What is the best nft project?

3/4/2021 17:10 Read 71 views

What is the best nft project?

"How can I tell if an NFT project is flushable?" This is a very common question in all major NFT communities.

The speed of the NFT industry itself is what makes an NFT project possible in the moment, and six months later, the original perceptions may have changed dramatically.


When you answer the following questions, think about whether you can give a "yes" or "maybe" answer. If you answer "no" to a question, be alert. You may need to pay extra attention to this project to see if the answer goes from "no" to "yes", otherwise, you may want to find a new project.

 
1. The artistry of the project

Let's start by answering the most subjective question. Successful projects usually have a compelling and distinctive artistry. While it's true that each project is different, you may be able to see some gradual trends in the project aesthetic from the popularity of apes and pixelated art over the past few months, and more recently from Doodles, which many people like.
Ask yourself, does this art.

 

Is it eye-catching? You'd love to use it as your avatar every day, or keep it in your wallet and feel joy every time you open it. Does it stand out? Even when displayed as a small profile picture, it is instantly recognizable to others.

 

Is there a clear contrast? The design is clearly differentiated in detail. If the details are very similar, it is difficult to distinguish between the two.

 

Is it unique? Unique items are made up of completely different individuals. In a collection, each NFT looks different from the others. Usually, people prefer to have unique NFTs that appeal to different types of investors.
Is it generative? Generative art is also unique, but its uniqueness comes from the way it is generated. Yes. These characteristics have varying degrees of rarity and are often different from each other in appearance. This ensures that you will not see many NFTs that look alike, and in collections created in this way, each NFT has a degree of similarity and belongs to a common theme.
Is it timeless? This is closely related to the "trend" dimension mentioned later, as the current popular style will influence the popularity of the project (apes, pixels, etc.). However, this can also be a double-edged sword. Trends are often only temporary, so a collection that is popular for a while may well become a thing of the past. Perhaps pixel-style art will lose its market before long.

 

 

2. Community

This is one of the most critical factors in determining the success of a project. There are many examples of how community culture can influence the success or failure of a project. Currently, most communities communicate with each other on a daily basis through Discord, and sometimes rely on Twitter. Project communities are like exclusive clubs that make you feel like you're attending a trendy party or meeting a group of like-minded family members.

 

Ask yourself, is this community.Is it active? It is possible to communicate and connect on a regular basis on mainstream platforms. Keep in mind that newer communities and may not be very active at the beginning or even throughout their run, while larger communities are much more active.

 

Is it authentic? Authentic and effective conversations are very rare in Discord. Some projects will hold active contests where project members will just send out mass spam messages over and over to improve their ranking and try to get whitelisted. This can be a turn-off for some people.
Does it create a sense of atmosphere? A community vibe goes a long way. This vibe can be reflected in the tone and energy of the conversation. Whether it's chill and calm, loud and boisterous, or brotherly, whatever the vibe, make sure it's something you're interested in and want to be a part of for a long time.

 


Is it organized? You want to see the channels and are looking to see if there are staff or senior members willing to answer questions such as casting dates and costs, and also to see if the team delivers on its promises within reasonable deadlines.

 

Has a brand been established? You want to see the project's brand closely interwoven with all parts of the project. You also want the project's brand to extend beyond even the mint itself.Does Twitter have more than 5,000 followers?Twitter provides a quality platform for NFT. The more followers you have, the more exposure you get. New projects may have a limited number of followers, but do they grow regularly?

 

Discord servers are great for driving discussion about projects and facilitating conversations among community members about matters of interest. Smaller servers may seem quieter because members are spread all over the world and it's hard to keep the conversation going in real time.

 

You also expect it to be your source of up-to-date news and information. The number of Discord members for a new project may be on the low side, but is it growing regularly?Is it big enough? You want to join a fairly large community in order to sell collections. Ideally, investors should be looking for a community that can support about 2 NFTs per member. so for a collection with 10,000 NFTs, its Discord should have at least 5,000 members.
Does it answer members' questions? You can find answers to many of the topics and questions raised in this article from the community and the team. If you don't get any answers, try to dig into why. Some projects want to hide some of the details to be made public later. However, if you not only don't get any answers, but don't even have any indication that the team will answer the questions, then that's probably a bad sign.
3. The Team

This is another key to project success. Currently, there are about 30 projects in the casting process every day, and incidents of circles pulling each other's leg and grabbing cash can be commonplace. Therefore, it is critical to have faith in your team.

