NFT Millionaire! You might have seen some NFT millionaires in the 2021 Crypto bull market, which might have seemed nothing more than hype to you. But that conception may be taking a turn after researching NFT. And now you would like to be the next NFT millionaire. However, the thing is not like you will be an NFT millionaire after buying NFT randomly. You must buy NFTs by abiding by five notable parameters. Indeed, this article sheds light on these five valuable points by following which you will be able to become the next NFT millionaire from a normal guy. These parameters increase the possibility of your being an NFT millionaire several folds. Let’s skip the intro and get into the central area of this article.
Top 5 Ways to be the Next NFT Millionaire from a Normal Guy
- Check the Rarity Score Before Buying NFTs.
- Buy NFTs at the mint price.
- Buy NFTs with high use cases.
- Hold NFTs for a long time after buying.
- Try to gain Whitelisting NFTs.
1) Check the Rarity Score before Buying NFTs
Checking the rarity score of any NFT is the most significant parameter to consider. If you can achieve the possession of any rarest NFT, you will remain one step ahead in the way to becoming the next NFT millionaire.
If you ask us-
What is the best way to identify the most demanding NFT?
- The Rarity Score.
Rarity score is such a significant parameter that will help you know the hidden facts of NFTs within the shortest period of time.
However, you may have a question if you are new in the NFT industry.
What is the Rarity Score in NFT?
- Actually, the rarity score refers to how much rare an NFT is from its concurrent NFTs.
Now the question is-
Why is Rarity Score so important in the NFT industry?
- Think of the famous portrait painting The Mona Lisa, a notable feat by Italian artist Leonardo da Vinci. The painting has no other copies except the original one, meaning it has a 100% rarity score. So now, put it into perspective that if Leonardo da Vinci makes 1000 copies of the Mona Lisa painting, it will decrease the rarity score of the portrait painting, eventually leading to a drop in public attention for it. If so had happened, people wouldn’t have that much excitement about the Monalisa painting. As a result, the demand for Monalisa painting would have dropped.
So, always try to buy NFT that has a high rarity score.
- Rarity score means a particular type of NFT has less similarity to others. As a result, people will be more enthusiastic about buying those NFTs.
- For example, the General Sherman tree of the USA is known as the most popular tree. Now, suppose a popular artist will sell the artistic beauty of this tree through NFT. As per his plan, he will make 10K copies of the Digital Art NFT of the General Sherman tree.
So, think that we are at the very initial stage of NFT. Digital Art is a significant portion of the entire NFT industry. But, the Digital Art NFT of the General Sherman tree that you are going to buy has a total supply of 10K pieces. However, we know pretty well that the artist must bring some changes among those 10K copies, either in the color combination or in the visual presentation of the General Sherman tree. Nevertheless, 10K is downright not a tiny amount.
- You should avoid such types of NFTs in these cases because you will spend your hard-earned money on these NFTs, and NFTs in this price segment are available on the market.
- But, if the artist had made only three to five pieces of the General Sherman tree, we would have strongly recommended you to buy it because of its rarity. It’s because there would have only two to five pieces of NFTs of the tree available worldwide.
Now the question is-
What’s the best way to know the authentic rarity score of NFTs?
- Rarity (dot) tools is one of the best ways for you to know the rarity score of any specific NFT for free. We also use this tool for ourselves.
Now, there may arise a question-
How to evaluate the rarity score of NFT?
- As said earlier, Rarity (dot) tools is one of the best ways to know the rarity score. Whenever you place a command on this website, the site will deliver you the rarity score of the specific NFT accordingly.
- Additionally, you can identify properties with high and low rarity scores of any NFT by browsing the properties section on the website. So, you can easily understand the current state of that NFT you are going to buy compared to other NFTs.
Thus you can understand how much ahead your desired NFT is compared to others that you are going to buy with your hard-earned money. Buying NFT after research is the best way to become a millionaire. And rarity score research is the best part of the research. We believe this rarity score research guideline will show you the right path to you before buying the most valuable NFT. Now, come to the second point, which is also the most important one among the five points.
2) Buy NFTs at the Mint price
Many people think buying NFTs at a high price provides them with the opportunity to sell those NFTs at a high price. But the reality is if you buy NFTs at a price without proper research, you will hardly be able to find a seller to sell them. Even you can’t sell it at your buying price, let alone the hope of profit.
So, if you ask us-
What’s the safest way to buy an NFT for maximum profit?
- Buying NFT at the mint price.
Look, the way the bear market in the Cryptocurrency industry offers the opportunity to grab the best crypto project, the same way mint price, which is set by NFT creators, turns buyers able to buy NFTs at a low price. You are less likely to be deceived if you buy NFTs at a mint price.
