
You can gain a lot of analytical information about specific NFT projects and their performance by following certain accounts, such as @bobbyquinn.
There are also Twitter Spaces, where you can see what’s trending in real-time and stay on top of new releases from verified creators.
2. Be Active on Discord
Discord is another fantastic platform that you can use to identify upcoming NFT projects with serious potential. Almost every major creator or project has a Discord Server, and engagement varies depending upon their popularity.
For instance, there’s Furu’s Mint Club, which announces free mints on the horizon. You can also find lots of Discord Servers for discrete NFT collections.
Since Discord requires you to interact with the community, it’s one of the best ways to figure out what’s trending. You’ll get to learn about new projects from seasoned buyers and people who have been in the NFT game since day one.
3. Leverage the Power of Nansen.ai
To gain a better understanding of trending or hyped projects, you may want to look into Nansen.ai. Nansen is a data aggregator that gathers buyer information from OpenSea and then visualizes it in different ways for its audience.
This makes it easy for an average buyer to see what users are buying and which NFT collections command the highest prices. More importantly, Nansen can show you what the big collectors are holding or buying.
If you have a subscription to Nansen, you can also set alerts to get notifications whenever a particular wallet buys any collection. It’s a highly intuitive tool for those serious about getting into the NFT game.
4. Review the Project’s Roadmap
One of the best ways to figure out if an NFT collection is any good is to check its roadmap. This is a crucial part of any new NFT project that goes live, as it shows all important dates, including airdrops, new events, and the creator’s plans for the collection.
The roadmap for BAYC, for instance, confirmed dates for events, including their Annual ApeFest, the release of a new game and new models, as well as key milestones. Other NFT creators also list collaborations and partnerships, which will give you an idea about the project’s longevity.
5. Check RyzeNFT
RyzeNFT is a paid solution from Ryzen Labs that you can quickly identify NFTs that are significantly undervalued. It has a fantastic Chrome extension that you can use to quickly see rarity rankings for specific NFTs on marketplaces like OpenSea.
RyzeNFT also has a sniping tool, so you can set a maximum price to quickly buy out undervalued NFTs as soon as they are minted and go live. Ryze is expensive, costing 1.35 ETH, but since the extension is sold as an NFT, you can always resell it whenever you please.
6. Keep an Eye Out for New Activity on OpenSea
OpenSea has a fairly nifty activity page that lets you track new and trending collections. You can use this tool to monitor activity on the platform. Unlike other tools, this one’s totally free to use.
This tool lets you track activity manually, including statistics or trade activity. This will give you a better idea about the demand a particular NFT collection is generating and whether it’s worth getting into or not.
To gauge demand across the NFT community, you should definitely consider using this tool. Not only can you view trends of whales scooping up full collections, but you can also see which collections generate the most trading volume.
Another fantastic tool that lets you track trends and identify patterns in the NFT market is Icy Tools. It pulls data in real-time, offering minute-by-minute activity updates.
The tool also has a free plan, which should be ideal for most users. It offers hourly updates and lets you review daily trends. If you take out a subscription, you can also track wallets and receive specific updates whenever a new NFT is minted, and view trends in intervals of 15 and 30 minutes.
Many people are hesitant about purchasing a subscription to a paid tool. If you have an account on OpenSea, you can use their free tools, but if you’re serious about finding undervalued NFT projects, such tools are a decent investment.
The NFT Market Is Only Expected to Grow in the Future
The NFT market continues to expand, with collectors spending millions on rare collections. If you’d like to be a part of this exclusive community, these are just a few tips that you can follow to spot promising NFT projects early.
The metaverse is coming, whether we like it or not. Buying virtual land could be the best way to get involved from the outset. Here’s how.
About The Author