 

Ask yourself, this team.Is it open? Can team members be found on Twitter, Linkedln, the project website or other social media? It's reassuring to know that the team isn't just built by anonymous people, because when things go south, it's often hard for people who are willing to share their real lives to hide themselves.

 

Are they active? If they are involved in the community, answering questions, guiding people through questions, or interacting with other community members, it shows that they are willing to be a part of things and that they value their community enough to invest their time in it. Are they experienced?
4. Roadmap

for the success of the project. A few months ago, launching an NFT project didn't yet require a roadmap. The team would just throw out a bunch of NFTs and people would spontaneously pick them up. But things have changed. The team realized that if they had a staged product (a roadmap), they could drive continued appreciation in the value of NFTs and allow holders to keep them for the long term. investors have also changed and expect to see a roadmap, no matter how simple it is. This roadmap tells investors and holders the future direction of the program.

 

Ask yourself, this roadmap.Is it real and credible? If the content sounds too good to be true, it's probably a mirror image. Often, completing a roadmap requires a large team of developers, designers, project members, and others. If the team is not that large, it is unlikely that they will be able to agree on a roadmap.

 

Is it general or does it mean what it says? A detailed roadmap is not only uplifting, it also keeps the people who care about the future of the project in mind. A roadmap can also help the community understand what they can expect to accomplish in stages.
Is there a time plan? You want to find business details or specific deadlines, such as Q1, early January, or November 27. These dates or timelines provide more detail to the roadmap and can bring more confidence to members and less confusion and ambiguity.
Is it competitive? Roadmap details can help you compare it to other projects, with elements such as project size, casting date, casting price, etc. By comparing, you can see how competitive the project is. If one of the elements is well above the standard level, try to find out why. Perhaps the project has a very large community and the casting price is climbing due to intense competition within the community.
Is it driven by value? Many roadmaps now talk about the value of their plans to give back to their holders, and this will soon become the norm. The next keyword, "use cases", will expand on this point. Investors are looking for innovations that will enhance the value they can get from buying NFT. Many roadmaps outline what holders can expect to get back from the program in the future.
5. Use Cases: Nudge

Ask yourself these use cases.Are they easy to understand? You want to be able to easily understand the use cases of the project. If the use cases are vague and obscure, perhaps the team wants them to be more mysterious. Does this fit their community atmosphere? If not, perhaps you need to do further research on the project to get more details. No matter how clever the team is at hiding details, if people are confused about the use case, they won't be encouraged.

 

Does it incorporate games? If holders are able to play games with their NFTs, this will increase the likelihood that they will hold them because it builds their sense of belonging to the NFT in this way. Some games also support Play-to-Earn (P2E) mechanics, where players can earn in-game coins. Some games even innovate around renting NFTs by supporting other players to join in by earning a portion of the game's tokens.
Does it bring access? Some use cases include access to exclusive items such as large events or parties, or giving you access to exclusive communities where you can get detailed information about other popular items.

 

Does it bring greater value over time? Coin holders are sometimes able to get NFT airdrops in the future. In terms of game use cases, these future airdrops can also bring a unique advantage in the game.
Is there a DAO (Decentralized Autonomous Organization), or Decentralized Autonomous Organization, where the symbol holder enjoys representation in the DAO activity. This may be in the form of voting rights, earning project token, revenue sharing related to the project, ownership of high value NFTs after subdivision, etc., and also includes the return of the project to the DAO through other creative means. Some of these "rewards" are legal and it is best to do your own homework (DYOR).
Is there a scarcity? The value of virtual lands will grow as the project becomes more popular, such as Decentraland and Sandbox, and Axie Infinity and Nifty League will soon be releasing similar land concepts in their games.Is it a status symbol? Having a popular NFT like Crypto Punk or Bored Ape Yacht Club (BYAC) is sometimes like gaining a synonym. In the NFT world, this can be considered a badge of honor.
Is there ownership? In the BYAC program, the holder gets the right to use the visual image. Therefore, they can use this image in advertisements or merchandise.
6. Stories

Stories are a way to engage the community and sometimes even build some relevance. It could be a story about the founding team, the origins of the project, or it could be a story about the meaning of NFT itself. Without an interesting story, people are likely not to stay with the project for long.

Ask yourself this story.Does it relate to the team? Some projects revolve around teams. Maybe the team has some interesting background, such as an artist or is well known in NFT circles.

