Keeping up with the market mania is not easy, especially when you also have other business to do. However, industries are ever-changing. You need to stay on top of the news, or you will bypass good opportunities.
To move with the times to your advantage, you should always be one step ahead. You should always be early in finding profit-potential investments. And one of the hottest crazes in the market? NFTs.
Non-fungible tokens, famous as NFTs, have steered the world by storm. While NFTs built on Ethereum have already been making a huge buzz in the market awhile, Cardano NFTs started selling as NFT hype became widespread.
These digital assets are rapidly moving forward, and if you take too much of your time, you might lose a good chance. There’s no guarantee that you will be making tons of money from Cardano NFTs. However, the market shows great potential, and hundreds of people have proven its profitability.
Among several nifty non-fungible tokens in the market, many people have set their eyes on Cardano even when it doesn’t have smart contracts yet, making the competition tight.
NFT market analysis is not as complicated as it sounds. But merely a simple exploration and information research to accept consistent and possible trends that would help you map up a good business strategy.
Even a simple market analysis would help you find Cardano NFTs early, making you on top of the game. Finding them is quite easy if you make the most of the digital tools available online.
Cardano NFT Tool
Through Cardano Developer Portal, you will easily see a breakdown of all the NFT projects that have been dropped and will drop soon in the market. Research about new Cardano NFTs that are about to set sail in the wide sea of NFT space. This will give you a hint of whether it’s worth going for or not and when you can get them ahead of others.
If you click a project from the list, you will be directed to the project page, showing you everything you must know about the NFT. To manually check out the NFTs, making use of Rarity Tools can be an alternative.
Rarity.tools is intended to be used to measure NFT rankings through the rarity of its properties. However, they stress that their rankings are not official rankings of non-fungible tokens but merely based on NFT characteristics.
While many use it for that purpose, people can use rarity tools to find Cardano NFTs early.
Rarity.tools provide information like the NFT website, discord group, Twitter, giving users a chance to join their community, and observe how the management team handles the project. The release date of an NFT project is also available on the platform.
Getting to know the community and its supporters will make it easier to distinguish which NFT projects will go well in the future and which will not.
Let’s say you visited, engaged, and analyzed an NFT project. If the overall community of the project is inactive, from Twitter to Discord, it’s most likely that the NFT project is bound to fail.
If no one is promoting nor making an effort to increase the awareness of the project, there will be no hype. When there’s no hype, there will be no demand. Without demand, projects are more likely to fail. It goes just like that. This is how vital the community is to an NFT project. Learn to evaluate NFT demand.
Popular Cardano NFT Projects
There are popular Cardano projects, which are always at the center of discussion in the NFT space. You would surely love to catch the drift of these non-fungible tokens that are set to leave a new mark in the NFT market.
The Hoskinsons
This cNFT project is a collection of limited-edition trading cards celebrating Cardano while criticizing and exploring sociocultural relationships of fanboyism, technology, and consumerism of arts through the eyes of the current era. These trading cards are fun to trade and have good illustrations.
The famous Hoskinsons project, consisting of 10,000 items, was all minted last May 15, 2021. It’s a pretty decent project, but it’s too late to grab it because the project’s policy is now locked, and there will be no more Hoskinsons that will be created.
Cardano Kidz
Cardan Kids are basically not an NFT but a fungible token that was sent out to people for fun. However, the management team plans to add liquidity and value to it. The designs of this project include some of the earliest Cardano collectibles on the record.
The project’s S7 sale had ended early because of the unprecedented demand in the market. This was to maintain parity in the randomly dropped NFTs.
Finding Cardano NFTs Early
To put it simply, there are only two things you need to do to find Cardano’s early: look for an NFT project you’re interested in, then join the community to be updated for the coming drop. Follow the NFTs Twitter account, join the discord group, and engage with the people within the community.
Cardano Aftermarket
If you can’t find Cardano projects early before it gets sold out, there’s a second chance for you. You can go to a Cardano NFT aftermarket to find projects that went sell out. The secondary market is called cNFT.io.
By going to cNFT, you can purchase popular projects that have been sold out, including The Hoskinsons and Cardano Kidz. However, prices here are higher than the original price, so there’s a lesser chance that you’ll make money from cNFTs if you get them from a secondary market.
Buying Cardano non-fungible tokens in the aftermarket is very risky yet gives small rewards. This is the primary reason why you need to find them early. The risk will be way lesser, and the potential reward will be greater.
But always be reminded of the fact that the value of an NFT will ultimately depend on how much someone will be willing to pay for it. Hence, the price, or the money you can make from it, will be based on “demand” instead of traditional investment economic indicators.
Hence, a Cardano NFT may be sold less than you initially paid for it. It’s also possible that you will not be able to resell it if there’s no demand.
Like the common advice for any investment, do thorough research and look into the risks. If you still want to go for it, go only for the amount you can afford to lose, and advance with a healthy dose of caution in making decisions.
Cryptocurrencies that are used to buy an NFT might also be taxed if they rise in value after your purchase, so make sure to communicate with a tax professional before adding an NFT asset into your portfolio.
