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Let me take a wild guess: You've been trying to get into NFTs after seeing the likes of Reese Witherspoon, Eva Longoria, and other famous A-list celebs buying their very first digital item.
But you just don't know where to start. It seems too complicated, and it's like the NFT sphere is a world on its own.
I'm with you here. It took me a couple of months to wrap my head around NFTs and the utility they can offer. But now, I feel that I have a solid grasp of the industry, and I've been able to share my knowledge with newbies who were just like me months ago.
I'm always experimenting with different strategies. My eyes are peeled to my two monitors all day long (yes, I know, it's unhealthy—don't worry, I still go outside 😂), and through trial and error, I've learned that some strategies are better for targeting early projects, while others can almost guarantee a 10x return on blue chips.
The strategy I will be introducing to you today is pretty straightforward. Like I always preach, it involves gauging organic engagement to find the project that will break through the notorious low floors that hit collections right after mint.
It may be easy, but it is risky. If the project doesn't break through the low floor, it probably won't succeed long term. Wen moon? Never 😔.
The concept is simple. Find trending projects using tools like icy.tools, OpenSea, Twitter, and Discord, and buy into the collections with potential for growth and an active, tight-knit community looking to shill the project on Twitter.
NFT Whale Alerts tweets hourly high volume and top mints. In addition, NFT Society tweets the top 10 trending on OpenSea and top mints.
Keep your eyes peeled for their Tweets, as this is one of the gateways for entering into an in-demand collection. In this article, I'll be using Wunks as an example. I bought two when the floor price was Ξ0.07:
I first found out about Wunks in this tweet:
When I saw that it surpassed projects like Coodles and Oxya Origin, I knew something had to be particular about this collection.
Then, I went on icy.tools, clicked Trending, and saw that it was top-of-the-page as well:
Of course, at the time of writing, it isn't #1 in trending anymore. But scroll down a bit and you'll still see Wunks there!
When I saw the project on icy.tools, I looked at the floor price, volume, and sales. All the numbers were still too low for a #1 trending project! I knew that If I checked their Twitter and Discord, they would still have a small community under 10k.
And would you look at that! I was right.
I peeped the Twitter and saw that @NFTLLama shilled the project. Whenever you see a big-time influencer putting their badge of approval on a trending collection, it will probably gather more attention from the larger NFT community.
The next step is to join the project's Discord. I joined when the Disc was sitting at 1k, but it's grown to double that amount now.
I know what you're thinking: Only 2k in Discord? That's a low number.
Yes, it is. But what intrigued me is how active the community is. I like to measure the organic engagement on Discord by checking how many messages are being sent per minute, how many people are typing at once, and how authentic the messages are.
And guess what? Wunks checks each and every one of these boxes
There's a window right after minting in which those that minted two items from the collection tend to sell the most common one to de-risk their positions.
Alright, @wholelottajuju... What does this mean?
This means that once they sell their common or less rare NFT for 2x the mint price, it will cover the cost of the other, rarer NFT. Therefore, the rare NFT will experience pure profit, except if it dips below the mint price (this rarely happens though).
Now, this window can range from a couple of hours for bigger, blue chips to a day or two for smaller projects. So sometimes, minters will list their common item below floor price, just to de-risk their position.
Hence, the floor price could stay low for a bit. But if the project has the organic engagement you're looking for, do not worry. Eventually, whales will come in and sweep the cheap floor.
While you're waiting for this to happen, be active in the community! Use your influence on Twitter. Show off your NFT under influencers' "Show me your less than Ξ1 NFTs" tweets. Retweet and leave genuine comments under the dev team's posts.
If you know that you landed the one, it's only a matter of time before the price will skyrocket.
Remember, it's a question of trial and error. You may misgauge the engagement from the project. It has happened to me. You may also buy into a project with an undoxxed team that could easily pull the rug from underneath you.
The NFT space is still risky. You will most likely lose money, so please, be cautious.
But if you stick with it and adjust your strategy to avoid the failures from before, you may just come out on top.
As always, WAGMI frens 🥂.
I am not a financial advisor. Please do your own due diligence before making a decision based on my article, as I am not responsible or liable for your investment decisions.