Currently, most of the money is in jpg art. Whether it is Solana or Cardano or the evergreen Ethereum and if you think you are late and believe me you are not, there are still many projects coming into the crypto market which can give you easy 10x, 20x sometimes 50x gains,
All you have to do is keep an eye on it,
Now, these are the points you should consider before investing.
1. Revealing who made the project is important
This is one of the most important aspects of NFTs that most people don’t talk about.
And if you look at the most well-known and prestigious NFT projects in the CNFT space, you will notice that the people behind the project have revealed themselves and extensively taken part in order to promote their NFT project.
Like Spacebuds, the most well-known NFT on Cardano was founded by Alessandro, the operator of berry pool and the creator of Nami wallet,
Or clay mates, which is ranked in the top in all-time sales are created by two people, Lenna and Issy, both are based in Brussels,
Just like that, if you look at the trending NFTs in the CNFT space,
you will notice that the majority of them have a strong team of creators that promote their NFT project in the market with great enthusiasm.
I'm not saying those who won't reveal themselves are bad people, but it has happened several times in the past, and I'm talking about 90 to 95 percent of the time, that those who don't reveal themselves come with their project into the market, sell it to us, take our money, and leave.
And they have no fear because they have not revealed their identity.
So it is very important that, when you look for a project, you have to know who the team members are, what their backgrounds are, and what their future plans are.
Now the second most important aspect is Design.
2. Design doesn’t matter
I was involved with a project called Cardano Waifus a few months ago, and these are some of the cool NFTs that they have rolled out in their project.
As you can see, they have an amazing animated design, if you look at their Twitter and discord you will realize that it has a proper community, very good intentions, and an exciting vision.
So when I read about it, I was very impressed, later on, I checked it out on Twitter, joined their discord, and, I purchased some of them in presale.
Now, when it first hit the market, I was very confident that this would become a major mainstream project, but I quickly realized that people aren't all that enthusiastic about it.
Fast forward to today, right now, it is ranked 166th in the table, with an overall trading volume of only 15 thousand ADA when I am writing this blog.
In its comparison, if you look at other NFT projects,
Like Deadpxlz, which is ranked at number 5 with a total ADA volume of 6 million,
It is the first interactive NFT project on the Cardano blockchain, consisting of 10,000 unique randomly generated NFTs.
When you compare the designs of the two, you will notice that the Cardano Waifus design is much more sophisticated and nice, whereas the PXLs design is not as sophisticated.
However, if you look at stats of both, you can see that deadpxl continues to outperform Cardano Waifus in almost all stats.
So this is clear that design is not a final criterion to define an NFT.
There have been many NFTs in the past that have a flawed design but have still well-known brands in the market.
So, yes design doesn't matter.
But, have you ever wondered why some poorly designed, not that much-sophisticated looking NFT projects make it all the way to the top and thrive in the crypto space,
While others, despite having a great design, a proper community, very good intentions, and an exciting vision, fail in this competitive market?
This brings us to the next main feature of NFTs which is utility.
Utility means, what can that NFT project deliver to us, and what are its short term and long term use case, this is very important because,
Let's say someone has sold a picture of a monkey for 2 thousand dollars, and let’s assume that, this was in a universe where NFT doesn’t exist,
Now tell me who would buy this picture just for the art and the quality and skills that created the picture.
No one, right!
And it also becomes important because, like many others, you too are looking at NFTs as only as an art,
but that's not the case, NFT is not limit itself to only an art collection,
Let’s take metaverse for example,
It is the fact that we are on the verge of a revolution, and anytime soon we will shift from web 2.0 to web 3.0.
And when it happens, the first thing that will happen is that the metaverse concept will become a reality.
and with its inception, the utility of NFTs will be started to unfold.
Now, imagine picking up a sword in a game and still owning it when version 10 of the game comes out or carrying it across games on different chains,
Or let's say you won some casino cards and those cards were recorded on the blockchain so no one can steal your chips and you don’t have to worry about leaving them on the table.
These types of things will become possible in the future only because of NFTs,
And it is just one use case, NFTs can be used at property deeds, tickets, prescriptions, and many more.
So, when you do research this is very important that you should be looking for what is the purpose of that project,
I mean the real purpose, not the money not the fame but the actual purpose and use of it that gives value to that NFT project.
So, When you look for NFTs, you should consider the following questions:
What are its plans, both short and long term?
What is their utility?
What is their roadmap?
and how they intend to achieve it.
And now this brings us to the next most important aspect of NFTs, which is
4. Project is on which stage
In the marketplace of CNFTs, it has a long list of NFTs which is currently listed on the CNFT space, and every day, new NFTs are coming into the market with new and innovative ideas,
but it is the fact that 99 percent of them are just failed in their initial stages.
So, It is very important that before making any move, you should check, a few things about the project like
What it did in the past, what it is doing now, and what are their future plans
because all of these factors will determine, what this project will do in the future. And how much benefit you can derive from it.
Let's say the project in which you are investing in in the early stages but the price of the project is very high,
or what the project promised earlier in its time of launch has not been delivered at all,
then what's the point of investing in this?
So before investing, you should check the stage of the project.
So these are a few points that you should consider before investing in an NFT project.