There are tons of projects that offer their users a chance to buy NFTs, but not all of them are worth it. In fact, we’d say that the vast majority of them do not make for good investments. Many NFT projects follow a pattern where there is a lot of hype around the launch and people rush into buying NFTs. Then the hype dies down, prices fall, and there is a period where trading volume is much lower. After a while, some projects regain momentum through successful game development and community building while most quietly die off.
When choosing the best NFT to buy for yourself and hold long term, it is crucial that you follow these three simple rules:
First and foremost, you should always invest in NFTs that spark your interest. we mean, what’s the point of purchasing something that you don’t actually enjoy? Don’t just look for the “next best” NFT, search for the next best NFT that suits your interests.
Not everyone has the same interests, and not everyone will be able to make the same knowledgeable choice about any one NFT project because we all have different levels of understanding of the category we are choosing to invest in. This first step is the foundation of your decision for choosing the best NFT project for you and your investment portfolio.
Who doesn’t love a little research? After you have found an NFT you are interested in, it’s time to get your hands dirty and learn everything you can about that specific NFT. Researching NFTs isn’t as easy as going to the reviews section and reading everything that other consumers have posted, but it’s close.
When you sit down to research any NFT, here is what I recommend you try to find as much information on as possible:
We think it’s important to understand that when you invest in a non-fungible token, you are actually investing in the human behind the project. Similarly to when you are betting on your favorite sport’s team, you are betting on the player’s ability to execute, not just a random team of people.
Don’t forget about the community! A good NFT project will have a healthy community following them. Signs of a healthy community include an overall positive vibe, helpful people, and a whole lot of communication from the project manager. This communication should include project updates, alerts, and assistance with any problems that community members may face.
Finally, the main piece of the puzzle: the project itself. The project—or as I like to think of it, the brand—is arguably one of the most important pieces to the NFT puzzle. The brand is what draws people in and keeps the demand for their assets high.
Branding is generally what draws you into a project, and it is what will continue to command your attention as more and more projects enter the space. When you do your research on a brand, make sure you like the brand and support what they stand for. Remember, ALWAYS do your own research.
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