The landscape of NFTs is always changing, which is why we’re sharing some tips for researching NFT projects in 2022.
Covered:
- 2022 NFT Update
- NFT Shopping Tips and Tricks
2022 NFT Update:
The NFT landscape seems to change by the day, and here at the CRU NFT Corner, we want to keep you up to date. 2022 has regrettably been filled with cash grabs, overpriced mints, and rug pulls.
Just like anything, this is the nature of the beast. When something is new and innovative, there are always bad players that will try and take advantage of this. That is why it is so important to DYOR (do your own research).
As we’ve stated before there are key factors when investigating an NFT project. The most important factors in most cases are the team behind the project, the community, and their Roadmap.
If while doing your research any of these aren’t satisfying your needs, this can usually be a tell-tale sign of things to come. It seems early on in 2022 items have become even harder to sift through when researching.
Typically, a cash grab project is created to hype up their mint. They have no clear Roadmap and non-doxxed creators. They can market their new NFT, pump it up, sell out their mint, and then not have a clear plan of what to do next. Even worse, some of these mint prices are outrageous.
New NFT projects have been minting at prices we haven’t seen before. NFT Projects in the past would have favorable mint prices and then let the community build the foundation. That is not the case anymore. Remember, BAYC minted for the attractive price of .08 ETH less than one year ago.
Squiggles was victim of being seen as one of these cash grabs last week. Their collection was quickly pulled from OpenSea.
Hey @opensea check out ticket number Ticket #311789. We would love to get our collection back up and running!
— Squiggles (@squiggles) February 13, 2022
This is not to say all projects launching early on in 2022 are bad or rugs. There are a lot of GREAT projects being birthed, but the issue is, they are being put in the same corner as a lot of the cash grab projects. This is why DYOR is so vital and crucial when shopping/collecting NFTs. Nothing ever beats putting in some work and researching what kind of investment you are making. A lot of people get Alpha (insider NFT news) and go Degen (someone who buys NFT erratically) right into a project. Sometimes this method can pay off handsomely, sometimes it can end horribly.
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NFT projects in 2022: Shopping Tips & Tricks
Below I will highlight some common best practices when shopping for new NFT projects in 2022:
- DYOR on team, community, and Roadmap. Get in the Discord, check out the vibe and see if their vision makes sense to you.
- Don’t ever FOMO into a project without doing your own research. Just because there is hype, doesn’t necessarily mean its a good project.
- If a project constantly brings on influencers like Paris Hilton, etc. This is sometimes done to artificially pump a project, opposed to true organic growth.
- Lots of 3D projects have been created with great aesthetics, a high mint, and no vision. That was the trend last month. There are however some great 3D projects that are out there and building something special. This is where DYOR is very important.
- BAYC is the Bitcoin of the NFT market. The market moves with BAYC, just like the crypto market moves with Bitcoin. When BAYC pumps, everything pumps.
- NEVER Overextend yourself, always stick to the plan. Overextending can get you over exposed to a project, just like in crypto, this is never ideal.
These are great reminders to keep in the back of your mind when you are adventuring around this ever changing NFT space. If you have a question I may have missed, put them in the comments below and I’ll be sure to answer.
Lastly, did you happen to see GaryVee drop the mic on his interview last week with CNBC? Absolutely nailed it and he knew it.
pic.twitter.com/lPsdKaeczI
— Gary Vaynerchuk (@garyvee) February 10, 2022
Happy NFT Shopping!
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The post Tips And Tricks For Buying NFTs In 2022 appeared first on CryptosRus.
