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【Introduction to NFT】How to choose NFT? 6 key points to be careful with

Feb 23, 2022

Table of Contents

Authenticity

NFT authenticity

The threshold for NFT is relatively low, everyone can Mint with pictures, and pay attention to prevent fake goods.

For example, Jay Chou's NFT has been imitated by multiple Accounts. Pay attention to whether the account has a Get verified pattern.

NFT fake link

It is easy to find fake links in Google Search, remember to go to the official Account and then link to reduce this risk. For example, the official website of Opensea is https://opensea.io/ instead of https://opensea.com.

Be careful with private messages and links in them

It is possible that you will receive an NFT invitation on IG, please don't click.

In addition, there may be a private message on Discord about winning or airdrop-related information, or asking you for some information, including links, remember not to click on the links and check with the official first to see if there are related activities.

Price articles

If purchased directly from the project party

If you buy it during the public sale of the project, because everyone can buy it, if there are a large number of people, you usually need to pay a higher gas fee than the average price to successfully mint, even if you successfully mint to NFT in the end, All need to pay gas fee.

If buying on the second-hand market

From the buyer's point of view, it is necessary to pay attention to the related costs of bidding and direct purchase.

The price of goods on Opensea is determined by the following methods, namely 1. Direct purchase and 2. Bidding and quotation.

Cost of direct purchase

NFT and Gas Fee. Estimated based on the current traffic, in Opensea, the general gas fee will be between about 0.006 to 0.02 ETH, but it will even be higher than 0.05 to 0.5 ETH at peak traffic.

Fees for Bidding and Quoting

Fees for NFT and the exchange of ETH tokens to WETH.

Note: Gas Fee is borne by the seller in this case.

Value articles

NFT liquidity is low relative to cryptocurrencies

The liquidity of NFT is lower than that of cryptocurrencies, so it is really best to only invest the amount you can lose, and choose projects with a relatively large transaction volume, because this means that there are buyers and sellers, and it is easier to circulate.

How to measure liquidity?

Taking the Jay Chou NFT project as an example, the daily transaction volume can be seen from Opensea. This number can be compared with other NFTs as one of the factors to compare their liquidity. Of course, factors such as price should also be considered, as well as whether the projects are similar in nature.

For example, the prices of Cryptopunk are higher, and the number of transactions is relatively lower than that of the Jay Chou NFT project, which is reasonable because the buyers are different.

NFT Liquidity CryptoPunkNFT Reference Data

Be careful with the floor price

The floor price represents the lowest price of collectibles in the market. Without the support of the transaction volume, the floor price may eventually be forced to drop until a buyer is willing to buy it.

Whitelisting is not necessarily a guaranteed profit

There are many projects that will be whitelisted in advance to promote early supporters and some users, but the same is true, if there is no transaction volume support, it may not be able to sell at the public price suggested by the team.

Are your NFTs rare?

If you hold NFT, you can go to https://rarity.tools/ to check the rarity of your NFT, but this is only suitable for big projects.

If you plan to invest, you can choose NFTs from rarity.

Check out the NFT rarity tool RarityTool

Team articles

Whether the team that issued the NFT is a real person and public appearance

If NFTs are serious about making and implementing Roadmaps, in fact, the founding members will largely not mind public appearances and know their backgrounds. Therefore, if the team is willing to make public appearances, in theory, the completion of Roadmap's fulfillment will be greater. Because it affects personal goodwill. You can also pay attention to the frequency of interactions, such as launching a Live or answering reader questions on social media.

Can the concept and development enhance the value of NFT?

Some NFTs will have added value, such as different activities or benefits after purchase, whether the team has continuous operations so that holders are willing to continue to hold, so that the price can be stabilized, and even due to the increase in demand, the supply is limited and the price increases.

Community articles

An NFT with appreciation potential requires an active community and continuous popularity. You can check whether the community is active from the following.

The number of Discord participants compared to the project issuance and subscription ratio

How many people participate in the Discord discussion board? But in fact, this number is very easy to fake, it can be faked by machine. You can check the proportion of holders on Opensea. For example, Jay Chou's project is held by 53% of people.

User Communication in Social Media

What are they discussing? Is it a discussion on how to sell it, or some high-quality discussion? This shows the quality and attitude of the holders. For example, the chairman HODL still just wants to speculate in the short term.

The market is Hong Kong people? Asia or Global?

This affects the number of buyers.

Application

Functionality of NFT Will you have some privileges by having this NFT? For example, the White List of some projects can participate in DAO and so on.

NFT FAQ If you have any questions, please leave a message

What is the difference between NFTs and cryptocurrencies?

NFTs and cryptocurrencies are also recorded on the blockchain. The difference is that cryptocurrencies such as Bitcoin and Ethereum are "homogeneous" assets, and each value is the same; while NFTs are "non-homogeneous" assets, each One is unique.

What are the more famous local NFT projects in Hong Kong?

Sandbox, Mile DAO and Investmentsky Dao are all well-known Hong Kong NFT projects.

Can I make my own NFT?
Yes, you can refer to this instructional video .

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