NFTinformer
Since the second half of 2020, the trading and value of non-fungible tokens (NFT) have garnered significant buzz in the world of securities trading. These digital assets continue to show growth and popularity in 2022, and likely will well beyond.
Based on a similar technological platform as cryptocurrency, the trading of NFTs can result in impressive profits for their owner. There is definitely money to be made buying and selling NFTs. But the real action is in the creation of them – it’s a wide-open field with tons of interest and activity.
Before you dive into the world of NFT trading, however, you should get educated as to the nature of these digital entities, and learn how to mint NFT projects. Find out how they work, and how they function as investments. That’s what we’re going to cover here. Read on.
Step-by-Step – How to Build an NFT Project
It’s called minting – the process by which digital data is converted into an asset and put onto the blockchain. But before you get to the minting of an NFT, you need to find a digital asset that has monetary potential – very often, collectibility or scarcity. Identifying the right NFT project – seeing its potential value – is where the profitability lies. The idea is to recognize an NFT project that has the right stuff before it takes off, and then capitalize on its rise. It’s all about timing, and it takes work and diligence.
Finding New NFT Projects
We’ve mentioned that the key to a profitable NFT project is finding a good one before its public launch. One excellent resource you can use is rarity.tools. This site is dedicated to listing new and upcoming NFT projects. What makes this site unique in the field is the fact that it ranks up-and-coming NFTs on rarity – they call it their rarity score.
A resource such as rarity.tools is pretty much essential. It would be virtually impossible to attempt a manual identification of a viable NFT project. With one visit to this kind of site and its comprehensive database of upcoming projects, you definitely have the inside lane in finding one that could really pay off.
What is a Roadmap Analysis for an NFT Project
Practically no NFT project will get off the ground, generate interest and value without a solid roadmap behind it. As an investor, you’ll want to see a robust, detailed roadmap, preferably with long-term action items that bolster its viability and therefore confidence in it. This detail can also include vital characteristics of the project such as:
- Related collections
- Migrations – technological
- New features
All of these attributes – or lack of them – will help in your evaluation of an NFT project – and determine whether you might want to get in. The earlier you identify a project with potential, based on a roadmap analysis and other characteristics, the better.
Are Paid NFT Tools Worth It
If you are serious about your NFT investment. What’s more, want to find out how to mint new NFT projects, it will be worth your while to consider using some of the paid NFT tools out there. Here is a couple that offers good information:
Icy Tools – a subscription-based service that can help you not only discover new NFT projects with potential, but also analyze and track them with real-time data, along with a plethora of historical data in the form of charts and trend data of similar past projects. You’ll get minute-by-minute updates on the hottest trending projects on this site.
Nansen.ai – it’s a blockchain analytics platform, with a huge database of aggregated buyer data. Their specialty is to provide these enormous amounts of data in a usable form; specifically, graphs and analytics designed to illustrate where smart investments are currently being made. You can set your account up to receive alerts when new opportunities surface.
Three Important Metrics to Analyze for Any NFT Project You are Considering
These are essential if you are serious about finding new NFT projects to mint:
Twitter – the predominant social networking platform also happens to be the most important platform to learn about emerging NFT projects at their earliest stages – which is exactly when you want to get in on the action. It’s effectiveness as an advertising medium is unparalleled; as such, many web artists, and creators of NFT projects use Twitter as part of their marketing push. It’s pretty much indispensable.
OpenSea – focused on NFT projects, it is the NFT marketplace, particularly for seeking and identifying new ones. It has an Activity Tab that displays real-time sales statistics on NFTs – continuously updated with the top showing the most recent activity.
Discord – this community tool has proven valuable for investors looking for early NFT drops. It has a great reputation for community engagement within the NFT world – the more buzz around a project on this site, the more trustworthy it will likely be – also an important indicator of its profitability.
Two More Important Perspectives Regarding New NFTs
New NFT Projects to Mint. Step by Step Guide
New NFT Projects to Mint – a Step-by-Step Guide
We’ve listed a bunch of great tools and resources which can greatly assist you when seeking a new NFT project. There are two more perspectives, however, which you must be aware of; these should weigh heavily on your ultimate decision as to whether you should invest or not:
The mindset of the NFT founder. There are so many potential projects out there, you want to be certain that the founder of a specific new project is worthy of your investment. Take a close look not only at the project’s roadmap, mentioned earlier, but also learn about the creator and their background. Check both their track record on Twitter and their website. Evaluate their connection to the project they are promoting – ask yourself if they have a vision that is unique or revolutionary – these are attributes of a successful, profitable NFT project.
Make sure the NFT you are considering is not just a fad. These come and go all the time. Look closely at the prospective NFT project you are considering – is it connected to something that will give it value, such as a popular or emerging game, a virtual world that has drawing power, or any other point of value. These are the sorts of attributes and features that can result in a profitable NFT.
Going for it – Mint NFT Projects
What you’re doing when you mint an NFT is converting a digital file – the ordinary kind – into an actual crypto-digital asset – which can be found on a blockchain platform such as Ethereum or Solana, both currently well-known platforms for NFTs. In either case, you’ll have to pay what’s known as the gas fee – the cost of accessing the blockchain, for the purpose of transferring, buying, or selling an asset on it. Gas fees are paid in cryptocurrency, so you’ll need that first to get going.
Here’s a basic summary of steps to go about minting an NFT:
- Get an account on a cryptocurrency exchange platform
- Buy the crypto you’ll need to pay the gas fee and any other purchases on the platform
- Make your crypto wallet, the secure home for your crypto currency
- Transfer crypto funds into the wallet
Now it’s time to do the actual minting. You’ll need to sign up into an NFT marketplace such as OpenSea if your NFT is Ethereum-based, for example – there are others such as Solana, which have their own associated marketplaces, like Solsea. From there, the actual minting process is not particularly complex, and all the platforms offer great resources to simplify the steps and make tracking easy.
Concluding – Mint New NFT Projects
You can see to mint NFT projects are fairly straightforward. But as we’ve tried to illustrate, the steps leading up to minting your first NFT, and making it successful, take time, patience, and some education on your part. There is a ton of opportunity out there. Happy minting on your NFT projects.
