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When it comes to finding and purchasing non-fungible tokens (NFTs), do you have a go-to method for identifying which are the best to invest in? It can be tricky to figure out which NFT collections are high-quality and currently active - and navigating the noise requires a brand new set of skills.
While there are some legacy collections that have held firm throughout the first years of the NFT market, new projects are popping up every day. With so many options available to traders and collectors, deciding which collections are the best for your portfolio can be challenging.
In this article, we’ll discuss how to find the best NFTs to purchase using a combination of social media noise and analytics-based decision-making. Let’s get started!
DISCLAIMER: This is not financial advice; it’s an educational guide for finding viable NFT projects. Always do your due diligence before investing in any project, and remember that risks are associated with investing in any form of cryptocurrency or digital assets.
Junk Or Gems? How To Know If An NFT Collection Is Worth It
We've all been there - you stumble on what looks like a great collection of NFTs that seems to have an exciting future ahead of it. You follow the creators online, you see some hype in the community, and you think it’s a sure thing - only to quickly see the value of the assets plateau and then begin to decline.
Before diving head-first into an NFT collection, it's essential to take a step back and really look at the hard numbers. NFTs aren't just cool collectibles - they are assets that should be treated as such. So, how can you make sure an NFT collection is currently active and legitimate?
How To Find An NFT To Purchase: Keep Your Finger On the Social Pulse
When starting from scratch, one of the best methods to quickly discover an NFT is to keep up with the noise on Twitter. Follow and join discussions about new projects, listen for any upcoming airdrops, and look out for the latest NFT launches. Follow trusted names in the NFT market that have a long history of success, and pay attention to what they say.
Spend some time engaging with the online community, and you'll soon start to get a feel for where the sentiment is - whether investors think the project is a long-term success or just a quick cash grab.
How To Find An NFT To Purchase: Join Thriving & Long-Standing NFT Communities
Say you've found an intriguing project, you've done your research, and it looks solid - how do you get a better handle on the situation?
The best way is to join the right NFT communities. Join Discord channels focusing on new NFT collections, and follow the conversation. Join Telegram groups to get involved in discussions about current projects, upcoming launches, and answer any questions you may have.
These are all gateways to learning more about a project in real-time - which can be incredibly valuable if you want to purchase an NFT collection.
Often, collections will have their own dedicated Discord channels, too. Just remember that these may have a bias toward the project, so it's essential to take these conversations with a grain of salt.
How To Find An NFT To Purchase: Use Data To Drive Decisions
Nothing beats hard facts and data - so when deciding, try to find as much information as possible. This means doing some research into many of the top metrics that are tracked for collections, such as:
- Total Collection Size: How many assets exist in the collection in total?
- Total Market Value: What is the current market capitalization of the entire collection?
- Average Asset Value: What is the average price of an individual asset within the collection?
- Sales-To-Listing Ratio: What percentage of the collection is being actively traded?
- Active Trader Count: How many people buy and sell assets within the collection?
- 24-Hour Transaction Volume: How much are people trading within the collection over 24 hours?
- Price Change Over Time: How has the market capitalization of the collection changed since its launch?
These data points should never be taken as absolute truth, but they can provide valuable context and insights to help you make informed decisions. And rather than simply taking note of a single piece of data and moving on, it's essential to consider the bigger picture. How are all of these metrics changing over time? What does that tell you about the future of the collection and its value prospects?
How NFTGo Helps You Find The Best NFT To Purchase
Ultimately, before you invest in any NFT collection, it's essential to do your research and make sure you've considered all the angles. But having access to reliable data can give you a much better understanding of an asset class - and this is where NFTGo can help.
Their proprietary online market analysis tool is designed to give you up-to-the-minute insights into dozens of different NFT collections. With their data, you can easily compare and contrast the performance of many top projects or drill down even further to see what's happening with individual assets.
To help you make the most of your purchasing decision, NFTGo offers several valuable tools, including:
- Trending Tracker: Keep updated with the collections that are currently trending on marketplaces, including their average asset values, market capitalizations, and more.
- Top Collection Analyzer: Track and analyze the performance of some of the most popular collections and provide detailed insights into their performance over time.
- Real-Time Sweeps: Track the real-time purchase of multiple NFTs from a collection's floor, and capture trading signals based on the activity of other traders.
- Whale Signals: Get your eye on what's happening with the most prominent investors and get alerted of sudden buying or selling activity within an entire collection.
- Leaderboards: See who the top wallets are and top collections by price, value, and more.
By taking advantage of real-time data, you can make decisions about which collections to purchase with confidence - and use NFTGo to monitor your investments as they grow. With their easy-to-use tools, you can stay informed of the latest developments in the NFT market and be ready to act fast when opportunities arise.
Ready To Start Investing In NFTs?
Investing in NFTs can be both an exciting and risky venture - but with the right tools, data, and insights, you can make smarter choices that maximize your returns.
Whether you're a beginner or an experienced investor, NFTGo has the resources to help you make better decisions about which collections to purchase and when. By giving you access to real-time data and insights into dozens of NFT collections, they can help you make more informed decisions about your investments.
Ready to get started? Visit their website today to take advantage of market analysis tools and data - and see the difference for yourself.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.