It’s no secret that NFTs are currently all the rage, but few are telling how spotting NFT projects before they go parabolic is done. Even though almost everybody is aware of NFTs and the fact that they are selling for impressive amounts, there are few who understand how to “snipe” the next superstar NFT.
Sniping NFTs becomes even more complicated when you consider the fact that there are unscrupulous scammers who are trying to ride the NFT wave. Unfortunately, this factor has discouraged many investors in their search for the next rising star NFT.
To be honest there is no foolproof method of spotting NFT Projects before they go parabolic or predicting the next million-dollar NFT. However, there are strategic methods that traders can use in evaluating the next big NFT. So read on for how to find hot NFT projects early.
If you carefully implement the following techniques, you can dramatically increase your chances of finding a profitable NFT project early in the game.
1. Establish a game plan for Spotting NFT Projects Before They Go Parabolic.
Before you investigate your first NFT project and certainly before investing any money, you need to define your NFT trading strategy. The same principles of trading apply to NFTs as you would when trading stocks or cryptocurrencies.
Risk management is of paramount importance. So you must first decide how much money your will be allocating to your NFT space investments.
Additionally your trade plan needs to define the particular NFT niche that you wish to focus on. Do you want to focus on long-term positions in Blue-Chip NFTs or you more of an in and out low cap sniper?
The importance is not which method you chose. However, you should understand the method and fully apricate the risks of each.
A clear understanding of your NFT trading goals takes much of the drama and stress out of the decision making process.
Your trade plan needs to have clearly defined entry and exit goals. When a trade isn’t working out you’ll know exactly when to cut your loss. Then on the positive side of the equation you will know where to lock in your profits.
2. Focusing on Whitelist NFTs is How to Find Hot NFT Projects Early
Once you have a clearly defined risk management plan you need to find whitelist NFT opportunities. Unfortunately, many new NFT traders don’t want to take the time to wait on a quality whitelist opportunity. Instead, they jump at the NFTs that are offered on the secondary market. While it is possible to make money flipping secondary NFTs it is very difficult and should only be considered after you have significant experience.
A recent report by seekingalph.com found that a measly 20 percent of traders who bought NFTs on the secondary market made a profit. However, the same study boasts that an impressive 75 percent of NFTs purchased minted NFTs made a profit.
3. Stay Active on Discord and Twitter even Facebook
Where is the best place to hear about whitelist NFT opportunities for spoting investing in new NFT projects before the go parabolic? The best way to get onto an NFT whitelist is to become an active participant on social platforms and forums that focus on NFT projects.
Without Discord or Twitter, it will be impossible for you to find promising NFT projects early enough to make a profitable move. On these social platforms, you will find loads of NFT giveaways and whitelist opportunities.
When you find a project that fits your trade plan you will want to get involved as soon as possible because these windows of opportunity do not stay open for long.
There are several Twitter and discord groups such as Rarity Sniper that offer daily NFT opportunities.
Take the time to follow as many reputable NFT influencers as you can and over time you will find plenty of profitable NFT project opportunities. This is critical if you want to learn how to learn how to find hot NFT projects early in the game.
4. Follow NFT Focused Web Sites
Many of the high-rated NFT projects debut on sites outside of social media outlets. Consequently, you will want to pay close attention to these NFT sites to find projects in their initial mint. A current leader in this niche is Rarity Tools. On their homepage look for “upcoming mints” where you can find an easy-to-read list of upcoming opportunities.
Another site that is frequented by many NFT enthusiasts is Icy Tools. While Rarity and Icy are very similar some suggest that Ice offers more real-time updates on current minting projects.
Between these two sites, you will find enough information to keep you busy for some time.
5. Follow Influencers on YouTube
There are a lot of NFT influencers that regularly post videos on YouTube. By staying Up-To-Date with the NFT influencers on YouTube you can learn cutting-edge strategies for profitable NFT investing and sniping. Of course, you should subscribe to cryptochangex and make sure notifications are turned on so we can keep you up-to-date on the latest crypto and NFT trading strategies, news, and trends.
By staying up-to-date with your favorite NFT YouTube channel you will likely be exposed to new and emerging NFT information recourses.
6. Stay Alert for Scammers in your NFT Research
Recently the US Department of Justice caught the creators of the phony Frosties NFT. Fortunately, the FBI arrested these scamming scumbags. Otherwise they would have run away with millions of unsuspecting peoples money.
The moral of that story is to make sure you know what you are buying when you invest in an NFT mint. Never allow yourself to become so enamored with the profit prospects that you overlook some warning signs. It would be better to an error on the side of caution.
7. Follow Your Gut
Sometimes the best deterrent to getting sucked into a scam is not scientific or data-driven. The more familiar you become with the NFT markets and the NFT minting process the more keen your sixth sense will become.
Use that sixth sense to your advantage. If you feel uneasy about the project sit it out. There will always be upcoming opportunities. Never feal compelled to get into a position.
NFT flipping can be a fun profitable way to build wealth. However, it is a game that must be played with caution.