Good day everybody,
Welcome to CryptoGod-1's blog on all things crypto. Today we are going to follow on from a previous post of mine where I talked about NFT Roadmaps, and this time we will focus on what are the good things to look out for in NFT Creators and Roadmaps. Previously I did a brief review on types of NFT Roadmaps, which can be found here: NFT Roadmaps
Main Things to Look For
When investing in an NFT, especially one which promises community, resale values, benefits, etc, its very important to spend some time looking into what they are actually all about. Sometimes it can be pure luck landing the next BAYC, but most of the time it requires proper attention to detail and time invested as much as money. An approach to follow when looking at an NFT project is:
- Traction - Social Media, Discord Group, Prominent Influencers
- Development Team - Creators or anybody invested in the project
- Sales - The number of sales and price movement of the project during the recent days and weeks
The Road Map Or White Paper
As discussed in the previous post on Roadmaps, a roadmap is a document which outlines the key goals and strategies of an NFT project. They are generally created by NFTs made by a group or collaboration, although sometimes individual artists can provide them along with their work. As part of the Roadmap the creators will generally include key project milestones, short-term and also long term goals, and any information they have regarding to marketing and growth strategies. Just like any business or organisation, its requires a clear vision and mission. While regular businesses have a mission statement, this is not always required as part of the Roadmap, although can be included in a whitepaper. Its import to look through these documents to establish whether or not the project is feasible, achievable, and if they creators are giving off a trustworthy vibe. If you, or your friends, find it complicated or impossible to follow and understand the plans the creators have set out, then usually it means the project will be similarly difficult to follow and potentially not going to work.
Creators / Founders
This can be vitally important, especially for new projects which are trying to establish themselves and get a foothold in the market. They play a key role in the success of a project, as an potential investors in NFTs are really investing in the people behind the work. Creators who are transparent in their activity and work is key to success and build trust amongst their community. This will provide clarity on what the project is really all about and where it plans on going. Poke around their social media accounts, websites, and anything you can find to give yourself that peace of mind before investing your money. Ask yourself do you trust them with your money, are they people who you want to support, and do they look like they are in it for the long haul.
Social Media Presence
Something everyone is familiar with, even if not all fans of. Social media is a key player in any project. From Twitter to Instagram to Facebook, a project should have some sort of visible social media outlet. Its of utmost importance for any prospective buyer to check their presence online, the number of followers, and probably the most important would be the activity. If the social media account is only brand new that could be a warning sign, unless the project is just starting off. The activity and tone of the posts is very important, along with the users engagement with their followers.
Community
Does the project have a strong following or community behind it? Generally most market places are very community focused and driven. The more engagement a project has, the more chances are it will be a success. A standard motto in NFTs is they are more than just art, they are about being part of a community. BAYC is an example of this as they created a culture, and gained a following from it. Strong followers generally speak positively and passionately about the work, and shows a good indicator that the project is in a prime position to succeed. The reach of the project, as in the followers it has, can make or break a project. Few followers or owners will indicate that you may wish to avoid it, while a strong group will be in it for the long term.
Signs of a good project
There are a couple of key things which can also indicate a good project primed for success, so below are some of the basic elements:
- 10k + Twitter followers and a great development team
- Engaged online community
- Multiple sales in the past days, with the floor price rising
- 10k + Discord members
- Strong project roadmap
- Community Outreach such as proof of Charity Donations
- Branding or identity
What to do Daily to Keep Track of the Best and Upcoming NFTs
Below are a couple of key things anybody in the NFT space can do on a daily basis to keep track of what's happening:
- Check the Tweets for each project you follow, and keep track of their sales bots for updates
- Check the Discord of Each project you follow to see how the community is feeling about it
- Check the sales page and floor price for movement
- Make use of NFT Calendar, Rarity Tools, Nansen.ai and RyzeNFT to get more analytical information on what's trending and what's worth investment
Conclusion
NFTs are certainly the big thing of the moment. They are being developed constantly with new projects appearing on a daily basis. Social media platforms, influencers, and even big-name brands such as Budweiser, Visa, and Adidas are all incorporating NFTs into their business. Its important to do your research and find the right project for you before spending your hard earnt crypto. Buyers should see NFTs as a long term investment, and that they are buying into a community as much as buying a piece of art. Simple rules to follow are to find what you like, research it, and NEVER spend more than you can afford to loose. Like anything there are no certanties in NFTs and the value could go up or down. Popularity, hype, going viral, rarity and many other things will have big impacts of its value. The benefits can be huge if you get in on a project early before it takes off, and it can be a great return for the investment of time doing research as much as the money spent on it.
I hope you enjoyed the content, have a wonderful day.
CryptoGod-1.
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