Expert guide on how to know what NFT to buy. We’ve compiled a list of tools you may want to check out on your hunt for a new NFT. We have done research on your behalf. Must have a look.
Please note: I am not sponsored by any of the listed tools, but these tools have helped me to make a significant amount of money in a very short period of time.
If you use these tools, We promise you will have such an advantage over most new people in NFTs!
I really had no idea where to begin my trip into the world of non-fungible tokens, often known as digital assets, or how to know which NFT to buy and which one is profitable and fit for me. I believe I have discovered a decent technique to identify the best NFT project and long-term investment goals after being in the sector for about a year and gathering countless NFTs.
So you’re just getting into NFT’s for the first time and you’re wondering, where the heck do I start or How to know what NFT to buy? Or you’re already into NFTs, and you’ve been doing it a couple of months. So technically, you’re more of an expert at this point, regardless of how much expertise you have in the NFT buy and sell.
Here in this article, we are going to show you how to know which NFT to buy. There are the seven tools that I use to find the most profitable NFT’s buy at a great price and flip them for an even bigger profit.
I Guarantee, if you read this article properly You’re going to find at least two or three tools you’ve never heard of before.
They’re going to be instrumental in helping you to know the best profitable NFT to buy and flip some entities and make some money. So if you like entities and you like making money and you like helping blogs like this just donate us 1 dollar and bookmark us for more content on trading, NFT, Metaverse, etc.
Do not click on the link before reading the description 😜
When choosing which NFT to buy for yourself and hold long term, it is crucial that you follow these three simple rules:
- Do Proper Research Using Tools
- Discuss with Experts or on online Forum
- Always invest in trusted and popular NFTs
- Do not invest money than you can afford to lose 😞
The very first tool here that I use is a site called Rarity Tool, and before you freak out and click on the link, Let me clear you probably have heard of this site before because it’s one of the most popular sites right now for tracking rarities of NFTs. Knowing the Rarity of which NFT you are going to buy will help to make decisions.
But there’s a lot of different things you can use this site for to find really good deals on some NFT projects you might be interested in.
For example, let’s take the Doge pound, an NFT project that I am very heavily invested in and have done really well in the last couple of days. To find any project you might be interested in. You go to the Collections tab right there and search project by name.
For example, we go to the Doge pound its number eleven by seven-day volume.
Here on this tool, the way I find really great deals as I go and say, okay, I want to buy an NFT from this project off the floor, but I want to see if I can get one that’s a bit rarer, that might have a bit more value. I go over and highlight by now to make sure that all the things that are showing up are actually for sale. Then I would scroll down and sort by low to high to see the prices that are lowest first.
Rarity tools allow you to identify super rare NFT for the same price as an item that might be listed on the floor. So a really quick example is I toggle on by now.
That is almost the bottom of Rarity scores. One of the lowest Rarity scores you can buy. But for a cheaper price, I can get this dog right here. That’s listed at 3.6 e. That’s a top 11% rarity.
My recommendation to you guys is to go on Rarity Tools and mess around with all these different features it has. And know which NFT to buy on the basis of Rarity. This is a priceless tool that’s free to use and it helps you really identify some amazing deals.
Your NFTs you buy them, you Mint them, you sell them, you trade them, all these kinds of things going on. You have a buy fee, you have a buying transaction fee, a Mint price. You have a selling fee, a listing fee, a potential trading fee, a transfer fee. All these different fees add up and there’s no way to really know.
Hey, if I bought one Ethereum and I sold it for 2 Ethereum, what do you think? Oh, I made it 1 Ethereum. But you didn’t because there’s an Open Sea Commission fee. There are transaction fees. There are buying fees after all those fees, what did I actually make?
Because every single time I flip an NFT, the fees are all different now. Keeping all that in mind, I’ve made my own NFT profit and loss tracker that lists out every project I’ve invested in. The buy date, the Mint price, how many of them I did my cost basis, the Open Sea fee, which doesn’t change the project selling fee, which does change the project listing fee, which changes based on gas by sale price and the actual amount I’ve earned to see a total profit loss. And you can see some of this.
So it should be pretty easy in theory, to integrate this into an application that does all this math for you without having to put in every single transaction that you do. And after quite a bit of searching, I found NFTbank.ai It took me a while to find this, but this is an amazing application that does almost exactly what I just showed you on a spreadsheet.
I am almost positive you’ve never heard of this tool. And trust me, this is one you’re going to want to look at because there’s not a lot of other platforms that do it this well, this website is called Dune Analytics, and basically what it does is track the floor prices and the statistics of each NFT.
