In the fast paced world of today, who wants an investment that does not bear much returns? Well, no-one, including you! But then, how should one go about investing in virtual reality assets like NFTs, without knowing the scope of profitable projects that may bear long term results?
Well, simple! You do so by finding NFT projects that are going to reap long term benefits.
The million dollar question however stands. In these innovative times, with a new turn at every prospect, how do you find a profitable NFT project?
Well, in this blog, we will walk you through the answer to this question. We will cover,
What are NFTs?
NFTs (non-fungible tokens) are digital assets that are unique and cannot be replicated or replaced. They are often used to represent ownership of things like digital art, collectibles, and in-game items. They are stored on a blockchain and you can find more information relating to everything-NFT, here.
Should you invest in NFTs?
NFTs are a relatively new market that is expected to expand in the upcoming years. According to experts, the market for NFTs is still in its early stages and has potential for growth.
The revenue potential of growth for NFTs is predicted to reach US$3,546.00m in 2023 (Source: Statista). Moreover, the annual growth rate return is expected to be US$8,068.00m by 2027.
In this regard, it is important to remember that some experts have raised concerns about the environmental impact and potential for fraud in using NFTs. As a result, it is important to conduct thorough research and consider the potential risks before making any investment. Whether NFTs are an ideal investment choice for you would depend on your individual plans.
How can I find cheap & affordable NFTs?
Affordable NFTs are an ideal choice for everyone in the crypto-verse. After all, nobody wants to invest extensively on NFTs that cost huge sums of money.
NFTs are available in freebie form and in affordable format as well. In order to find cheap and affordable NFTs, you can do the following;
- Research different NFT marketplaces: There are several online platforms where different type of NFT can be bought and sold. These platforms include OpenSea, Rarible, and SuperRare. Each marketplace has its own set of rules and fees, so it’s important to familiarize yourself with the different options.
- Look for emerging artists and creators: Many new and upcoming artists may offer music NFTs, gaming NFTs that can serve as game assets in the long run. Search for them and don’t forget to look at their rarity scores.
- Check for discounts and sales: Some marketplaces and creators may offer special deals or discounts on their NFTs.
- Be open to different types of NFTs: Some NFTs such as digital trading cards, 3D designs, and more can be relatively affordable as compared to digital artworks.
- Consider the underlying Blockchain: Some blockchain networks have lower transaction fees than others, which can make buying and selling NFTs more affordable.
- Check for different rarity levels: NFTs can come in different levels of rarity, and some of the more common or lower rarity NFTs may be more affordable.
- Keep an eye on the market trends: The NFT market is known to be volatile, keeping an eye on the market trends, and buying when the market is low could be an easy way to find cheap NFTs.
Buy NFTs without gas fees
One of the most affordable and cheapest option to buy NFTs is to do so without gas fees. Furthermore, There are a few options for buying NFTs without gas fees. One option is to use a marketplace that covers the gas fees for the user, such as Sorare, which is a fantasy soccer game built on the Ethereum blockchain, but they cover the gas fee of the transaction.
Another option is to use a marketplace that is built on a blockchain that has lower or no transaction fees. Some examples of these blockchain networks include Binance Smart Chain (BSC), Polygon (formerly Matic), and WAX.
#1. Binance Smart Chain
Binance Smart Chain (BSC) is a blockchain network developed by Binance which allows for faster and cheaper transactions than Ethereum. It utilizes a dual-chain architecture that allows for parallel processing of transactions, helping to keep fees low. Moreover, Binance Smart Chain also allows for the creation of NFTs and other decentralized applications.
#2. Polygon
Polygon (formerly Matic) is a Layer 2 scaling solution for Ethereum which allows for lower gas fees and faster transaction times. You can find out more about Polygon in our guide.
#3. Tezos
Tezos is a blockchain network that allows for the creation and transfer of NFTs without the need for gas fees. This is made possible through its unique governance system, which allows for the upgrading of the network without the need for hard forks.
#4. Flow
FLOW is a blockchain network designed for fast, low-cost, and secure transactions, with a focus on scaling for gaming and other decentralized applications.
#5. WAX
WAX (Worldwide Asset eXchange) is a blockchain network built specifically for the creation and trading of NFTs. It uses a Delegated Proof of Stake (DPoS) consensus mechanism to keep transactions fast and fees low. Additionally, WAX also provides a free transaction service called “WAX Cloud Wallet” that allows users to perform certain types of transactions without the need to pay gas fees, making it an attractive option for buying and selling NFTs.
How to find profitable NFT projects?
If you want to find profitable NFT projects for your long term investment, then you would want to take the following steps;
- Research the market: Understand the current trends and market conditions in the NFT space, and identify the types of NFTs that are currently in high demand.
- Look for projects with strong fundamentals: Look for projects that have a strong team, a clear roadmap, and a solid use case.
- Consider the underlying technology: Research the blockchain network the project is built on and consider its scalability, security, and overall potential for growth.
- Analyze the community: Look for projects with a strong and active community, as this can be a sign of a project’s potential success.
- Follow industry experts and influencers: Follow industry experts and influencers on social media and in online communities to stay informed about new and upcoming projects in the NFT space.
- Diversify your portfolio: Diversify your portfolio by investing in different types of NFTs and different projects, as this can help to mitigate risk and increase potential returns.
- Keep an eye on the market trends: The NFT market is known to be volatile, keeping an eye on the market trends, and buying when the market is low could be an easy way to find profitable NFTs projects.
- Do your own research: Before investing in any NFT project, it is important to conduct your own research and analysis to determine if it is a profitable investment opportunity.
Profitable NFT projects for 2023
In the year 2023, the NFT market is expected to expand throughout the world. While searching for profitable NFT projects, you might want to take a look at some of the most viable options available.
This year, folllowing are some major NFT projects that you need to look out for;
#1. RobotEra
A novel play-to-earn game and NFT project, RobotEra has promised a potentially high return rate for players and investors. The game is currently topping the charts of best upcoming NFT projects. The core of RobotEra, would be robots who are focused on rebuilding planet Taro. The native token, $TARO is currently avaialble on presale and can be used to purchase NFT robots and metaverse land that holds the capability of being built and monetized.
#2. Cryptopunks
What started in 2017 and has been escalating in value ever since, Cryptopunks is another monetizable NFT. With potential of almost $11 million, Cryptopunks is set to increase in value this year as well.
#3. Bored Ape Yacht Club
In the world of NFTs, who has not heard the name Bored Ape Yacht Club (BAYC). Considered as one of the most highly effluent punk-based NFT project, the BAYC is a prestigious purchase for 2023. If you are looking to invest, then one of the most viable project would be that of BAYC. Find out more about BAYC, in our ultimate guide.
#4. Calvaria
A newly launched project that would not limit itself to NFTs in play-to-earn (P2E) game but also invokes Web3 gaming is Calvaria. You can find more information about it and more viable upcoming NFT projects for 2023, in our guide for 20 upcoming NFT projects that you should look out for.
To Conclude,
The world of NFTs is rapidly evolving in time.Before making an investment that may cost you lots of bucks, it is always a viable choice to go through the possible options available. You can find profitable NFT projects by research or you could simply read our guide for the top 20 upcoming NFT projects for the year 2023. Safe Investing!