How To Find NFT Projects Early: 10 Tips

A new era of online collectibles and digital art is arising due to blockchain technology’s increasing popularity and non-fungible tokens (NFTs). The way we engage with digital content is being revolutionized by NFT projects, and there are many intriguing projects now being worked on. But how can you identify the most promising projects early on with so many new collections minted and dropped on NFT marketplaces each day? 

This manual will outline the top procedures for looking for and assessing new NFT projects to put you ahead of the curve. NFT initiatives are plentiful, making it challenging to pick the ones that are worthwhile investments. Getting involved in a project early is a critical method to earn since most NFT collections are only valued as much as the hype around them. Early investment in an NFT initiative, nevertheless, can have its drawbacks. You could benefit enormously from the appropriate projects, but nothing will come from incorrect ones.

What makes an NFT project successful?

A project’s success is influenced by a variety of variables, not the least of which are good timing as well as a little bit of luck. In addition to being fortunate and investing in an NFT collection that takes off, there are a few more traits that many successful NFT projects share:

1. Developing a powerful story

Successful NFTs have a narrative, vision, and voice that enthral their target audience, whether they are trying to sell films, avatars, merchandise, art, or real estate. Consider the Bored Ape Yacht Club (BAYC). According to the project’s plot, an elite society of early, extremely affluent, like-minded cryptocurrency investors will eventually develop and meet on a boat. The NFT collection’s ape-themed characters each represent the numerous personalities you would probably find in a futuristic, elite crypto club. This project’s success can be attributed to the fact that its narrative was able to appeal to its intended audience—the wealthy individuals known as “whales” in society.

The project’s main selling point was the prospect of joining an elite community that consumers could only access by purchasing NFTs. In addition, it described the advantages and valued it would provide to its early purchasers. To convey the worth of your NFT project and the journey you wish to take your customers on, use narrative. Like BAYC did, you can even employ Miami web design to help you tell your story more compellingly.

2. Choosing your blockchain and marketplace wisely

You need to understand where to sell your NFTs and which network to mint them on to have a successful project and drop. The majority of NFTs are typically created on Ethereum and sold on OpenSea. Every market provides a variety of advantages and serves various clientele. Before producing or selling your NFTs, consider your alternatives, pinpoint the locations of your target clients, and decide which is best for your project.

3. Setting a smart contract of your NFTs

A blockchain-based self-executing mechanism for implementing a purchase agreement between buyer and seller is known as an NFT smart contract. The beautiful thing about smart contracts is that everything is transparent and irreversible, so there is no need for a middleman or centralized authority to ensure that the contract’s requirements have been met. The smart contract is updated once it is put into practice. Its code won’t be able to be changed once it’s logged on the blockchain. Anyone may confirm the veracity of smart contract codes because they are public on a blockchain. Because they ensure that your digital assets are truly one-of-a-kind and irreplicable, smart contracts are essential. Additionally, they guard against dividing your NFTs into smaller pieces for resale.

There are a few items you must provide while building a smart contract, including the following:

• Whether or not your NFTs are off-chain.
• If so, how much will you be taking in royalties from the selling of your NFTs?
• Whether you will mint the NFTs yourself or let your customers mint them.
• The most mints possible.
• The built-in features that your NFTs provide, including any unfinished features.
• The rarity, randomness, and voting rights of your NFTs.
• If you are transferring the ownership of your NFTs’ intellectual property rights to them.
• If you can access elite clubs or purchase tickets to exclusive events with your NFTs.

4. Build a community and hype around the NFT

Building a community and igniting their interest in your new collection or project are the keys to a successful NFT drop. People will esteem others more if they notice others becoming excited about your approaching release. Here are some tips that the most prosperous NFT projects have used:

1. Airdroping Tokens to Users of a Similar NFT Project

Find a competitive NFT project equivalent to yours and airdrop some of your NFTs to the NFT holders of that project. This is a fantastic method to broaden your audience and inspire those collectors to check out your collection and enjoy your NFT. Additionally, doing so offers the advantages such as:

• Collectors can end up promoting your NFT on Twitter and to their contacts, which could increase sales and awareness for you.
• Additionally, they might purchase your NFT out of gratitude for your present or a desire to acquire more.

