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How To Choose NFT Projects & Do Your Own Research?

Hey there, crypto-maniacs! Are you willing to know how to choose NFT projects and then buy the right one? You are on the right page to find answers to your questions. Let’s be precise and stick to the point of the article. We will also speak about NFT research tools, NFT prices, and NFT marketplaces. Let’s begin!

  • 1. What do you need to know before buying NFT?
  • 2. How to choose NFT projects?

What do you need to know before buying NFT?

First of all, make sure you:

  1. Know where to buy (choose a marketplace);

2. Connect(download/install) crypto wallet that works with this service;

3. Top up your wallet’s balance to buy NFT tokens.

OpenSea, Rarible, and Mintable are the most popular marketplaces. For example, if you want to use OpenSea, you will need:

  • 1. Install an app or a Web Browser extension MetaMask;
  • 2. Register your account by using MetaMask wallet on the OpenSea website;
  • 3. Top Up the MetaMask wallet’s balance with a sufficient ETH amount;
  • 4. Press “Explore” and you will see the list of the available buying tokens;
  • 5. Choose the one you like and press “buy”.

You can also filter them:

  • 1. Buy now
  • 2. New
  • 3. On Auction
  • 4. Mas offers

And categories:

  • 1. Art
  • 2. Music
  • 3. Domains’ names
  • 4. Prices
  • 5. Cards and so on…

How to choose NFT projects?

Alright, it looks like we are good to go but there is a bit more that you need to know before buying NFT. They are links, trades’ records, contract addresses, and token IDs.

These data will help to answer:

  • Wasn’t an NFT made by scammers?
  • Was an NFT’s price overcharged?
  • Is the smart contract creator reliable?
  • Can the file be changed or deleted?

1. Links

Check all the links in the bio! Check all of them. Otherwise, you are risking your money.

2. Trading History

Some NFT creators sell their NFTs to themselves to make the prices higher. In a “Trading History” filter by sales. NFTs’ prices are overcharged if:

  • 1. No buyers’ activities information;
  • 2. All trades were too quick by time frames;
  • 3. There are multiple trades made by the same customer.

3. Contract Address

They are the programs where the tokens’ creation rules are described and how to use them. You can find out which contract took part in the creation of NFT in the “Chain info” section.

If you click Contract Address you will be transferred to Etherscan. If you are not good at coding, it will be hard for you to evaluate the contract’s security correctly. However, if you open “Comments”, you will probably get useful information about a project that might be already closed or the developers are not fulfilling their promises.

4. Token’s ID

This is a serial number of an NFT in a contract. Sometimes token’s ID can’t be fully visible because of its length. In this case, the easiest way is to find it in an address line – these are the last numbers in a link before the «/» sign.

Token’s ID is necessary if we want to know whether an NFT is stored safely/securely.

How do find out the file’s storage place from NFT?

Any NFT is a set of lines of code. There is no artwork inside the token, there is only a link to it. It means that a piece of art you are buying as NFT can be anywhere. It is important to know this information because the storage place affects the file’s security/safety – the probability of deleting or changing the file.

This is a  PANDORA’S BOX created by @frm46. Collection: Foundation

We will have a look at a very simple way of checking an NFT now. Easy but not multi-purpose one. For now, this website supports only Ethereum NFTs (ERC-721 Compatible) – it means those NFTs that exist only as of the only copy.

Fill in your NFT contract address and Token ID, and press “Check My NFT”. After that, you will get the evaluation marks. There can be 3 of them:

  • «💔Poor» – means that the file from NFT is stored on a centralized basis. The developer may change or delete it at any moment.
  • «💛Medium» – means that the file from NFT is stored on IPFS. No one can change it but it might be deleted.
  • «💚Strong» – means that the file from NFT is stored on the blockchain. There is a minimum probability of changing or deleting the file.

Key Takeaway:

  • External links help to ensure the originality of NFT;
  • Trading History helps to detect overcharging;
  • With the help of Contract Address and Token ID, it is possible to find out where the file from NFT is stored.

Beware of fakes and always use trustworthy sources! Good luck! Thank you for your attention and for reading this article! I hope it was useful!

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