- Indeed, the opportunity of buying NFT at a mint price is rare, but websites like Rarity (dot) tools can help you in this regard as these data-providing websites show the list of upcoming NFT sales. Seeing the list on those websites, you can mark any particular upcoming NFT launching date on the calendar so you can buy that NFT at a mint price.
On the other hand, if any NFT is not available at a mint price, what will you do then?
- We suggest you don’t buy if you see the secondary buyer selling NFTs at a price quite more than the mint price because it is frequently seen that people deny buying NFTs for a price more than the mint price. We won’t inspire you to buy under such circumstances as it can be a trap for you. So be careful!
- However, you can buy the NFT, provided that it is trendy and has a high rarity score, and there is very little difference between the asking price of the secondary buyer and the mint price.
Actually, we recommend you buy any NFT at a mint price, so you don’t have to bear any loss. Contrarily, you are more likely to reap more profit if you buy NFT at a mint price.
3) Buy NFTs with high use cases
Use case is a significant parameter equally in both Cryptocurrency and NFT industry. To reap maximum profit, you should buy such NFTs that have high use cases.
So, the question is-
What types of NFTs have high use cases?
i) Gaming Type NFT.
ii) Popular Character-based NFT.
i) Gaming Type NFT
If you nurture a dream to be the next millionaire in the NFT industry, buying useful characters of gaming projects at a mint price can be convenient for you. But, before buying NFTs of those gaming projects, make sure the team members of those projects are not anonymous.
ii) Popular Character-based NFT
For example, of late, the well-famed Portuguese footballer Cristiano Ronaldo got into a partnership with Binance by joining Binance NFT. So, we think we don’t need to apprise you of the popularity of Cristiano Ronaldo. However, it goes without saying that if you purchase these NFTs of Cristiano Ronaldo, it will be the best deal for you. Therefore, buying such popular NFT characters can be the best option for buyers in the NFT industry.
4) Hold NFTs for a long time after buying
You are wrong if you think you will be a millionaire right after a day after you buy NFTs by following the above guideline. The Crypto industry won’t give you a large amount of profit instantly so you have to hold your crypto for a long term to earn a large sum of money. The same scenario we see in the case of NFT. You should be mentally prepared to hold your NFT for the long term.
Now, maybe you have a question in your mind-
What’s the best time to buy NFT?
- Crypto Bear Market.
In the 2021 Crypto bull market, the price of NFT, for example, was at 3 ETH, and still, the price is at the same position as the market is currently in the bear trend. And whereas the price of Ethereum was at $4500 in the 2021 Crypto bull market, which tumbled down to $1000 in 2022, leaving you a chance of buying ETH at a 75% discount.
- As a result, you have the opportunity to buy good-quality NFT at a relatively cheap price.
- The same scenario exists in the case of Solana, Binance, AVAX, and other Layer-1 cryptocurrencies.
That’s why our suggestion is to buy these good-quality NFTs at a relatively cheap price in the Crypto bear market.
Now, there arises a contextual question, which is-
How long to hold NFT to reap high gain?
- Until the Next Crypto Bull Market.
NFT is more likely to be the trendiest crypto niche by the 2025 crypto bull market. You will be the real gainer when there is a win-win situation for NFT all-around. It will be the right time to sell off your already-held NFTs for a high price.
5) Try to Gain Whitelisting NFTs
Except for buying, there is another valuable approach to gaining rare NFTs, which is through earning whitelisting NFTs. There may have a question in your mind now-
What is Whitelisting NFT?
- Sometimes, NFT projects give their community members free NFTs to encourage them, which is known as whitelisting NFT.
Community is a significant asset for both the Crypto and NFT industry. That’s why whitelisting NFT is a common sight in the initial time NFT era.
How to Win Whitelisting NFTs?
- Select such NFT projects that are yet to be publicly launched because these projects are in want of building a community. These types of projects basically offer whitelisting NFTs.
- Stay active on Discord & other social media(s) so you can get the wind of any whistelisting NFT announcement right away when it is announced.
- Most importantly, fill up the whitelisting NFT form carefully, especially the box where you are asked- why are you so interested in whitelisting NFT? Don’t confine yourself to one or two sentences while giving your opinion over the question rather share your full opinion so it makes them feel that you are highly dedicated. It will increase your possibility of winning whitelisting NFT.
Actually, NFT is a new chapter in the realm of technology. And those who will stay adhered to this industry from its initial time will be able to consume the whole butter of the industry. However, we tried to make you understand this by providing guidance in this NFT millionaire article about how you can be the next millionaire in this NFT industry. There is no alternative to researching to reap maximum gain from this industry. And we believe our little contribution will help you in earning huge profit from the NFT industry. NFT is a massively potential industry and it may outnumber Defi in the future. Consequently, we will keep uploading articles on NFT regularly on the CryptoOOF website, so stay in touch to get more exciting research-based NFT articles.