How To Find Good NFT Projects in 2022 • Benzinga

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Non-fungible tokens (NFTs) are a relatively recent phenomenon that took the world by storm in 2021. NFTs have sold for hundreds of millions of dollars and hundreds of celebrities have bought their favorite projects. While NFT trading volume has declined significantly since the 2021 highs, there are still a large number of enthusiasts looking to get their hands on the latest NFT projects. These users hope to find valuable projects so they can either save them to a collection or flip them for a quick profit.

Most of the best NFT projects have a strong community and/or powerful utility driving volume and prices.

What is an NFT?

An NFT is a unique digital token that cannot be replaced. An NFT is stored on the blockchain, which allows its ownership to be verified. Ownership is stored publicly so cannot be replaced. This factor gives NFTs value and enables them to be traded.

The biggest use for NFTs is for images. Much like you can own works of art, you can be the sole owner of an NFT. You cannot take a screenshot of an NFT and own it as the sole owner has the ownership records stored on the blockchain. Just like you can’t photograph a famous painting and own it, you can’t screenshot an NFT and own it either.

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How to find an NFT community

New NFT projects are making waves in the crypto world, so it can be difficult to tell the good from the bad. However, you can look at some important things in any NFT community.

Almost every NFT project is supported by a Discord community. This platform acts as a stage for the project, allowing developers to talk to potential buyers to build hype and give away exclusive rewards. A good way to see if an NFT community has a large following is to look at the Discord server. If there are many members and those members are active in chat, it could be a sign of high demand for the project. Also, if the creators of the project have a strong presence and are open and honest about the project, that’s another good sign.

Another way to find a solid NFT community is to use social media sites like Twitter and Instagram. It is not enough that a project has many followers, because they can be bought. A better way to check true popularity is to see if community members like/retweet/comment on the posts. This factor is a bit harder to fake and can indicate a solid community.

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Best NFT Utilities

Another aspect that can make a good NFT project is the benefits that owning an NFT can provide. This advantage can increase the incentive to buy the NFT and increase demand. Here are some of the most common NFT utilities:

  • Club Membership: Because ownership of NFTs can be verified, an NFT project can give an owner access to private clubs. These clubs offer exclusive networking and access to events and airdrops.
  • air drop: An airdrop is when a project issues either free cryptos or NFTs to a specific subset of holders. For example, all Bored Ape Yacht Club owners received NFTs Mutant Apes for free. Airdrops like these can encourage purchases of the original NFT.
  • Staking Rewards: Many teams allow you to use your NFTs to earn rewards, which can come in the form of utility tokens, governance tokens, raffle tickets, and exclusive merchandise.
  • Merch: The creators of NFT projects have access to the wallet address of all holders. Many projects create merchandise with the NFTs or brand in some way that is exclusive to the owners. Merchandise could be anything from shirts to physical vinyl replicas of the NFT.
  • Games: Some NFT projects aim to develop a game that works hand-in-hand with the NFTs. These projects use NFTs in a game, which can create demand for the NFTs. Most of these games are also play-to-earn, meaning you earn some kind of reward (usually tokens or more NFTs) for playing them. These games can range from player versus player games to large scale open world games. It’s important to note, however, that some NFT projects claim to be making a game to garner attention with no intention of delivering on that promise.
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How to buy an NFT

Now that you know the factors to consider when looking for an NFT project, all that remains are the steps to actually buying an NFT. Luckily, this process is extremely easy and only requires three steps.
Use a cryptocurrency exchange to buy crypto: Most often, NFTs are created separate from crypto trading platforms and are bought and sold through wallets. However, you need cryptocurrency (almost always Ethereum) to buy NFTs and crypto trading platforms are the easiest way to get crypto. Uphold, eToro, WeBull, are some of the most popular Benzinga crypto exchanges.

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