Where to find the best upcoming NFTs and how to make money on investing in them?
The growing popularity of NFTs has been attracting many new investors to them. An NFT is unique unit of data that is non-interchangeable and stored on the blockchain. You can associate NFTs to any reproducible digital item including pictures, video and audio. Therefore, many artists and creators have started working on NFT projects for delivering unique digital goods and make money.
The NFT sector has witnessed massive adoption in the recent times. With the launch of Metaverse and integration of NFTs into them, the sale of NFT has soared and touched USD 19 billion. Of this, 57 percent NFTs is still in primary sales. This hints that people are looking for NFT investment at an early stage so that they can sell them for a profit. However, not all NFT projects are going to survive. Only a few would thrive in the space. The key is to locate the project early.
If you are wondering where to find the best upcoming NFTs, then here is all you need to know.
Twitter is one of the most powerful platforms to find NFT projects at an early stage. This platform is where you can find the most popular influencers and buyers talking about various NFT projects they are buying, selling and holding. For instance, bobbyquinn relies on an analytical approach for valuing NFTs. In this case, the users can create lists for organizing the common topics and branch out. Moreover, the users can also see who is interacting with whom so that they can proceed from there.
Discord
This is a much better platform than Twitter for finding NFT gems. Each project, influencer and community has its own Discord server. If you can locate servers with tight-knit communities that openly discuss new projects, then you will get a lot of information about the NFT projects. You can join BAYC server to interact with OG BAYC minters. The Cool Cats server allows you to interact with the NFT developers.
OpenSea Activity
This is yet another great way to locate the best upcoming NFTs. You can find the trending and hot collections on Discord and Twitter. You can then turn to OpenSea tools for finding the collection and check the activity tab. All you need to do is click on the stats, the activity and then by a chain. Watch for recurring collections, high sales and trends for more. Also, you would be able to recognize almost every collection if you spend enough time on OpenSea.
NFT Calendar
This is a go-to site for every NFT project that is released. Many projects are submitted to be featured on the site which publishes a running list of upcoming NFT mints. The list is quite saturated as anybody could submit the project to the Calendar to get featured. Many even pay to boost their projects to the top. Hence, you need to be careful while relying on this platform to locate the best upcoming NFTs.
How to make money by investing in NFTs?
There is no doubt that NFTs have now become a popular trend in the crypto community right now. From reputed companies to celebrities, everybody is talking about launching their own NFTs. However, not all of them have been created equal. While some are worth a fortune, some can practically have no worth at all. Here are some of the most profitable ways companies and individuals make money during the NFT gold rush.
Digital works of art
NFT artworks are the most valuable NFT tokens ever created. The history of art and blockchain changed forever when one of the most renowned auction houses in the world sold an NFT artwork for $69 million. This was the first time when Christie’s auctioned a digital artwork. The piece referred to as “Everyday: The First 5000 Days” was created by a digital artist, Mike Winkelmann. He is also popular as Beeple.
Beeple’s popular NFT comprises of a collage of 5000 tokenized images which Winkelmann created every day over the course of years. While many are concerned that linking millions of dollars to a college could be just for money laundering. However, many believe that NFTs could revolutionize the world of art.
Licensed Collectibles
Tokenizing collectibles seems like the most obvious and natural application of NFT. The brands that have been selling physical collectibles such as trading cards can now sell the same thing in digital form. Since NFTs are rare, the cost of a digital trading card could be a lot more than the physical forms. So far, sports cards have been by far the most popular kind of licensed NFT collectibles.
The first NFT sports card project allowed enthusiasts to trade licensed cards of footballers. However, NBA as well recently launched its NFT cards collection. It is very likely that the sports organizations would soon follow and the collectors would be able to buy hockey or baseball NFT cards as well.
NFT video games
The NFT-based video games could be the future of NFT technology. As of now, the games utilizing NFT have managed to gain widespread fame. However, the potential of applying NFTs to video games seems tremendous. Gamers are already known to spend a fortune on virtual items. World of Warcraft gold, Counter Strike skins and Call of Duty loot boxes – all of these are already worth billions. If a major video company decides to sell in-game items as NFTs, the impact of such a decision on both blockchain and gaming ecosystems would be tremendous. Video game developers are by far the most ambitious NFT creators. In-game NFT purchase would further push the evolution of this technology forward.
In comparison to simple digital trading cards, NFTs are by far the most advanced. Using NFTs in video games could be quite complex. However, these can change over time by being upgraded or by leveling up along with the character of the players.
Trading NFTs
It is possible to trade NFTs. The fungible tokens are not just for creators. Some investors and entrepreneurs are treading NFTs like stocks and are making a profit by buying and selling them. If you have already purchased a collection of NFTs and no longer need them, you can easily sell them the same way you would if you were to create them yourself. The only step you would skip is the minting process.
The trick in trading NFTs is to check when to sell them. The right time to sell an NFT would depend on what it is and why you purchased it in the first place. Quick research about the marketplace would help you determine this.
While trading NFTs, you also need to factor in price depreciation and appreciation. Calculate your potential loss and profit by including additional costs such as gas fees, royalties, and marketplace listing fees that need to be paid to the original owners. These will eventually reduce the final amount you can take home.
Complex NFT trading requires an in-depth knowledge of the cryptocurrency industry. Hence, you need to consult a professional to make the right move. As NFTs are quite new, you can turn to crypto experts on Twitter to learn more about the trading aspects.
Future of NFTs
The future of any blockchain experiment is unknown. However, the experts believe that NFTs are here to stay and will grow beyond the gaming and art realm in years to come. The growth of NFT can also be credited to its features that can represent ownership proof, grant exclusive access, provide social status, certify authenticity, manage to license, and more. It also allows the owner of your products, just like Bitcoin allows you to be your own banker. Currently, there are a lot of NFT scams as well, so it’s a good idea to check projects throughout before you invest. You can also keep up to date by checking this list of NFT Scams & rug pull warnings.
In summary
It is vital to remember that while the process of NFTs could be straightforward, it may not be as easy as it appears to be. Minting your content and selling it would incur Ethereum and marketplace costs which could be considerably high depending on when you put the NFT on a sale. Though trading NFTs could come with uncertainty, considering the volatility of this young market, it is here to stay, as per many experts.
There is no standard best way to make money. If you own a small business and have money to spare, then you can choose to purchase an asset that would gain interest with time, and you can sell it when it appreciates. If you are a content creator, then your best bet would be to use NFT as an alternative way of monetizing your talent.