2. Building a Strong Community Around Your NFT Projects.

Over the past few years, over a thousand NFT projects have already been started, but only a few drops are being discussed. To be completely honest, it has nothing to do with the goods, artwork, media, images, or whatever else a collector is attempting to sell. The project or collection must still be particularly good, but it is not the main criterion. The strong force that will make your drop successful is the community that surrounds your NFT. VeeFriends is a good illustration. This concept has developed into one of the most well-known and distinctive NFT collections on the market in less than a year.

Its developer, GaryVee, used an original strategy with his NFTs, which is why it has achieved such popularity. He built a community around his personal goals and commercial interests, offering others the chance to be mentored, play tennis, or have a private meal with him. Accessibility and practicality are this collection’s two main selling factors. Through marketing, you may draw in your target clients and turn them into a committed, enthused community. Here are some ideas for getting your NFT project’s community off the ground:

• Establish the core concepts that underlie your NFT collection. This is what will entice your ideal clients to become devoted followers. It is what will encourage people to join your neighbourhood.
• Reward your early adopters to encourage them to tell their network about your NFTs. You can implement a referral system where the participant who successfully invited the most people receives a bonus NFT or early access to the subsequent NFT drop.
• Continue interacting with your community by giving them NFTs or badges when they complete a certain activity, hosting a contest with prizes, and allowing them to ask you questions directly during a “Ask Me Anything” session. The more involved your community’s members are, the more people they’ll tell about your NFT.
• Consider the community above your interests. Concentrate on the people in your neighbourhood and the principles that underpin your project if you want your NFTs to succeed.

3. Create a Teaser and Post It on Social Media.

Providing your audience with a teaser is one approach to increase anticipation for your upcoming launch. The way the virtual shoe firm RTFKT created AR filters to let potential customers digitally “try on” their sneakers before their release is a fantastic illustration of this. This drew a lot of customers; their sneakers made $3.1 million in sales and were sold out in 7 minutes. Allow potential customers to “experience” your NFT via augmented reality (AR) or by creating teasers that will entice them and encourage them to buy or place a bid on your NFTs.

4. Devise FOMO Around Your Collection.

You must play on your target clients’ fear of losing out on a good chance if you want to increase the buzz and exclusivity surrounding your NFT collection or project. Here are some suggestions on how to create FOMO around your project or collection:

• Instead of displaying your collection all at once, release it in small increments.
• To tease your viewers, provide blurry images of your NFTs.
• As the launch date approaches, accept advance bids.
• On the drop day, post the highest bids on your NFTs to drive collection valuation.
• Include early access presale, public presale, and public sale stages in your sale.

You can increase the price of your NFTs, generate buzz about them, and draw a supportive audience with these strategies. Never be hesitant to try different things to find what works best. You can also learn from some of the most successful drops to get a better understanding of what you should be doing. You want your NFTs to be immediately sold out. These kinds of declines garner media attention and fetch higher prices on the secondary market.

5. Prepare Your Team

Miami web design is being optimized by a team for NFT drop. One of the busiest days you must plan for to keep things operating well is NFT drops. The following are a few of the most typical issues that arise during launches:

• Your website crashes due to server overload.
• Bots restrict access to logged-in users.
• Transactions involving payments have problems.

Make sure your technical support staff keeps an eye out for problems and has backup plans ready in case something happens. For the day of the launch, you should also optimize your Miami web design by speeding up download times.

6. Post-Launch Communication

Avoid making the error of being silent following a launch. It would be good if you tried to keep in contact with your audience by posting frequent updates on Telegram or Discord and social media. You should continue to engage your NFT holders by launching new features or updates, running prizes, hosting events, and playing friendly games. You should also maintain your lines of communication open. Following a drop, follow this advice to make sure you stay in touch with your neighbourhood and NFT collectors:

• Establish a schedule and resolve to stay in touch via various channels.
• Assign a particular person or a team to manage community assistance and respond to inquiries.
• Produce informational, motivational, and entertaining content to keep your subscribers interested and informed of current events.
• By allowing your holders to understand you’re working to solve issues, you can stay on top of them.
• Be an announcement channel, and make sure to update it frequently.
• Please write a blog entry on your most recent drop, describe what happened, explain why it was successful, and express gratitude to everyone who participated.
• Update your website regularly to reflect upcoming releases and drops.