 

Is it about the project? Maybe it's an interesting story about the NFT project, such as the origins of the project, or about the project's roots in a niche.Is it about NFT? There may also be an interesting story surrounding NFT itself. This could be from a graphic novel, an epic play, or a creative story about or around the NFT.
Is it integrated into the brand? If the story is cleverly integrated into the overall project branding, it will be more compelling. You can infer this from the way the project is marketed, as well as the marketing language and community dialogue.Is it related to charity? Some projects want to give back to charity in some way. It also helps if the philanthropic choice fits well with the project's story.

 

 

7. Cost and Metrics

By and large, despite the variety of purposes that accompany it, making money is undoubtedly an important reason for the vast majority of us to join the NFT community. Measuring the price of an NFT project can be done in a variety of ways. Let's talk about cost as an example. In the text, this can refer to any ecosystem you prefer.

 

Ask yourself what costs need to be considered.Casting. Knowing the casting price before casting the project will help you understand what it will cost to buy one or more NFTs. You can also compare the cost of casting the project to other projects. If the cost is too high, can you make more value or utility from it?

 

Individual NFTs. most NFTs cost less than 1 E, but some cost more than or even well over 1 E. Can you pay enough E to purchase an NFT?
Current floor price. Floor refers to the cheapest NFT on the secondary market. this is arguably the lowest cost way to get into your favorite project. A low floor price does not necessarily mean that the project itself is bad. The project may fluctuate due to market changes, or the paper hand may not be able to tolerate the deterioration of market conditions and sell out early.
The trend of the floor price. This value is even more important, as it can take a while to find a project that is really worth buying. If the floor price drops significantly and remains depressed, this is likely a sign that the project is not successful or that market conditions are poor.

It is riskier to buy when the floor price is peaking or showing a sudden increase. Some people like to buy when it is slightly down. You can also check the percentage change in daily trading volume to get a better idea of the project's progress.Ceiling price. The ceiling refers to the most expensive NFT in the program, which allows you to grasp the potential value of the entire program.
Total Volume: The total volume of transactions for the project is displayed on NFTGO.io. New projects generally have a low volume. If a project still has low volume several months after launch, it is likely that it is growing weakly or is close to failure.
Number of holders. Holders and NFT's can reflect the overall ownership of a project. Ideally, project ownership should be above 50%, equivalent to 2 NFT's per person; the ownership ratio should not be less than 30% (3:1). As the ownership ratio increases, the potential sell-off risk of large holders (mega whales) decreases; data such as mega whale concentration can also be found on the NFTGO.io data platform.
Daily trading volume. The more transactions in a day, the more liquid the project will be and the more popular and successful it will be.

 

 

8. Rarity

Rarity is a core quality of NFTs, some of which were created by famous artists. Of course, all NFTs are unique and anyone can verify the authenticity of an NFT. The laws of supply and demand and scarcity dictate that rare, in-demand NFTs will usually attract more buyers and sell at higher prices.

 

Third-party platforms such as NFTGO.io can help users gain a more objective understanding of the true rarity of NFTs by using on-chain data and other sources in order to estimate the rarity of NFTs, taking into account factors such as the popularity of the NFT, the number of transactions and the number of owners.
9. liquidity

After experiencing png summer, many people are experiencing png winter. a bunch of NFTs have accumulated in their hands. some people like them and want to hold them for a long time, but there are also some people who face the situation that they cannot sell their NFTs.

 

NFT collection categories. Such as avatars and artwork, are generally considered less liquid. If the owner of these items meets the right buyer, they can be traded at market value.

 

However, if one wants cash as soon as possible, it is possible that one may have to sell at a discount, obviously reducing the liquidity of such assets. However, when there is a sudden increase in demand for an item (e.g., a high level of market enthusiasm for a Collection), liquidity is reassessed.
Relative Liquidity. One is past transaction data, but a thoughtful buyer will take into account many other factors, such as liquidity compared to other products of the same type, or, for short, relative liquidity. The rationale is simple: a higher number of transactions somehow represents a higher level of liquidity.

 

 

This number proves the market size of the product not from a monetary point of view, but from a productivity point of view. However, some markets with small trading volumes (such as collections launched by well-known artists) can also be considered a very unique and attractive liquid market and are therefore discussed separately.
10. Trends

Popular and successful projects tend to follow NFT market trends. If your project doesn't fit the current trend, is it because the project has just launched and is still working out the details? If the project has been going on for some time and still fails to follow the trend, it probably means that the project is losing its forward thrust.

 

 


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