3 basic ways to search and evaluate NFT projects

1. Use NFT Marketplace

Marketplace is considered a DEX for NFTs. This is the place to trade and buy NFTs on the market. However, each type of NFT will have different specific NFT platforms, so finding a project group also requires a choice.

Art projects include:

Super Rare : https://superrare.com/
Foundation: https://foundation.app/
Art Blocks: https://www.artblocks.io/

For projects about Collectibles or collecting sports players:

Soccer player: https://sorare.com/
Basketball player: https://nbatopshot.com/

For projects about PFP , Games ,... and other niches:

OpenSea: https://opensea.io/
Blur: https://blur.io/
MagicEden: https://magiceden.io/
Uniswap: https://uniswap.org/
Binance NFT: https://www.binance.com/en/nft/home

This will be where all projects will post their products to allow the community to trade their NFTs, so this will be the place to easily search, trade and view the price history of projects. NFTs.

In addition, there are a number of platforms that provide information about new projects about to be launched such as:

NFTGo interface — *NFTGO - upcoming project information platform*

2. Use Twitter

Twitter is playing an important role in the growth of NFTs and the NFT market, so the platform is an ideal place to learn about new NFT projects and track project developments over time. Many NFT projects and project websites share their creations and NFT collections on Twitter.

To reach faster, you can follow influential people in the web3/NFT market on Twitter. These will be the people who always share about the latest developments in the market, as well as update news. emerging projects on the market, thereby providing the earliest opportunity to learn about potential projects.

However, there will be thousands of new NFT projects and not all of them will have a solid and trustworthy team. There are Scam projects so you need to evaluate the risks and try to filter out inaccurate information as well as research carefully before participating or accepting any financial risks.

Below are some reputable twitters you can follow:

Binance NFT: https://twitter.com/TheBinanceNFT
Yat Siu (Chairman of Animoca Brands): https://twitter.com/ysiu
Teng Yan (Head of NFT research of Delphi_Digital): https://twitter.com/0xPrismatic
NFTstats.eth (Director of Research at proof_xyz): https://twitter.com/punk9059
Theblock101: https://twitter.com/Theblock101_

3. Through large NFT communities

Normally projects will always have Collab or partner activities together on the web3/NFT market, so participating in large communities will be the place to find more newly launched projects on the market. market.

For example: In the Yogapetz project community, collab activities with the project will always have WL slots for the Yogapetz holder community, so this will be where information about new projects when listed will be updated.

However, depending on each project, it is possible to publish collab information or only reserve WL slots for project holders, so to be able to access this information, you need to buy NFT and participate in the project community.

So you can look for projects that already have a large community and a reputable team in the proven market. List of top projects you can refer to via the link below:

List of top projects

NFT projects are similar to other projects on the market but there will be major differences as this is a distinct niche related to the community.

In addition, there will be many scam projects that will also launch to keep up with the market fomo as the growing growth of NFTs so project evaluation will be extremely important to be able to make decisions. Invest properly and avoid risks caused by Scam projects.

Below are the criteria needed to evaluate NFT projects.

Price of NFTs

On the marketplace there will be 2 types of prices including: Floor price and Offer price. In there:

Floor is the price at which the owner wants to sell.
Offer is the price at which the buyer wants to buy.

The price of each NFT set will be priced according to the Floor price to determine the marketcap of the collection in the market.

In addition, you need to determine the marketcap of that project in the market compared to other projects on the market to be able to evaluate whether the current value and marketcap of the project has good growth potential in the future. Are not.

Nansen will be the platform to help you easily see and synthesize the best top projects on the market.

Analyzing the price line as well as the value of NFT sets is very important in the underlying NFT market. You can use parsec.finance to track and analyze price lines to make better investment decisions. .

Trading volume (trading volume)

Transaction volume is an important indicator that represents the total volume of transactions performed, indicating overall demand for the project.

In addition, the trading volume of each NFT set also shows the popularity of that NFT set in the market, as well as the more traded collections, the easier it is to buy goods and take profits, not However, the fact that collections are traded in large volumes every day will help evaluate whether the project is of interest to the community or not?

For example:

Newly launched projects will always have large fluctuations in transaction volume at the beginning as well as high transaction volume. However, if the project does not create excitement or attraction to the community, the project will quickly lose growth.

*Summary of transaction volume of projects*

Collections with a daily trading volume above 100ETH are considered high and have good liquidity in the market.

However, high trading volume alone is not enough to judge whether a collection is growing or not, we should combine trading volume with floor price to see the level of interest. collection. Or predicting price action in the near future, usually projects are always at the top in terms of transaction volume but the floor price does not increase but tends to decrease slightly, this shows that that collection is being strongly sold. /take profit.

For projects that still keep their floor prices and transaction volume at a stable level even in the bear market, it is very likely that they will increase when the market stabilizes again.

However, the above indicators only represent a part of the project, so to evaluate the basic potential of the project in the early stages, it will be necessary to be specific. I will divide it into steps and take the Memeland project to use. as an example:

Step 1: Research information related to the NFT project

After finding that new project, what is it? Then I will go into the step of finding out information about the project such as: information about the team, backer, investors and side information related to the project.