How to know if an NFT project is worth your hard-earned crypto

1. Start With Twitter

The ideal place to start your NFT experience as a novice is Twitter. Twitter is the best medium for following the news, initiatives, and trends in the NFT sector. A new initiative will often reveal its ethos, aesthetic, and roadmap via Twitter. The mission might spread like wildfire and gain an online following if NFT aficionados connect with it. Staying active on NFT Twitter will allow you to learn about new initiatives before they gain traction. When using NFT Twitter, remember that it’s beneficial to interact with other users, establish rapport, leave helpful remarks, and, when appropriate, direct message (DM) others. The best NFT changes can just come from a friend you got in the area recommending them to you!

2. Fire up Discord

Discord is an invite-only means of communication that gained popularity in the online gaming community before finding a home in the NFT sector. Having a Discord channel now seems to be a must for NFT projects. Due to Discord’s flawless text chat, voice chat, update relay, and feedback-receiving capabilities, they decided to expand their community there. Successful NFT projects continue to have a vibrant Discord community where people frequently chat about various subjects. There is frequently a specific Discord channel where information, resources, and support are shared for new and forthcoming projects. This is a great location to learn about upcoming projects, network with like-minded people, and meet other collectors and investors.

3. View OpenSea Activity

The live analytics provided by OpenSea is a free and open approach to viewing trending NFT activity. The largest NFT market in the world, OpenSea’s website lists trading activity, floor prices, holders, and a variety of other information for each collection on the system. To see which projects are doing the best over the past 24 hours, weeks, months, and overall, you may also look at OpenSea’s rankings. To learn what trends are developing and which projects are succeeding, it can be useful to check on this periodically. A dedicated NFT tracking tool is required if you’re seeking more in-depth NFT data because Opensea metrics only give a very basic snapshot of the market.

4. Keep an Eye on NFT Calendars

Some projects opt to do a semi-secretive NFT drop with little to no advance notice and minimal promotion. But before the mint day, most NFT initiatives demand a lot of care. By uploading mint data to several NFT calendars, a project can promote itself. There are other drop calendars with varied degrees of accuracy besides the icy.tools NFT drop calendar. Therefore, be sure the calendar you’re using is reliable. Projects are filtered by the community before being included in the icy.tools NFT mint calendar. A dedicated NFT calendar channel will be available in many 

Discord groups for forthcoming drops. Just be extremely cautious when clicking any Discord links, and always conduct your independent research (DYOR) to ensure that all connections and projects are legitimate.

5. Research the Team

It’s best to assess the team handling that crypto before releasing your fist from it and investing in a fresh NFT project. Anyone around the world can develop an NFT collection, which is the beauty of web3. The drawback is that anybody may start an NFT collection! As a result, many initiatives are frauds, sluggish rugs, rug pulls, or have little to no long-term value. And that does not even take into account the projects that had the finest of intentions but were shut down by the founders a short while after mint. One of the aforementioned eventualities will unavoidably occur if you trade and accumulate NFTs over a long enough period. The smart collector is ultimately responsible for identifying and removing the NFT slop. Lessening the likelihood of becoming a victim of fraud can be accomplished by knowing what to look for in an NFT project’s team.

It is usually advantageous if the creators of an NFT initiative are “doxxed” if their identities are made public on their website. Doxxing the founders makes them much less likely to defraud investors or abandon the project entirely. They run the risk of irreparably harming their reputation if they don’t. Anonymous founders have infamously vanished in the past, leaving investors of NFTs holding the bag with nothing to look forward to. Watch out!

