Practical Tips for Finding Good NFT Projects Early On OpenSea
How to find good NFTs on OpenSea early. OpenSea is an NFT marketplace platform where you can buy, sell, and trade your own NFTs. It has been incredibly successful, and over the past several years, OpenSea has become one of the biggest NFT marketplaces, and rightfully so. At the moment, it’s worth well over 13 billion dollars and has more than 1.5 million active users.
NFTs are the only blockchain-based assets that are not banned in China. They are also becoming increasingly popular in other parts of the world, with many crypto assets and fiscal investors deciding to foray into this niche market. Yet, it isn’t only the veteran investors and traders investing in NFTs but also the beginners wanting to get into this market early on.
With the many NFT projects becoming available every day on OpenSea, many people wonder how to find good NFT projects to invest in. The key to success with NFTs is choosing the right project early on so that time and money aren’t wasted.
If you can learn how to find good NFTs to buy before they become incredibly successful and expensive, you could have a lucrative investment. So, to ensure you have the best chance possible at investing in a lucrative NFT project, here are some of the best practical tips and tools explaining how to find good NFTs on OpenSea.
READ ALSO: Guide to NFT Marketplaces
How to find good NFT on OpenSea
Unless you’re on the whitelist of the NFT project, buying NFTs early is usually a hit and hit. But if you follow the methods in this section, you are sure to land more hits than misses. Before I show you how to find good NFTs on OpenSea, you need to know what makes an NFT project profitable and what some of the things to look out for are.
The NFT project’s community is one of the most telling signs about an NFT project you might be interested in. The community can give you an excellent idea surrounding how credible the particular NFT project you’re interested in is.
As part of your research into an NFT project community, it’s essential to research the community on social media and make sure that real people run accounts in that community. If, for example, you go to a specific NFT Twitter page, the telltale sign that this project is legitimate is if this page is followed by another verified account of someone you already follow and trust.
Additionally, the number of followers and accounts that engage with your page is vital in this setting. This is because so many people choose to buy fake followers to try and lend credibility to their projects. So be cautious and don’t stop at just seeing the number on the page. Inspect a bit further and delve deeper before you invest in a new NFT project early on OpenSea or other platforms.
The utility of an NFT is another important aspect. Whether the NFT has a particular use or is just a piece of digital art has a lot to do with its potential. Utility NFTs offer a more comprehensive range of applications by many accounts, so their popularity will only grow with time. That’s why it’s a good idea to invest early on if a project is creating utility NFTs.
There are a few utility NFT project niches that have immense potential to become lucrative investments. Examples include NFTs in gaming and the Metaverse (like Niftyvile, Metakey, Loot, and World of Freight) and luxury goods (like Arianee and CloneX). In addition to this, other utility NFT niches that have incredible potential include projects in fine art ( like Crazyskulz and Eternal Royals) and gambling and sports (like Autograph, UFC Strike, and Slotie).
Another important factor you need to consider when debating investing in an NFT project early on, on OpenSea is “minting.” The number of mints available in an NFT project represents the number of specific collectibles that will be made available. Getting in early on an NFT project will ensure you have access to the NFTs that will be minted, which you will be able to sell later when their value increases.
When looking to buy NFTs from a project early on, you also need to consider “rarity.” The rarer an NFT is, the better it is to give you a significant return on your investment. Rarity can be explained as the traits and characteristics an NFT possesses that make it, unlike the other NFTs in the collection.
For example, if a project sells 100 NFTs with similar features but ten stand out because they have the added trait of wearing glasses, those ten will be rarer. Rare NFTs are the most sought-after by collectors, so owning a rare NFT means that its value will only go up. For example, these NFTs are incredibly rare and worth millions:
- CryptoPunk #5822 – 23.7 million.
- Pak’s ‘The Merge’ – $91.8 million.
- Everyday: the First 5000 Days – 28.98 million.
How to find good NFT projects on OpenSea
Checking NFT credibility on social media (Twitter, Meta, and Reddit) is an excellent way to verify an NFT project, but it’s also an excellent way to find potential projects worth investing in.
It’s best to become a user of these platforms and regularly keep your eye on them. Once a project has a big community following, it’s clear that it has a much greater chance of success, and you’re at less risk of NFT scams.
When considering taking part in an NFT project, you want to know the end goal. Understanding the project expectations and plans for an NFT project can significantly assist you with finding good NFT projects early on OpeSea.
