A Guide To Spotting an NFT Project Worth Your Time and $ETH
WAGMI? Ape In? Diamond Hands? DYOR? When I joined the NFT space along with Food Fight Studios, the lingo had my head spinning.
But the future has arrived, and the NFT space is exploding. With it comes possibilities and confusion for collectors and crypto enthusiasts alike. It doesn’t matter if you’re a beginner or a pro; this space runs fast, and it’s not easy to decide which NFT projects are worth investing your time and money in.
We turned to the pros, or “alphas,” as they’re called in the space, to ask how they do it. They’re people who spend hours and hours finding undiscovered projects.
After all, there are a ton of NFT projects out there — and not all of them are created equal. Here’s what you should keep in mind as you research.
So we talked to some alphas, and they shared with us what to look for when deciding if a project is worth fighting for the coveted whitelist spot.
Hold On! What Exactly Are NFTs?
An NFT, or non-fungible token, is a unique digital asset that cannot be easily replicated. It could be anything: a video, picture, song, article…you name it.
NFTs permit digital ownership and act as proof of authenticity. Instead of simply looking at your digital world, you can actively own and modify parts of it, collab with communities, and collectively build projects. They’re also often used as a sort of exclusive passport to online digital communities and in-person events alike. Think of this as your key to the party you thought you’d never get invited to.
NFTs have already had an enormous impact on the creator economy, and people are pretty excited about them. But as an emerging technology, the NFT universe is enveloped in its own weird terminology and lingo — which can make the whole space somewhat intimidating. So if you’re new to the party and the music is far too loud, here’s what to look for.
Let’s get started.
Look at the team and their experience, and evaluate the project’s purpose. For example, do they have a good mix of business and tech…