Second, award founders with a successful track record some extra credit. For instance, the team behind NFT Worlds is completely doxxed and has a history of establishing three firms acquired in the previous ten years. A winning team increases the likelihood that a project will be successful. Some additional successful ventures with doxxed teams include Moonbirds, financed by businessman Kevin Rose, and Doodles, a project emphasizing art developed by Burnt Toast.

Even if the team is unrelated to Web3, having a track record is quite beneficial when evaluating a proposal. There is one major caveat, though! Projects entirely supported by a celebrity or influencer should be handled with caution. While most of these ventures are safe and occasionally profitable, there have been cases where famous people have pumped and dumped an NFT collection or cryptocurrency coin.

6. Is There a Transparent Roadmap?

It’s critical to understand a project’s direction and goals to make an informed NFT investment. A roadmap is a schedule outlining the objectives the team has established for itself. The greatest NFT initiatives have a visible roadmap with definite goals on their website that show where the project is going. A clear plan makes the team responsible for achieving those targets by a certain date, in addition to updating investors. A team committed to long-term goals demonstrates confidence and transparency by outlining the project’s expectations in advance. Forgotten Runes Wizard Cult illustrates a project that developed an ambitious roadmap and constantly adhered to it.

7. Analyze Utility

Before investing, it’s critical to comprehend the project’s utility. This is a point that is frequently ignored. Most individuals believe that over time, an NFT project will miraculously increase in value. However, it won’t increase until other people value that project. NFT utility includes a project’s “usefulness.” Examples of usefulness include real-world access (LinksDAO), move-to-earn (STEPN), p2e games (Axie Infinity), pfp collections (CryptoPunks), and plain excellent art (Beeple, Pop Wonder). This is not meant to imply that one utility category is superior to another. It is crucial to understand which utility category your new NFT project is expanding under (maybe they’re pioneering a new utility category). The likelihood that an NFT project will continue to expand increases the more “useful” it can become.

8. Identify the Rarity of NFT Tokens

A great indicator of an NFT’s market worth inside a collection is a rarity. Numerous generative NFT initiatives provide their NFTs with a variety of uncommon features. An NFT’s market value increases with how rare it is within a collection. For easily locating undervalued, rare NFTs in any given collection, there are a ton of great tools available. Rarity Sniper is one of the more popular tools for identifying NFT rarity. On their site, they have more than 1,600 confirmed Ethereum and Solana-based collections. As a result, you can utilize a program like Rarity Sniper to find somewhat rare NFTs trading beneath market value rather than buying an NFT at random.

A further point about rarity is that, regardless of actual scarcity, some features people personally value may become more desirable due to preferences. For instance, a few desirable characteristics are 3-D glasses, wizard hats, hoodies, noun glasses, and of course, cats, across many NFT initiatives. There is also the debate over whether to purchase rares instead of floors, but that is a more sophisticated NFT trading method that you’ll learn for yourself over time.

9. Leverage Icy Tools

Let’s now get you up to speed. A platform for tracking and analyzing NFTs called icy.tools was created to help you succeed in the NFT industry. With real-time updates on sales figures, floor prices, and transaction records provided by icy.tools, you can make judgments without letting FOMO and FUD influence you. The NFT calendar on icy.tools allows users to see forthcoming mints and NFT dips in addition to real-time data aggregation, customizable watchlists, and notifications. Wallet tracking, which allows users to follow any NFT wallet’s activity and get immediate alerts when they buy or sell, is another of the most used icy.tools services. This tool is used extensively by experienced investors to track the whales’ movements and follow them.

Using icy.tools, you can view the live trending stream to see which projects are popular now. On the Discover Feed, you can also check which projects are almost finished minting and which are presently minting. Although there are several NFT tracking and analytics solutions available, we use icy.tools.

Conclusion

NFT initiatives provide large potential profits while being less risky than conventional stocks or cryptocurrencies, making them an excellent choice for financial investments. To make sure you’re investing your money in something good, it’s crucial to complete your homework before making any NFT project investments. You can locate the greatest NFT projects early on and optimize your investment potential using the advice we’ve given in this post.