In the NFT niche, these goals or a strategy for achievement with NFTs is called a roadmap or White Paper. This goal will tell you a lot about their marketing plans and the potential long-term value of the NFT. Your own judgment will be your best friend, but it’s still worth considering.
Another important thing about finding good NFT projects on OpenSea is deciding on the type of NFT you want. OpenSea offers many different NFTs: art, music, sports, collectibles, and even utility-based and virtual world NFTs.
As we mentioned earlier, some are more valuable than others due to scarcity or popularity. Hence, it’s best to choose an NFT project that interests you and has the potential to be lucrative.
With Metaverse on the horizon and its potential astounding, it would be good to find NFT projects early in this niche early on OpenSea. With the hype and statistical analysis predictions surrounding the NFT Metaverse demonstrating its incredible potential, it would be a smart move to buy NFTs that will be relevant in the Metaverse.
Yet, it isn’t only this niche showing massive potential; as we discussed earlier, there are other project niches worth considering. Ultimately, for a better chance at a good investment in an NFT project, you also need to try to find NFTs that follow new and emerging trends that are relevant and geared toward success.
Additionally, it’s important to know who the creators of these NFT projects that you’re interested in are. This person is as significant as the project they created. Knowing their history with creating NFT projects can tell you a lot about the NFTs you’re considering buying in their latest project.
Essentially, you’re looking for creators who are transparent with their white paper and who are also great at building awareness around their brand alongside knowing how to execute their strategy. All of these things will increase the potential for their project’s success. If you’re trying to become a long-term investor, your earning potential will significantly depend on the NFTs’ ability to increase value with time, and its awareness is a key component in achieving this.
Lastly, when it comes to choosing good NFT projects to buy, there is a popular technique used by investors, and it consists of looking at the floor price and if that price is increasing. This will tell you whether It’s ideal to buy when the price is lower. However, for the floor price technique to be successful, you will have to find these projects early. This can be tricky, so we’ll discuss the tools that can help you do this in more detail in the following section.
Tools To Track New and Trending NFT Projects
Arguably, one of the best ways to find new NFT projects is through the rarity.tools. You can go over the lists of some of the latest upcoming projects and keep up with what’s new. However, you need to know that this method has a big flaw. This flaw is that all of the new projects are listed here.
That means everyone considering investing in a new project early on will be able to find them on this platform which will create competition and make the NFTs harder to buy. If rarity.tools isn’t something you want to consider utilizing, you can use Nansen.
Nansen is an excellent AI-enabled analytics app that is extremely helpful in finding fresh and new NFT projects.
Another tool worth considering is the NFT Calendar Website. All of the news regarding new, ongoing or upcoming releases is being shared on this website. An added benefit is that this website promotes tokens hosted on several blockchains. You can subscribe to their newsletter to increase your chance of grabbing new promising NFT projects.
Besides, rarity.tool, Nansen, and NFT calendar; another great tool to discover early and upcoming NFT projects is RyzenNFT. What it is is a Google Chrome extension that has several functionalities. One of these functionalities is the built-in rarity sniffer that allows you to find rarities and rankings on OpenSea directly.
Icy.tools is also a great tool to use if you want to track mints, popular collections, market patterns, and similar metrics, all in real-time. It also tracks whale wallet activities which can help you time your entry and exit. It also tracks sales trends and token rarity and allows custom alerts.
Moreover, a few of the other tracking tools worth mentioning in this section are Moby and Crypto.com. Moby is not as popular when it comes to tracking tools, but it certainly has its place with investors because it offers the fastest real-time feeds.
On the other hand, Crypto.com offers information about NFTs in the blockchain world; it also contains information about the volume and price of any NFT and statistics based on them. Their official website also includes information on top NFT collections, floor price, collection value, and upcoming NFT collections.
Furthermore, It’s very beneficial to regularly check out Cointelegraph, Coindesk, or other media outlets dedicated to cryptocurrencies. Along with these websites, if you intend to keep up with anything fast-changing, Twitter is your best friend and Discord. These social media networks gather the biggest communities, so they are a great source of information about good NFT projects to buy early on OpenSea.
Now You Know More About How To Find Good NFT Projects Early On OpenSea!
The NFT space is new and exciting, with many beginners and veteran traders trying to get in early on available projects. There is massive potential to make money with NFT trading and investing, but there are risks. Buying NFTs in an upcoming project is risky and can cause you to lose money. Yet, if you do your research and use the tips provided, you are less likely to suffer an investment loss.