Non-fungible tokens (NFTs) are one of the hottest new trends in the Cryptocurrency world, attracting wholly new audiences, producers, users, investors, and Crypto artists to the community. As a result, NFTs are suddenly everywhere, from mysterious Cryptonauts selling “homemade” tokenized memes to Burger King giving away NFTs as a part of the marketing strategy drive.

As of today's date, Crypto punk's average price is over $49,000 ETH. . When Crypto punks were founded in 2017 things got a little chaotic. As you may be aware of the fact that NFTs were given away for free of charge and shortly after other NFT Projects followed in the footsteps of Crypto punks welcoming them with similar success. For example, Board eight yacht club, when they released their NFTs the cost of minting them was only 0.8 Ethereum. The current floor price for NFT aboard a yacht club is 5.8 Ethereum. This is a little more than $13,000 and finding these projects early is the key to the space.

Also read: https://coinscapture.com/blog/a-brief-explanation-on-cryptopunks

NFTs are available for purchase, sale, exhibition, and even minting on a variety of NFT marketplaces. OpenSea, Rarible, Super Rare, and Foundation are one of the popular marketplaces. At this point, you’re probably wondering how you’ll discover and locate a solid NFT project. It’s quite simple to locate good NFT projects; you see, the price of NFTs is determined by their rarity which means that the more rare an NFT is, the higher its price. As a result, its value will likewise rise; so, whether you’re looking for NFTs or NFT projects you’ll want to know how the NFT’s makers make their NFTs so unusual.

How to Research NFTs?

DYOR stands for "Do Your Own Research" – it is a term and acronym that gets bandied about a lot in the world of Crypto. Essentially, the statement suggests that in Crypto-economy, it's on you to study the projects and discover their ins and outs before investing massive sums of money.

Here's a list of important factors to consider while researching NFTs.

1. Influence and Size Of Community-  Your first step should be checking the community strength of NFTs. The most reputable NFT collections usually have thriving collector and fan communities that determine the NFTs' influence. If an NFT brand has little to no community, and it's difficult to find groups online to discuss the NFTs (such as an almost empty Discord channel), you should probably avoid it.

2. Identification of the creator- You’re dealing with a legitimate and serious NFT project; if it has been formally launched or sanctioned by a big corporation, well-known people or established artist. The traceability of NFTs is one of the things that attracts artists, brands, and creators. You can find out who created the NFT, when it was issued, how many individuals have exchanged it, and even how much it has sold for in each trade. This will prevent you from purchasing fake NFTs from con artists who just right-click and save JPEGs and then proceed on selling them off as “originals” to naïve purchasers. Even if the collection was not introduced by an influencer or celebrity, the more renowned the creator, the more likely you are dealing with a true NFT initiative.

3. Brand recognition- The brand recognition of an NFT initiative is arguably the most significant factor to consider while evaluating its validity. Furthermore, if you can discover frequent media coverage and active discussions about the NFT brand among reputable Crypto community members then you’re probably looking at a project with potential value.

4. Release date and price- While browsing through the NFT projects, the NFT Project will be releasing its date and time. You can quickly determine whether the NFT project is worth your time and money by looking at the quantity of NFTs that will be released and the number of people that are following the project. As long as the NFT projects community is massive i.e. if they have a large following on all social media platforms, it will be safe for you to invest in that project. However, you must also determine why and what type of NFTs are rare and valuable in that project and how they will benefit you shortly. Try looking for uncommon qualities and properties and see if you can get them for a low cost.

5. Twitter- If you use Twitter frequently, you’re familiar with how it functions and how valuable it is. “CryptoTwitter”, or CT is where all the magic happens because Twitter is the platform where NFT lives, communicates, and where you’ll discover the majority of NFT communities along with information; any project worth its importance including new projects will have a Twitter presence worth monitoring. These accounts are also excellent for providing links to authoritative news and resources.

This is the only social platform where NFTs and NFT art are mostly discussed; it is the finest and best platform to find plenty of NFT projects as well as market and promote your NFT art and collectibles. The NFT community is very active on Twitter rather than on any other social media platform including Instagram. This is to imply that in the NFT community details matter and Twitter allows users to share specifics about their art in a manner that other social media platforms can't.

Also read: https://coinscapture.com/blog/how-to-store-nft-assets

6. Youtube- YouTube is another great platform to look for profitable NFT initiatives. You should subscribe to YouTube personalities who make videos on NFT and NFT artworks and collectibles regularly. They would guide you on which NFTs are worth your time and money. Watching a few videos can be refreshing and it would be easier to understand the concept of how it works.

7. Join Discord and Telegram Channels- NFT projects generally maintain both Discord and Telegram channels. Joining these community conversations can be quite useful for gaining a sense of a project's current community, attitudes and activities.

Also read: https://coinscapture.com/blog/6-things-you-should-know-before-investing-in-nfts

8. Subscribe and follow tech and Crypto media websites- Keep in mind that NFT sites with a massive community are good NFT investments. NFT projects that are covered on the major media outlets like Crypto Punks, Tech Crunch, CoinTelegraph, The Verge, Mashable develop in size and value immediately. These Media Sites are very powerful and hunting for NFT Projects on these sites will help you discover amazing profitable NFT projects.

9. Analyze the NFT Group- Some NFT project teams will be made up of well-known individuals, while others will be led by unidentified individuals or teams and yet others will have both known and unknown contributions mixed. You should become familiarized and comfortable with the main founders and cross-check their background reputation about what they have done in the past, and noting down their performance with the audience.

10. The underlying Blockchain- Before you buy any NFT, do some research study on the Blockchain and how it runs, and then decide whether you think it will be available in the coming years or more. Examining the Blockchain network on which an NFT project runs will help you determine how secure your NFT will be in the long run. Given the relatively excellent track record of stability and continuity of an established Blockchain like Ethereum, it's easy to see why collectors think that their artworks will be around "forever". On the other hand, certain new Blockchains may be more economical for NFT developers in the short future. If a Blockchain fails, the NFTs held on it will most likely become worthless.

11. Rights to intellectual protection- Always make sure that an NFT brand owns the intellectual property rights to the products it sells. There’s a high possibility that an anonymous NFT maker is infringing on intellectual property rights if they use photographs of a celebrity or major brand. In this instance, the intellectual property owner may sue the inventor and as a result, the NFTs value may collapse.

Also read: https://coinscapture.com/blog/8-celebrities-binging-in-the-nft-space

12. Airdrops or Giveaways- Now, it's not rocket science to figure out if something is a scam or not. If an NFT project is handed to you “for free” or if you are being asked to join in a “competition” or “giveaways”, then it's crystal clear that it's undoubtedly a scam. Most of the time, these attempts are made to gain access to your Crypto wallet logins to steal your existing NFTs as well as any other digital currencies or tokens you have stored inside.

Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.