Here’s a collection of the top practices to consider while buying an ideal NFT.

NFTs are worthwhile. Which ones, though, is the actual query? Finding lucrative NFTs is made easier by the wealth of information available, but it can be difficult to know where to look and how much effort to devote. According to OpenSea, the largest NFT marketplace in the world, more than 80% of the 80 million+ NFTs are scams.

The likelihood that you will select the incorrect NFT is therefore at an all-time high. But don’t worry. Reading this article will significantly increase your chances of discovering the ideal NFT since it contains key considerations you should take when making your purchase. What are you people waiting for then?

Jump right in.

Four critical factors to consider when finding an NFT.

1. Avoid getting scammed

Naturally, avoiding being conned while buying NFTs is one of the most important elements because more individuals have lost money trading NFTs than have actually made money. Because I spent a lot of time compiling the following advice, please read it carefully to ensure that you won’t be taken advantage of after using it.

Let’s say you discovered a fantastic NFT and headed to OpenSea. How can you know that yours is a legitimate one when 80% of NFTs are fake on OpenSea?

Here’s how.

Check for a verification tick on the seller’s account. A verification tick simply means that OpeanSea has verified the seller as authentic. If you found one — great — but if you didn’t, go through each of the following steps.

Check the traded volume — It’s a great indicator to see if your NFT is fake. If the NFT you are looking for is quite popular, it must have a good trading volume. If the volume is meager, then it’s undoubtedly fake.

Use Twitter — Every NFT collection, good or bad, has its presence on Twitter. Luckily there’s an easy way to find the good ones. Below are the 3 steps to achieve just that-

1. Don’t fall for a massive Twitter following since followers can be bought. See whether users engage with their posts and go through the comments.

2. Try to find out if some popular influencers or well-known names in the NFT world are following the project.

3. Look for the OpenSea link on the profile — A good project will always have a link to its OpenSea collection.

Join discord- Discord is the place used by NFT projects to gather their community. Joining a Discord server of your NFT collection will allow you to dig deeper and interact with other members.

2. Seek Rarity

Like any real-world item, a rarity in the NFT world fetches more value. It drives more demand to an NFT, making it worth coveting — as a result, rare NFTs are always in the spotlight. Therefore, NFT rarity becomes critical when choosing an NFT.

So, what determines the rarity of an NFT?

The rarity score ( the measure of values of all traits in a specific NFT) determines the rarity of an NFT. If you are wondering how to calculate the rarity score, it’s simple — use rarity tools. Click here to see the list of the top 15 NFT rarity tools.

3. Examine the seller’s prior NFTs price performance

Analyzing the seller’s previous sales is another critical step in finding the right NFT. Examine the seller’s profile to see what the previous items sold looked like. What were their selling prices? Then, compare the sold NFTs’ current market price to their previous price. Also, remember to check the floor price (the lowest price at which a specific NFT from the collection trades) for the same.

The data you find doing it pieces together an understanding of how the prices fluctuate and whether they correspond to what you expect of your selected NFT.

It would help if you also refer to websites such as Coinmarketcap to get more insights about the selected NFT.

4. Stay Active ON Twitter

Twitter is a gold mine when it comes to finding profitable NFTs. Every NFT brand/company leverages Twitter to market its products. As a result, it is the best place to become a part of the upcoming NFT projects and stay updated with the NFT community.

The biggest perk of getting in touch with an upcoming collection is that you already know the hype around it. You can get in early and get out big if it’s high!

Don’t forget to follow and keep up with the NFT ecosystem’s most well-known influencers. Keep a watch on what they are holding, selling, or purchasing; this is likely the most important information you can obtain solely on Twitter, and it’s also completely free.

Conclusion

In just one year, NFTs have gone from nothing to mainstream. We have all seen it happen. But it still is far from something that everyone understands. Mainly, because of the tremendous speed with which NFTs are evolving.

The NFT world is noisy, especially when finding one to invest money in. Therefore, it is pertinent to have the right strategy in place if you want to make it through the NFT world’s wild-west unscathed.

Numerous strategies for selecting the best NFT are available online, but the majority of them will just make you more perplexed. I’ve simply mentioned the most crucial approaches since I don’t want you to get confused, and they really work. I hope this will assist you in making your upcoming profitable wager.

Also published here.