If you want to reap huge profits in NFTs you must take your time to do research on every project you intend to invest in properly
5 BIG things to look for
Team Skills & Experiences
Start with the team
Team Skills & Experience
Start with the team and their skills plus how their experiences can help the project.
Make sure the team is capable of delivering on its promises short and long term. How often does the team communicate on its updates.
How often does the team communicate on its updates with the community. Is it open and transparent to the community about its activities. Look for teams and projects that do those two last things in the questions effectively and efficiently.
Find out which NFTs or web3 projects they have worked with in the past as this will help you know their personalities and characters.
Service and Product Delivery
Look into critically the products or services the project is offering you.
Are these products unique, market fit and sustainable short and long term. If these three things are missing the project is likely to fail. Ask the team how they intend to deliver the products and their sustainability.
If their answers are not convincing move on to the next project. As an investor, your #1 goal is how to protect your money by taking calculated risks and reaping massive profits. Any projects and products that do not offer you that edge don’t deserve your money.
Community Building
Look for projects that are building communities organically or have already built communities that are backing what they are building.
Communities are key to project’s success. So synergy between the community and project are very important. So synergy between the community and project are very important for product delivery and its survival.
Learn how project teams communicate with their communities. Communication must be frequent and transparent at all times. Lack of it is a red flag.
High Quality Arts
The project you want to trade or invest in must deliver and have top-notch high quality arts. Never compromise on that. NFT is about arts in whatever form and their quality must be top priority for any project you intend to own.
Take it a step further by knowing the artist and its past art jobs to give you more confidence which gives the project more credibility. Don’t compromise on art quality. Poor arts can put a stain on a project. Lastly, this may not be common but it is very important.
Key Communities and People
They are communities and people in the space that These can safe you tons of money as all of the 5 ways will make you a better and more informed NFT investor or trader are smarter and more investment savvy than you. Just kill your ego and look for them and follow their twitter handles to get their opinions on projects daily.
These communities and people have the resources to do due diligence and DYOR new and old projects faster and more effective than you. To be like them, you simply have to join their communities and learn from them.
These can safe you tons of money as all of the 5 ways will make you a better and more informed NFT investor or trader.
