Be the first to get your hands on the best NFTs

the best NFTs

You may be asking why getting NFTs early is important. In the long run, it’s impossible to compare it to a cryptocurrency, stock, or other financial assets. 

Let’s face it: NFTs are extremely volatile, and many will collapse in the next few years. That’s exactly how they operate. As a result, you should try to reduce your risk as much as feasible. So, if you find an NFT that is 10x tomorrow and purchase it early enough, even if it decreases, as long as it doesn’t go below your initial investment, you’re still good. You’ve still earned a profit, right? 

That’s why, if you purchase Bitcoin for $10,000, for example, see it hit $60,000 and then drop to $45,000, you’d probably not be too concerned since you’ve already made a significant profit. That’s the kind of thinking you need with NFTs, especially given how unpredictable they are.

The Early Bird Gets the Worm

In general, you’d want to be ahead of the game in any endeavour. You always have the greatest, cheapest options and the largest quantity of available information to anticipate whether or not your investment will be successful in the future if you are first at anything. 

If you paid a million dollars for a CryptoPunk on the Ethereum network today, you have no idea if that Punk would appreciate and go up another million dollars in six months. However, if you had arrived early enough, you may have witnessed early price patterns without paying a ludicrous amount of money.

Getting NFTs Early

But how do you find profitable opportunities related to NFTs before they kick off? Rarity.tools can help you locate them early. This is a website that lists all of the most recent mints. 

Not sure what minting is? It’s understandable if you’re not familiar with NFT terminology. It’s a bit difficult to comprehend at first. 

According to AZ Big Media, mining NFT refers to the process of converting a digital file into a crypto collectable or a digital asset. If you go to the mint, you’ll be able to buy them at the official release price. This way, you’re not buying them second-hand. You’re not purchasing an NFT from someone who acquired it at mint and then posted it on the market. 

That’s often a good thing since you can sell your NFT for a lot more money if you buy it at mint. Still, it is always a probability to lose money if you buy an NFT at mint and it depreciates. As BTC 360 Ai iFex  platform warns, “All trading carries risk”. Therefore, it is strongly advisable to invest in other assets as well to minimize losses. You can contact their team at bitcoin360-ai.io/contact-us/ if you need free advice on how to diversify your portfolio.

Still, if you decide to buy NFTs, it is preferable to acquire one at mint price 70% of the time because mint prices are often more reasonable.

Rarity.tools let you know when these mints will be released, as well as when their official drops will occur. When anything sells out in 5 or 10 minutes, it’s obvious that’s a lot better than an NFT project where mints are still available since it shows demand wasn’t great enough to sell out on the official site.  

You may go to Rarity.tools. to find out when a new launch is taking place. You may also look at Discord and Twitter to see if there is any community support for this. That is the greatest way you can prepare yourself.

The Ethereum Problem

Trying out a different ecosystem is another technique to locate an NFT early. The Ethereum environment is becoming a little overcrowded these days, driving gas fees through the roof. 

For instance, let’s say you go to OpenSea, which is now the most popular non-fungible token marketplace. Users can purchase and sell NFTs on the secondary market, as well as develop and sell their own NFT collections on the main market. You’re there to purchase an asset for 0.01 ether. That seems doable, right?

Unfortunately, you will be required to pay costs ranging from $200 to $500 as a result of the high traffic on the Ethereum network. Nine out of ten cases, the gas fees are just not worth it. Because of the cost you have to pay, you’re starting out at a loss. Keep an eye on those expenses. 

Playing with Ecosystems

Looking at a new ecosystem is one approach to get around this. 

For example, VeChain has its own NFT exchange. These days, Solana is also quite popular. With its own NFT setup, that network is thriving. 

Moving away from Ethereum will unlock a whole new realm of opportunities. Because the majority of investors (mostly the noobs) will be focused on Ethereum, you can have your first pick at attractive prices if you look at these alternative ecosystems. 

Most individuals struggle to get a hold of Ethereum Punks, but Solana Punks are a little more accessible. The same can be said for VeChain and a slew of other NFT technologies. Polygon (MATIC) also has its own NFT systems. 

So, is Ethereum hopeless? It is quite crowded and slow these days, but that doesn’t mean it’s faulty. On Ethereum, you can still make a lot of money. Flipping NFTs has allowed some people to go from one ether to a thousand and become billionaires. Regardless, you must be cautious with Ethereum due to the gas fees.

Trust the Numbers

Looking at statistics is the final technique to detect an NFT early. Because a lot of money is sent in and out of a given NFT, the larger the volume, the safer it is. 

Nevertheless, that can be a terrible thing if individuals are cashing out and selling in, leading the value to plummet. But, in general, a high volume indicates that people have been exposed to the project and that they expect it to grow slowly and gradually in the future. That is a possibility.

Good volume indicates that a large number of individuals have viewed and engaged in it. That is sometimes for the better and sometimes for the worst. 

However, it’s a little hazardous to locate anything that hasn’t swapped 1 Ethereum or 10 Solana during its whole life as a project. You should be concerned about this since it indicates that very few people have traded this. If you’re not careful, you can find yourself buying into a project that you’ll never be able to sell and that no one will ever want to purchase.

Another consideration is the cost. Don’t buy something that is overpriced and doesn’t have good prospects for future development. You should also consider history, since if someone sold something for 0.5 ether a month ago and it’s now selling for 0.1 ETH, it’s not good. The price decrease implies the value has dropped dramatically in that time. If you buy it, it’ll probably depreciate further and only result in a loss.

Conclusion: Are NFTs a Good Investment?

NFTs are easily accessible and a unique way of owning digital art. They are also a fun way of learning more about Blockchain technology and its benefits. Nevertheless, NFTs remain a risky asset, therefore you should build a solid strategy and conduct a through research before investing.

Other articles from mtltimes.ca – totimes.ca – otttimes.ca

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