Finding Worthwhile NFTs In The Market
Undoubtedly, the NFT market has been unstable for the majority of the year 2022. However, there are many collectors or investors that keep their unbreakable trust in the NFT world. They even kept investing, collecting, or trading. How did they have such confidence? It all comes down to having keen eyes and proper experience to find potential in NFTs. As a collector, especially a new one, it can take time to find worthwhile NFTs. This guide sheds some light on how you can find worthwhile NFTs.
Join A Credible Community
The first tip may sound generic, but there are a few pointers to consider. There are several new NFT markets and platforms popping up almost every day. Many could even be fake or profit-grabbers. When you find a community, discover the history and the people behind it. An excellent way to determine a credible community is by checking out its members on it. If there isn’t too much fake or overhyped content, it could be genuine.
For example, SEED.Photo is an exclusive and invite-only platform for photographers and artists. It means that you will only find the artists that have undergone a review and received approval.
Find The Story Behind The Art
After joining the community, you will be searching for NFTs that are worth your time. The best way to find valuable art is to check the story behind the art. A rare photograph will cost a lot and hold a higher value. There are many photographs that capture a rare incident, a scenery or produce a visual art like no other. If you can’t find the story and the artist’s struggles behind it, try to find the visual appeal factor. Would the art society love or admire such an artwork? It might require a little more practice, but you can do it. The best thing is to consider these factors:
- Who is the artist?
- What did they do to create the artwork?
- How much struggle or time did they take to create this?
- How rare is the given image, the scene, or the event?
- If it is not real-world photography, how are the visuals?
- What kind of technique or approach did they use to create these visuals?
Remember that there are AIs and Generative Tools that can help you generate art. You have to understand that those won’t be as valuable.
Learn About The Artist
We covered this factor in the previous point, but let’s elaborate better. Learning about the artist is crucial if you want to find valuable artwork. There are many famous or influential artists out there in the Metaverse or NFT World. If they create a new artwork or mint an NFT to list for sale, they are bound to receive trajectory. Of course, it can start with a lower price but get a high hike. If you don’t have the funds to invest in their NFTs, find the rising stars or lesser-known artists. You can also look for artist collaborations. These kinds of things can help you find worthwhile artwork.
Other points to consider are:
● The history of the artist.
● Their previous NFTs and artworks.
● The current presence of the artist in the market.
● Track their social presence, like Twitter and Discord, to see their input.
Discover Options To Generate Revenue
You might have heard about ‘value-driven NFTs’ gaining popularity recently. People are looking for some value or application behind NFTs. But it can be challenging to find those values for the art world and photography. So, what do you do?
- Change the perspective and find investment opportunities. Think about the NFT artwork as an investment opportunity.
- Find ways for it to generate revenue. For example, just like Staking in Cryptocurrency, SEED.Photo brings you The Museum option. It allows you to stake your NFT artwork and generate revenue.
- Check the rarity of the artwork. The rarer or more enticing the artwork is, the better it can grab value.
Prepare A Failsafe Option For The NFT
Many collectors acknowledge the volatility of the NFT market. Therefore, they never invest in a single artwork or project. It is all about building a portfolio, and it all starts with you finding more worthwhile NFTs. You can diversify to safeguard your assets. But other tips are:
- Compare the NFT value of the artwork to the non-NFT value. In rare cases, the NFT bombs, can you sell it later in the photography or art market to grab a price?
- Find if the NFT artwork that you’re investing in is future-proof. This is related to research on the artist’s point above. When you learn about them, you will learn if they produce the same kind of artwork or different.
Many collectors acknowledge the volatility of the NFT market. Therefore, they never invest in a single artwork or project. It is all about building a portfolio, and it all starts with you finding more worthwhile NFTs.
Turn The Artwork Rare
This is an underhanded technique, but you can still do it. Let’s keep it as a simple example. Imagine that an artist launched a series of art collections. They gain popularity, but you end up buying most of them. If not, then you trade with others to buy them. This creates a buzz. Afterward, you use a mechanism like Burn to eliminate most of the edition and make the artwork rarer. This will hike their value. It is a clever way of making the artwork gain higher value. But this is not a surefire way, we don’t encourage it either, and there are many risks. You need a reach or influence for it.
The Ending Note
By keeping these pointers in mind, you will have a better chance than most collectors to find worthwhile NFTs and artworks. With that, keep browsing and subscribe to our notifications to stay up to date with the latest artwork releases and more!
Please Note: This is not investment advice or strategy. These are tips and valuable information accumulated with years of experience in the market. Applying any of the information in this article is at your sole discretion.