1. Always Invest in Popular and Potential NFTs
To begin with, you should only invest in NFTs that pique your interest. After all, what’s the point of buying something you don’t like? Look for the “next best” NFT that meets your interests, not just the “next greatest” NFT
If you appreciate soccer and are knowledgeable about the players and teams, a soccer NFT project is a wonderful place to start your research. Alternatively, if you are a true fan of modern art, you should delve more into modern artists and their NFTs.
This is the first step in the query of how to know which NFT to buy and the greatest fit for you and your investment portfolio.
2. Do Your Own Research to Know Which NFT to Buy
Who doesn’t enjoy doing some research? After you’ve identified an NFT to buy that interests you, it’s time to get your hands dirty and learn everything you can about it. It’s not quite as simple to research and finout the best NFT to buy. As it is to go to the “reviews” area and read all that other customers have said, but it’s close.
When researching any NFT, I propose that you strive to learn as much as you can about the following topics:
- The creator(s)
- The community
- The project (brand)
3. Ask Community to Find the Profitable NFT for You
Don’t forget about the NFT community! A healthy community will support a successful NFT initiative. An overall cheerful attitude, helpful people, and a lot of contact from the project manager are all signs of a strong community. Project updates, alerts, and assistance with any problems that community members may encounter should all be included in this message.
It is not a waste of time to spend most of your day simply observing a community. In fact, I would say that it is a fantastic use of your time that can assist you in determining whether or not an NFT is appropriate for you.
4. Don’t invest money which you can’t afford to lose
The final step in determining the finest NFT for your unique position and goals should not only be regarded a guideline but a need! Do not put more money into an investment than you can afford to lose. There should, in my opinion, be no exceptions to this rule.
You may be putting yourself and your family in a difficult situation if you spend all of your savings on a project with no backup plan. Especially if you were to spend all of your hard-earned money on an NFT project that turned out to be less valuable than you had anticipated.
Personally, I strive to invest in every initiative with the mindset that it could fail. I understand that no one wants to consider the possibility that the project they are investing in will fail, but that is the reality of the market.
How to buy and sell non-fungible tokens
NFTs are purchased and sold through a dedicated NFT marketplace, similar to Amazon (NASDAQ: AMZN) or Etsy (NASDAQ: ETSY), but for digital assets. These marketplaces, similar to the exchange system for buying and selling cryptocurrencies and equities, can be used to acquire an NFT at a predetermined price or as a virtual auction. Here is the list of Most Popular NFT Marketplaces
How To Know The New NFT Projects
- To know the most profitable NFt for you. Assess the NFTs floor price, volume traded, and number of owners on an NFT marketplace or tracking website.
- Find the Token on CoinGecko/CoinMarketCap if the NFT is tied to one. Examine its market capitalization, trading volume, ATH/ATL, and tokenomics.
- For additional information, see the NFT project’s website and social media accounts (Twitter, Discord, Telegram, Reddit, and so on).
- Investigate the project’s leadership. Examine their previous projects and whether they have a good reputation in the NFT community.
- Investigate what others outside the project are saying about it, whether on respectable news sites or on social media.
- Don’t fall for the marketing hype.
How to sell NFTs online
To sell a popular NFT token you hold, you must first upload it to your preferred marketplace, assuming the marketplace supports the blockchain that the NFT was built on. You can then either post it for sale at a fixed price or hold an auction-style sale where purchasers put bids.
Are Buying NFTs the Right Investment For You?
The NFT movement is very new, but it demonstrates the potential of cryptos to make the digital economy operate for a wider range of individuals. For creators, creating and selling digital assets may make a lot of sense. NFTs, on the other hand, are a speculative investment when it comes to collecting them. The value of a work is unpredictable and will fluctuate depending on the demand for the piece.
There is no formula for determining which collectibles will appreciate in value and which will not. Early detection of a new NFT trend, on the other hand, can pay off handsomely in the long run.
How to know if nft is worth buying?
Before you buy an NFT, make sure you understand the risks. Before buying NFT, analyze properly, review the last 3 months, last 30 days, last week’s graph. Check the highest and lowest price of NFT in mind.
How to know what NFT to invest in?
There are two types of Investment, Long term investment, and short-term investment. Find it out and read our article properly.
What are the best Tool to Know How to Know Which NFT To Buy?
There are many tools that we use to find which NFT to buy. We promise you will have such an advantage over most new people in NFTs! Read article properly