Memeland is a project developed by the 9Gag team and the CEO of Memeland is also Ray Chan, the CEO of 9Gag. So who is 9Gag?

If you used the Haivl platform in 2013 before Facebook was born, you will know that Haivl is a forge version of 9Gag. This is an entertainment and content creation platform where users can freely post. write, video,... on the platform. This is also considered the first social networking platform in the field of entertainment memes in the world.

You can search for information about 9Gag through the Crunchbase platform.

9GAG - Crunchbase Company Profile & Funding

In addition, you can update more data related to this platform such as:

Team: 9Gag was a member of the Y Combinator fund
9Gag platform revenue: $38.1M per year
Number of members: 137 people
Platform traffic: 343.6M visits

So with this amount of information, it can be seen that this is a project built by a team with extensive experience in traditional markets, especially the entertainment and community markets. In addition, the revenue from their platform also creates a solid financial foundation, thereby making the construction of NFT projects more sustainable.

Step 2: Find information about the project's investors and partners

Memeland received backing and support from major Advisors in the market such as: Garyvee, Kevinrose, Keung, Naval,... These were major Advisors/Kols in the NFT market at that time.

The project, in cooperation with partners, Big Kols will be the first step to reach and promote the project to the community. In addition, the fact that the parties openly cooperate with the project also shows the project's reputation in the market.

Step 3: Community assessment

The community is considered a decisive factor in the success of an NFT project, so to know whether an upcoming NFT project will attract a lot of attention or not, the simplest way is to observe their community. . In addition, the value of an NFT depends greatly on its scarcity and the number of people willing to spend money to buy NFTs, so the more people hunting for an NFT project, the greater the chance of that project achieving success as well as the amount of money. The more profitable the investment will be.

So you must check the project's strong social platforms such as: Discord, Twitter, Facebook... All news related to the project will also be continuously updated on these social networking platforms. Normally, projects that receive a lot of attention will have a large number of followers and discord participants, and 50k followers on twitter along with 50k members on discord is considered a project with good power to attract the community. .

Besides the number of followers and members, you also cannot ignore assessing the level of community interaction by viewing commonly discussed content. Because currently there have been many cases of fraud using tricks to create a virtual number of members.

Not only that, participating in the Discord community will also help you understand the culture within the community as well as be able to check whether project members are enthusiastic about answering the community's questions or not, simply Because a quality and successful project is one that will find every way to support their users well.

Step 4: Find and understand the project's culture

This can be understood as you must determine which project group the project belongs to? What Ultility will the NFTs of the project have as well as the community's acceptance of that project.

For example, Memeland, their project has a meme style (joke) with a culture of trolling or entertainment, the project always creates a space that allows users to be creative and contribute freely. projects as well as suggestions to create more unique projects.

The way the project is launched as well as the project's collections are released focuses on this meaning, which can be seen through the transformation steps of the project NFT. It can be fun to say that each NFT of the project is very cool and unique on the market.

In addition, the community's acceptance is also evident in the fact that the project's holders also use NFT to participate in the platform, automatically sharing, marketing, and promoting the project on their twitter platform. This is most clearly demonstrated when the majority of the project's NFTs are held long-term and are included in the platform to participate in the project's ecosystem. This is a huge motivation to help evaluate the project's development potential and increasing NFT value.

Step 5: Understand the project's development structure (roadmap)

Here are some general roadmaps that I have learned during the development phase of recent projects:

Step 1: Mint NFT Genesis
Step 2: Staking on the platform to enjoy the above benefits.
Step 3: Launch raffle with high-value NFT airdrop to attract new people.
Step 4: Raveal NFT
Step 5: Airdrop WL slots or benefits to participate in receiving WL slots from partner projects.
Step 6: When a certain level of hype is reached, NFT will be released. When releasing NFT, you will be required to hold NFT (depending on each project, the rate will be different).
Step 7: Mint new NFT and provide additional ultility from Step 2, this time will increase the combined benefits of both NFT sets
Step 8: Launch token. Depending on the type of project, there will be a different number of NFT sets, but the final destination will be the token launch.

Along with that, the project's NFT will have the following basic Ultility:

Participate in closed groups of that community, usually channels on discord and only NFT holders can participate.
Receive Airdrops on the next collection NFTs the project releases.
Receive WL quotas to purchase the next collections of the project.
Receiving WL rates of other projects is in connection with other projects.
Participate in Raffle activities and receive rewards.
Share project profits achieved through NFT sales/future project activities.
Receive image usage rights for holding NFTs.

These are just the development steps as well as the basic ultility of common NFT projects, however each NFT project will have different development strategies as well as the delivery of benefits to the community, so specific evaluation will be needed. more specifically for each project.

4. Conclusion

Above is all the information about ways to search for projects, as well as basic evaluation of NFT projects so that everyone can refer to them before entering the market. Project evaluation will be an extremely important step to be able to find quality projects for investment as well as avoid risks when participating in the market. If you have any additional suggestions, you can discuss them in the Bigcoin Vietnam group to find good projects to invest together.

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