Wanna buy NFTs but are confused about which one is best for you? Here is the checklist of essential to look at before buying NFTs
NFTs are the talk of the town for the last several months among crypto enthusiasts. The marketplaces which are featuring NFTs with Ethereum Blockchain have surpassed a net worth of $3 Billion. It is a huge sum.
NFTs are being sold for millions of dollars. The concurrent growth rate is predicted to be never stopping.
Buying NFTs or selling the right NFTs is a trick itself. Projects which are least volatile and have relatively less gas fees and minting floor prices are more likely to expand further.
There are terms and conditions to check before setting up a purchase.
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1. Rarity of NFTs
NFTs are available as unique and distinctive collectibles or collections from the respective artists. The rarity level occupied by every single project in a collection is different.
NFTs hold variations in properties and common characteristics.
The projects with the least number of common characteristics are rarer than the others. But it doesn’t matter how complex or catchy an art piece is. Sometimes a basic illustration is more expensive than others. For instance, the basic NFTs project from the Bored Ape Yacht Club is one example.
By reviewing these properties you can easily get a valid and original NFTs project.
Here are some essentials you look out for when buying an NFT.
2. Verify the Seller to Prevent Scams
Verified sellers have a unique profile and the blue tick label is placed next to their collection name.
This won’t be the case every time. Make sure to check out the properties of the NFTs before buying any collectibles.
Another tactic to cope with unverified profiles is, going through their social media handles or you can approach their official pages.
3. Gas Fees of NFTs at the Specific Platform
Gas fees or transaction fees are the amounts deducted by the marketplace for providing the sale and purchase services.
However, the gas fees are different on different platforms. Some have a higher ratio while others have a less one. Similarly, some platforms deduct dual-sided gas fees.
OpenSea is known for an overall deduction of 2.5% from sellers. Where buyers are free to purchase without the hassle of paying a gas fee. Origin and Axie work on the same formula Rarible are quite opposite of OpenSea. Which deducts dual-sided gas fees. That is a deduction of 2.5% from the seller too.
Make sure to clear out your concerns regarding the gas fees of the given marketplace while purchasing NFTs.
4. NFTs Market Value & Liquidity Rates
The liquidity provided at NFTs is significantly different from other cryptocurrencies. NFTs are non-fungible tokens as most currencies are fungible — NFTs can be fragmented for increasing liquidity rates.
Another important consideration is the market value of NFTs which is currently ranging around $10 Billion (for the month of October). It may fluctuate according to the everyday sale of NFTs.
However, the NFTs are standing on a very short duration coverage. It must be taken into account that selling or collecting a piece is a game of mind in case of any circumstances. It’s best to buy those NFTs that are least volatile and has less on-floor minting price.
5. Floor Price
The easiest solution to verify a particular seller is to go through the sales history of the seller. Make sure to check out the pricing of NFTs seller made for his previous sales.
Floor price is another term you’ll come to know by this time. Floor price of NFTs is the minimum or basic price of the NFTs located on the bottom.
It will be easy for you to calculate the success ratio for your NFTs. As far as the scam NFTs is concerned, you must cross-check the necessary details before buying any collectible.
As the industry is flourishing, cybercrimes are also taking place on a higher ratio. There’s no Oversight for these digital Marketplaces.
Since, after going through the necessary checks, you might be wondering to be on a Platform that will make you buy the right NFTs on spot. NFTStudio24 is what you should go for, in case you don’t want to make a mistake out of your NFTs purchase or sales. You can also check out our latest NFT collections and upcoming NFT projects where we feature the creative work of aspiring artists.