Bankless: How to Identify Interesting and Promising NFT Projects Early
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Bankless: How to Identify Interesting and Promising NFT Projects Early
Participating early in the right NFT projects can lead to amazing social experiences and industry opportunities.
Navigating Web3 tides with focused insightsOriginal title: How to find new NFT projects
Original author: William M. Peaster, Bankless
Translation: Alex, TechFlow
Dear Bankless Nation,
Do you ever feel like in the Web3 world, you're always the last to hear about exciting new NFT projects?
We've all been there.
The good news is that before public interest in NFTs shifts from incremental to exponential, there are various ways to "get in early" and track notable NFT ecosystem events and projects.
Here, hunting is more art than science—and it's about more than just trading. Getting involved early with the right NFT projects can lead to incredible social experiences and industry opportunities.
The trick is knowing where to look at the right time. While easier said than done, I have some suggestions on how to do this better.
How to spot interesting NFT projects early
1) Use project discovery apps
One way to stay in tune with the pulse of the NFT ecosystem is by using project discovery apps like Context. For example, Context allows you to track NFT activity in real time for specific groups—such as all CryptoPunk holders. Additionally, Context lets you organize wallets you want to follow so you can customize your discovery experience. This doesn't mean blindly copying others’ moves, but such apps do make trend behaviors much easier to visualize.
2) Follow key influencers
If there’s an NFT builder or creator you admire and whose taste aligns with yours, make sure to follow them wherever they’re active on social media. Why? To keep up with their latest activities and observe which other projects they’re engaging with or discussing. On Twitter, for instance, I recommend turning on “notification for tweets” for these individuals so you can quickly scan anything they share. Last year, after learning that Dom was contributing to the Nouns project, I did exactly this—so when he later announced Loot, I got a notification on Twitter.
3) Monitor news aggregators
Image courtesy of The Daily Ape
There are excellent news aggregators in crypto that continuously roll out noteworthy updates. The best one I’ve come across is The Daily Ape, a Telegram channel founded by Darren Lau covering daily DeFi and NFT headlines.
I find this channel helpful because:
1) It surfaces NFT updates I haven’t seen elsewhere;
2) It keeps me informed about NFT ecosystems on other blockchains. Also, I’ll soon be curating a metaverse NFT list on Twitter so people can subscribe to a high-quality NFT feed with one click—it will be a curated aggregator of diverse signals, so stay tuned.
4) Pay attention to alpha chats
Some public NFT chat rooms host great open discussions, news sharing, and analysis. These aren’t necessarily constant streams of new project discoveries, but they are places where people frequently share and review new projects they find interesting—so valuable alpha does emerge periodically. One such chat room I visit is NFT Avenue on Telegram, the NFT chat room of Lobster DAO.
5) Analyze NFT behavior trends
Looking at which projects have seen surges in trading volume over 24 hours or 7 days can help you identify trending NFTs. You have simple options, such as sorting volume metrics on Gem, an NFT marketplace aggregator; or more advanced tools like Nansen’s NFT Paradise dashboard and its “24-Hour NFT Market Overview” section.
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