This article Unilaunch will guide you in 4 steps so that you can find and buy cheap NFTs most effectively. Follow the article.
Buying NFTs is easy if you have enough funds to splurge on the most popular collections. But finding cheap NFTs that have the potential to blow up is where the real money is. It might take a few trials and result in some duds. But if you follow this checklist about how to find and buy affordable NFTs, the chances improve greatly of turning cheap ones into a profit.
How to find NFTs and buy cheap NFTs before they blow up
We’re all thrilled to see successful NFT collections, but if you want to make a profit, you’ll want to find a cheap NFT that is about to blow up.
Before you start spending money on NFT collectibles, you need to understand what are the key aspects to look at to increase your chances of investing in an NFT collection that might be profitable.
None of the steps and advice you’ll find online will guarantee that you will find NFTs that will be expensive in the future, but these steps seem to have worked for most and hopefully will have you find those cheap NFTs.
Step 1. Find new NFT projects before they get released
NFTs are usually cheap when they are newly released and minted on the blockchain. That’s why it is important to find them before they go live, and learn everything there is to know about them.
Finding cheap NFTs will take some time, and we recommend that you use some of the NFT tools that most successful NFT investors use, including rarity. tools and UpcomingNFT. You can also find new projects on social media, but it will probably take more time.
Rarity. tools will, for example, show you projects that have not yet been launched. This platform highlights the basics of the project, such as the blockchain used, their social media links, and the floor price for NFTs.
When looking at all of these, remember that your goal is to buy low and sell high. And considering the recent most successful NFTs, entire collections tend to be more successful than single releases.
What to keep an eye on when looking for new NFT projects? Try to answer these questions and focus on the projects that have the highest chances of being flipped for 10x or more.
- Is the project unique?
- Does the project have social media links?
- Do they have a website?
- What is the floor price of one item from the NFT collection?
- How many items are in the collection?
Step 2. Check social media
Community is everything in the crypto and NFT world. You want to ensure that the project you’re about to invest in has an active social media following and an eager community. Even cheap NFTs should have an active social media account.
Most projects have Twitter and Discord, and that’s a great place to start your research. A project with only a few followers is not a great one to invest in because this means it will be harder to find a buyer for your NFT.
Be aware of scammers who are buying social media followers, as this happens all the time. You want to make sure those numbers represent real people, and you will have to manually check some of their posts and profiles to verify if that’s the case. It might take some time, but it will be worth it if you find that cheap NFT that’s about to blow up.
You should also check their Discord server. Join in and check out the general chat and ensure there is an active community on there. They should have announcements, reactions to their announcements, a big community (the total number of people on Discord), and moderators or even founders on the chat. An active community that surpasses the number of items in the collections translated to a higher demand for that NFT collection.
Step 3. Check the project’s website
Every crypto project should have a legitimate website free from grammatical errors and spelling mistakes. A bad website should be easy to spot and a clear sign to stay away from them.
A website for a good NFT project should contain all of the necessary information that any new investors should know, including a roadmap, their whitepaper, founding team members, partnerships, links to social media channels, and everything else about their project. Some projects even develop their own crypto. If that’s the case, you should also find that on the website.
Although crypto is all about privacy, the majority of reputable projects have established team members that potential investors can reach out to. Make sure the founders are legitimate people and that they have been involved in similar projects before.
We do not recommend investing in projects that refuse to publicly reveal the identities of their founders. This is a risk that you shouldn’t take, given the growing number of online scams on the internet.
You can often find more information about the founders on the project’s social channels. They will probably use their personal accounts to post about the project, and if you find them, you can find out more about the individuals behind the project.
Step 4. Make sure you actually like the NFT
If you don’t like the project you’re about to invest in, there’s a chance that there aren’t a lot of buyers. That means that you may end up stuck with that piece of the collection.
Another point is the artwork: Is it good? This is subjective, but you need to determine if the artwork is original and good.
You have to bear in mind that your first attempt to find cheap NFTs might not be successful. That’s why you want to make sure you get stuck with an NFT that you at least like, and you are not buying it with the bare hope of making a profit from secondary sales.
You want to ensure that the art is high quality and that it has a unique element that makes it stand out from others.
In the end, the collection is the true purpose of NFTs, as they’re called NFT collectibles.
Do due diligence when looking for cheap NFTs
You have to bear in mind that a cheap NFT doesn’t necessarily mean that you will make a fortune by flipping them. Without meeting all the criteria, the NFT serves as nothing more than just another pretty digital artwork.
Most NFT collections today are part of a digital game, metaverse, or other virtual worlds and digital projects. They can either be listed within the game as digital assets or have another utility. It is important to find out how many people are playing the game and how big the NFT community is, to determine if the NFT can be used within a blockchain-based game. Sometimes celebrities also endorse some projects, making those worth checking out.
While buying an NFT is easy, finding cheap NFTs requires a lot more time researching the project and the community behind it. And the most successful projects always have active communities behind them.
>> Read more: 7 common NFT scams you need to know
Disclaimer: Any information provided here including the featured projects should not be considered as financial or investment advice. The information is provided as-is with no guarantees. We cannot validate the claims or the trustworthiness of the projects listed. By using this information you agree to not take Unilaunch Blog responsible for the results of your investment decisions resulting from it. Please DYOR – Do Your Own Research!