Distinguishing Good NFT Projects From The Meh
With the world becoming increasingly digital, we’ve also seen a surge in the demand for NFTs that people can use virtually as their PFPs, investment pieces, or simply for bragging rights. However, with this high demand, many creators and companies have hopped on the bandwagon too, resulting in more NFT collections being released over the last two years, and more launches promised to come. In fact, the supply has increased so much that many are now measuring NFTs by their utility: whether they give holders more earning opportunity, and any other tangible or non-tangible benefits.
In this season where many NFT collections will be launching soon, investors should be aware of what makes a good NFT collection to maximize their investment – to identify the most promising ones.
You’ll get NFTs at the best price when they’re newly minted, as they will increase in value over time. Hence, it’s a good idea to stay updated on the newest NFT collections and do your research on the specific collections before deciding to invest in it. Here, we’ll discuss the NFT projects worth your time, that are more than just a piece of art.
Check out the collections’ social channels
This is the easiest way to find out everything you need to know about the project, as you are likely to get the first dibs on all things relating to the project. Most NFT projects are active on Twitter and Discord, where they engage the community through meaningful discussion about the collection or provide updates about what’s next for the project. Some NFT projects are also active on Instagram simply because images work on an image-based platform. Explore the NFT’s social channels for a clearer understanding on the team behind the project and what the collection has been up to before you make your decision!
Community
For most blockchain-based projects, the community is arguably one of the most important factors. The value is dependent on the demand for the NFT; the collection has to be able to draw in new believers and retain their current holders through giving them a reason to join or stay, which brings us to…
Utility
This is the big word in NFT collections this season. Do the NFTs put you in special clubs that you can benefit from, where you’re privy to special information? Will you be invited to special events as a holder? Can you earn off being a holder in ways apart from just holding the NFT to sell? There are so many ways an NFT can almost function as a key to its holders, but not all NFTs can claim this. An NFT with a strong use case also has a strong case for itself.
Actual Art
Often overlooked in many articles, but usually people wouldn’t purchase a piece of art to flaunt if they didn’t find it attractive, cute or cool in some way. While there are some NFTs out there that don’t look special at all and somehow became successful, it’s the NFTs that managed to distinguish themselves that truly made a name for themselves (think BAYC and CryptoPunks, Azuki – I’m sure you can already picture them as you read this).
The top NFT project today is undoubtedly Bored Ape Yacht Club – it’s the first name that comes to mind when talking about successful NFT projects. It does well across all the abovementioned factors, through engaging with its fans on Twitter, having merch that enforces its community and of course having celebrities hold it, giving its holders a sense of exclusivity even through the special Discord channel, and of course having the super distinctive monkeys we all know and love.
An upcoming NFT project to watch out for is FTV Pandas by NFTv, created in collaboration with FashionTV. This consists of 9,999 Panda NFTs that can be the key to unlocking the NFTv SocialFi platform for you. This project does well across the abovementioned factors as well, being active on Twitter, Facebook and Instagram and sharing all about the project, building a strong community via channels such as Discord, exclusive access to clubs, high-end merch and more, and of course distinctive adorable and cool Panda NFTs. In fact, being whitelisted even gives you a chance to attend FashionTV’s anniversary parties which will be held monthly from August to December 2022, with the first one happening on 20 Aug! You can sign up to be whitelisted here.
If you’re looking to invest in current or upcoming NFT projects, the above two are definitely great case examples to consider. All the best in your NFT journey – whether you’re a collector or simply an investor, we’re sure you’ll find what you’re looking for!
