The number of existing NFT projects seems to be on the rise, and it may not be evident to decide which best upcoming NFT projects could stand the test of time. Deciding on what NFT project to invest in may be a Herculean task for those without the right analysis criteria. NFT investors are looking for those projects with high-profit potential, like the Bored Ape Yacht Club NFT project. Consider the below points while choosing the best NFT projects.
Before the value of an NFT can ride, there must be a demand for it. This means that they have a big community following. So while deciding on good NFT projects to add to your portfolio, check out the number of their social media followers on Twitter, Discord, and even Telegram.
How many NFTs will the project mint? Scarcity has an impact on the value of an item. If an object is readily available, it may not be considered valuable. BTC, for example, has a maximum supply of 21 million and is considered valuable, but coins with a maximum supply of trillions of tokens may not be. The same thing applies to BAYC NFTs. If the maximum supply of NFTs shows that there won't be a level of scarcity, then it may not be the right choice. Best new NFT projects have scarce NFTs.
Potentially valuable NFT investments tend to have unique attributes. Best crypto NFT projects offer use cases that can access by holding the NFT. For example, holding BAYC NFTs offers users access to exclusive events and features.
Before investing in an NFT project, ask yourself the people behind the project. Do they have a track record of completing projects? For example, some people have grown a reputation for creating innovative products in the blockchain space.