Non fungible tokens are in full fledge and flashy as per the current scenario and have given inspiring hopes of even climbing the success ladder.nft’s are basically digital token towards the ownership of the limited item of a collection.This is the proof of ownership towards the collection.In recent years,it has doubled the market value and its on flying mode.Lot of public are taking interest,including celebrities and normal public.This market has connected lot of people including non technical and thrives them to purchase or create the market.In a manner its a positive sign which elaborated the interest and hunger of creativity and financial hub floating and circulation of interaction.The world as we know it is changing thanks to NFTs and blockchain technology
Technology has gripped the world in advanced version of blockchain,which is trending among the users and making it way for NFT’s and cryptos.There are no barriers in terms of financial middile man or institutions who takes their time to validate the transaction but instead it created unique way to clear the transactions in easy way without intermediateries.It has a unique blockchain technology which has more upside then downside,and most importantly time saving and fast.It is normally end to end transaction and minor fees being taken in accordance with the network fees.
As we discuss about the NFT project!today its highly traffic community and the projects are having excellent response from the communities and its associations.Daily the NFT projects are launched nearly every hour and the transactions are accounted every minute of the day.The wide market opportunities have created vast interest by connecting artist digital work to the end users who buy the nft in any form or shape.
The biggest connection of both parties are NFT market places.In addition to the features, utilities, and future plans for the community, every NFT project has its own individual set up.Some digital art has a lot of value and some have being down to the bottom.To estimate the value and actual rarity is very difficult now a days and as said earlier,more and more projects are launched every single day.We have some suggestions to analysis the project and then invest in the NFT’s.
There are several NFT’s in the market,which has potential value on it and being traded at very high pricing range,some has low features and trade at average or below the pricing points.Many users faces the same problem in terms of buying the NFT.Usually,users don’t really check the background of artist or proper research on the project before launch,they go with the instinct or will take a punt.Secondly,its really difficult for new users or unexperienced folks to determine the potential value of the nft or the average of the price range to be bought at.
In general with the current trend,lot of users buy a NFT at a higher range not knowing the range to be bought and they find them selves in hugh pothole as the prices plummets if its not being picked by general community.There are experts in the market with information of the artist or the digital art work.
Other trend which is famous now a days to lure the investors is the fame game of creating community with fake users and showing a lolipop of presale contest.Yes there are communities with genuine users but to get a sold out presale event is extremely hard with not checking the background of artist or NFT collection.It is very hard to estimate the value of NFT.Advertisements aswell is a mean to get the hugh audience.
Given below are some of the points users should check before buying the NFT.
1:Check the background of the artist or the website with the items being announced or released.
2:Check the social media under the name of project and see the community and how its responding to the messages displayed.Normally Admin or marketer back office staff handles the social media with the questions raised.
3:Check the genuineness of the project in terms of the same name with different website.Lot of scams being happening with the well known artist and website.The name of the project is the same but the website redirects the user to different website and ask for crypto payments for whitelist or for digital token.
4:Before purchase,make sure to check the rarity of the digital art with tools online and buying the over or under value for that particular token in the project.
5:Check the roadmap,vision and commitment given by the artist or by the project towards the spending of the users.
6:Buying at right time as there are investors who buy for long term and short term.Choose the right strategy to involve in the project.
7:Go with your flow,If your a art lover,join the communities which has same passion and interest,in that way user can grip the shared knowledge with the same attentive or entities.
Day by day,NFT market is going to expand with multiple new users and some of the above guidelines will help lot of new and potential users to understand the quality and popularity of the market.It is always safe then sorry in financial matter as the market.Known and well known projects are on the market and to choose as per your personality will be key in going forward.Some of the basic discussion will help the users to determine the way forward.