Creating an NFT is not rocket science, so many new NFT projects are launched daily. Thus, you must to know which project is worth investing in. The ideal thing is to analyze NFT projects before investing. This way, it’s easier to tell the wheat from the chaff. Unfortunately, there are no specialized NFT analysis tools available at the moment. So, most NFT investors depend on social media as their NFT analysis tools.
Analyzing NFTs With Social Metrics
Social media provides a great way to analyze NFT projects. And this is why many NFT investors rely on social media to analyze new NFT projects. They rely on the project’s social media impressions or social media engagement metrics. Some also look at the social media marketing metrics of the project. This way, it’s easier to tell which project has a better prospect..
Analyzing NFT Projects With Social Media Impressions
Social media impressions refer to how often content about the project is displayed. This determines how relevant the content about the NFT project is on social media. This is a useful social media metric for analyzing new NFT projects. The higher the social media impressions, the exposure the project would get.
Analyzing NFT Projects With Social Media Engagement Metrics
The engagement rate of the NFT project on social media is a metric often used. It is used to track how actively involved their audience is with the project. It also shows how effective the brand campaign is. The project’s engaged audience would interact with the NFT project. They do this through comments, likes, retweets, and social sharing. If a large audience frequently engages an NFT project’s social media platform; This will make investors believe that the project is legit. This shows that the dev team is serious about the project.
Analyzing NFT Projects With Social Media Marketing Metrics
Analyzing NFT projects with social media metrics is essential. It involves using data to gauge the project’s marketing impact. The data is taken from the social media activities about the project. This allows investors to weigh how serious the project’s marketing team is. The more the project’s marketing power, the more serious the dev team is. This gives investors a level of assurance that the project is legit.
Social Media Platforms For Analyzing NFTs Projects
There are several social media platforms that you can use to analyze NFT projects. Here are some social media platforms you can use to analyze new NFT projects;
Twitter remains one of the most effective platforms for analyzing new NFT projects. Credible NFT projects have their community active on Twitter. They even get popular influencers and NFT investors to talk about their projects. This helps to attract new investors. on Twitter to get investors interested. They also use twitter to announce upcoming events about their project. This way, their audience can stay connected to the latest happenings.
Using Twitter to analyze new NFT projects is effective. It allows new investors to get a lot of analytical information about the NFT projects they want to buy. Also, they can track these projects’ Twitter performance by following certain certified accounts. Some of such accounts include @bobbyquinn, @Matty, @Deeze, @Brett Malinowski, and @Beeple.
The number of followers an NFT project has on its Twitter account shows how big it is. It also tells how serious the devs are. You can also use Twitter Spaces to analyze NFT projects. This allows investors to see what’s trending in real-time.
Discord
Discord is a major tool or platform that you can use to analyze new NFT projects. You can use it to track the project’s potential. It is one of the most effective ways to find out what’s trending in the NFT space. This is thanks to the high levels of engagement on the platform. Almost all credible NFT projects or creators have a Discord Server. The engagement and popularity of their discord channel are things to check for when analyzing their credibility. The number of discord members could tell how relevant the project is or how successful it may be. Discord has other aspects that you can use to assess an NFT project’s credibility. you just need to know how to use Discord to analyze NFTs for investments.
Using Instagram as a social metric to analyze new NFT projects is also great. It is a common way many NFT investors learn more about the projects they wish to in. Also, it is one of the easiest ways to keep up with NFT news. In recent years, several accounts on Instagram provide updates about the NFT industry. Such accounts include @NFT, @NFT.Magazine, @NFT_News, @NFT.charts, @Rariblecom, @NFTNext, and @NFT.Promo.
Telegram
Telegram is another popular social media platform investors use to track NFT projects. Almost all NFT projects have their Telegram account. It is perfect to follow the latest trends and news about the project. Also, many NFT devs host their AMA (Ask me anything) on Telegram. This allows potential investors to ask questions about the project.
Nansen.ai
Nansen.ai is a great platform to understand hyped or trending projects better. It is a data aggregator platform that gathers information from OpenSea. It gets data on trades and then visualizes the information in several ways for its audience.
This helps average NFT buyers understand what they wish to buy. It also helps them know which collections command the highest prices. Furthermore, Nansen can let you see what the big collectors are buying or holding. You can also set notification alerts to know when certain wallets buy any collection.
RyzeNFT
RyzeNFT is an amazing platform many NFT investors use to identify undervalued NFTs. With its Chrome extension, you can see the rarity rankings of the NFT project on marketplaces. Also, RyzeNFT provides paid users its sniping tool. They can use this to set a maximum price to buy out undervalued NFTs once they are minted and go live.
Icy Tools
Icy Tools is another fantastic tool for analyzing and tracking NFT trends. It also allows users to identify patterns in the NFT market. It extracts real-time data about any chosen NFT project, providing minute-by-minute activity updates.
Conclusion
The NFT market continues to grow in popularity, with many new NFT projects coming up daily. Each day, NFT collectors spend millions of dollars on rare NFT collections. But, this has opened room for scams and rug pulls in the NFT industry. If you intend on getting into any project early, ensure you do proper research on the project. Using the social metrics above will help you analyze the NFT project you wish to invest in.