How to Find and Evaluate NFT Projects
One undeniable fact is that NFTs are now giants in the investment market as we have seen a lot of NFT projects as they skyrocket in the last few years of existence.
NFTs had brought about the wind of change financially for their investors as the Return on Investment has been mind-blowing which has made many see it as a future for investment because a lot of the projects skyrockets with huge turnovers in a matter of weeks, months and years of purchase and no any other investment or stock market has made this happen so quickly.
Also, a lot of companies have embraced the digital asset as a source of investment as it has proven to be worth it. NFT has also made it for companies to turn their liabilities into digital assets which have been a strong pole and lift for the financial status of the company. Many have said that NFT is a good thing in the financial market and is expected to do more in years to come in the financial market.
NFTs have done wonders in the financial market and Cryptocurrency in general as it has the attention of more investors in the crypto market and the likes of giant companies in Tech, agriculture, finance, transportation and even the food industries nations are also joining the digital era of assets.
NFTs are now the talk of the town but where do you get to buy own and own them, without being a victim of cybercrime as it's a rising challenge in the digital space.
Getting to know how to find and evaluate an NFT project will cost us how to know the place to buy, from who to buy, the categories of NFT of our interest and how to identify scams NFT will bring us to buy a legit NFT project with high potentials.
Where to buy NFT?
NFTs have a place where you can buy them just like our customary collections and this place is called “NFT Market Place” where OpenSea has been a leading marketplace for NFTs. There are also other places to buy the NFT of your interest based on their categories.
NFT market places:
1.) OpenSea (Open Market Category)
2.) Rarible (Open market Category)
3.) Mintable (Open Market Category)
4.) Foundation (Curated Category)
5.) Nifty gateway (Curated Category)
6.) SuperRare (Curated Category)
7.) Known Origin (Curated Category)
8.) NBA Top shot (Collectibles Category)
9.) DraftKings Marketplace (Collectibles Category)
10.) Axie Infinity Market(Game Category) and So on.
After Knowing where to buy, buying the right thing is the next thing to know so money won’t be wasted on buying scams.
How to verify a legit NFT from a Scam?
For a verified product there should be a known original producer, in such a way, there is an owner for every NFT that has been known or verified by the market space to be the true owner just like we know iPhones are owned by APPLE inc. Before purchase by individuals or merchants. These are recommended procedures to do self-verification of an NFT project to know the true owner and to know it's not a scam:
1.) Verify they exist on Twitter with an official account
2.) Be aware of Fake Websites; Be sure the website you visit is their official website from their official Twitter, Telegram or Discord group. Also do not connect your main wallet to any website you are not sure of as they can be used as a tool of phishing which will cause loss of assets. If doubt persists on a website you can as well create a new wallet containing only the amount needed for the transaction to avoid total loss if it turns out to be a scam.
3.) Beware of Fake collections: If it's too good to be true then it is. Noticed a huge project is coming as a cheap offer then beware of the scam as it could be a fake collection. Marketplace like OpenSea has verified high-ranked projects with a blue verified tick to identify scams from the original.
4.) Beware of Impersonations: lots of scammers have come to create fake accounts of NFT projects and impersonate the official account of the project. Whenever a project sent you a direct message on social media it's more of a scam as official social handles won't send you direct messages. Also, beware of fake giveaways that are used for phishing from uninformed users a new empty wallet is suggested for giveaway attempts to be on a safer side.
5.) Beware of Lowball bids: Advertising your NFT for sale will cost you to take a closer look at the bids offer you receive because you might be willing to sell at 0.9 ETH and a bidder can offer 0.9 USD and you need to take a closer look at the exchange currency because ETH is different from USD and that's a huge loss if fall victim.
6.) Never reveal your wallet seed phrases
7.) Verify and check the links you click on
8.) Cross-check and verify information across multiple sources
9.) Use a fresh wallet when connecting to dubious sites
10.) Always do your research
Identifying an Original NFT with the potential of great RoI is the next thing to do which is checking the characteristics, worth, scarcity, how rare and how unique in which this brings us to knowing NFT metadata.
How Metadata works
Most ERC-721 NFtokens come with an attached standardized set of metadata used for name display, description, and image of a digital asset. As part of the minting process, the metadata and associated files are deployed onto the InterPlanetary File System (IPFS).
IPFS provides us with a secure, transparent, decentralized, and public way to host asset metadata. The metadata on NFTs is usually frozen to ensure that your NFTs can still be proudly displayed for years to come. This means that the NFT’s properties will be permanently locked and stored using the decentralized file storage system and cannot be edited or removed. (How to NFT by Coingecko)
