Gone are the days when art was more physical than non-physical, whether they were paintings, antiques, or pure art. Instead, we live in the digital age, where NFTs are the new art.
What Are NFTs?
A Non-Fungible Token (NFT) is a digital asset that symbolizes real-world objects such as music, art, gaming, and videos. They can be bought, sold, and traded online on NFT marketplaces, known as digital artwork. By the end of 2021, NFT sales had exceeded $17 billion as opposed to sales in the previous year, which were less than $100 million in sales.
Finding A Good NFT Project
Finding a good NFT project will require effort from your side; there are currently thousands of NFT projects on numerous platforms. Among the best platforms is Algogems, which belongs to the Algorand network. In addition, several factors can help you judge and evaluate an NFT, like utility, ownership, rarity, and interoperability.
NFT Utility
The NFT space boasts several projects, some with utility and some that offer nothing really but the NFT itself. NFTs that don’t provide utility might not be as valuable to collectors as those that do. On the other hand, an NFT with utility offers a use case, something of value to the user. NFT collectors have a collection of different types of NFTs. Still, those with utility can be very beneficial for users as a means of profitability. Current utility NFTs can be in-game, social, and community NFTs. The Algogems marketplace supports many NFT projects with utilities that you can check out. NFTs with utility can give you many perks like early access to products, limited invites to events, airdrops, etc. Most NFTs started out offering nothing but just digital assets. Still, NFT applications are in demand and will continue to grow in the coming future.
Previous Ownership
Some of the current NFT projects have built a name for themselves because of their previous ownerships by celebrities or strong brands. Some of these NFTs have sold for hundreds of thousands or millions of dollars. NFTs that top individuals hold help drive the digital asset’s value to the roof. Marketplaces can help you track an NFT’s previous owner history. An NFT marketplace’s interface includes all the history of addresses that have done heavy trading on the platform. For example, you can search through the Algogems marketplace and find the most highly traded NFTs on the platform. Searching for those addresses can help give buyers a valuable understanding of those trade volumes.
Rarity in NFTs
When it comes to NFTs, the rarer the NFT, the more valuable it becomes, hence the higher it sells for. For example, suppose an artist launches a collection of 10,000 NFTs. In that case, only a few hundred of these can be considered rare based on their given traits. But you must be asking yourself, how can I spot those rare traits? Suppose an NFT is auctioned or set for sale; you will find the given characteristics and the percentage of those traits (2% is very rare) below or beside it. The percentage will give you an idea of how valuable the NFT in front of you is. The percentage is based on the collection being sold or auctioned. Rarity factors bring essential value to these NFTs and inspire the economy across collectible NFTs.
Interoperability
Interoperability applies to NFTs because they can be exchanged, swapped, or associated with different platforms on the blockchain network. NFTs used in various applications, such as games and marketplaces, can have a high intrinsic value. NFTs used in a vast network applying several use cases make it interoperable. Projects also focus on developing partnerships with similar projects to benefit their users and community further.
About Algogems
Algogems is an open NFT marketplace that operates on the Algorand blockchain. Algogems holds an advantage over other platforms because it allows artists to mint and auction their NFTs for free while providing a trading platform for NFT collectors. The marketplace also offers a zero-fee NFT creation and low-fee marketplace trading of 0.001 $ALGO compared to other platforms with a minting cost of $50-$100 per NFT. In addition, the platform functions with $GEMS, Algogems’ native multi-purpose token, used to reward creators and highlight quality content on Algogems and other uses.
Choosing the Right NFTs
Now you have an idea of choosing the right NFTs that give you the most value in return. Also, something you should look for when evaluating an NFT is its presence. Even though the NFT space is vast, some projects might not be what they represent themselves to be. Check for a project’s social accounts, and ensure that there’s engagement and a community behind it. The team promoting the project should be doxed, which is much safer if you plan to invest.
But most importantly, if you are wondering what platform will give you the most value, it’s the Algogems marketplace. It allows you to mint NFTs for free if you are an artist and offers an incredibly low fee on transactions. Do you want a platform that values its users? Then look no further; Algogems is your go-to marketplace. You can join Telegram and Reddit for more details and updates about our platform.
