So you made up your mind and you want to get an NFT. Before you do, there are things you should know to get the very best deal. This article will make you feel like a fish in water in the NFT world. Mars4 will be used as an example of how this Mars Metaverse project fulfills the criteria of a fair and valuable NFT project.
Choosing an NFT
We are spoiled for choices when it comes to NFT projects. From digital perfume to the very first Tweet, you can get almost anything as an NFT. If you are a collector and want nothing more than to gather up a pile of various strange and shiny assets, any NFT that catches your eye is a safe bet. But many people see NFTs as an investing opportunity.
Before investing in anything, you have to weigh many factors to make a reasonable decision. We prepared a list that should help you confirm if the project is worth your investment.
1. Check the team behind the project
Most NFT projects allow you to take a glimpse of the team working on them. It is a common practice because there are many scam projects out there. You can greatly minimize the risk of rug pull if you invest in projects that allow users to see the personal information of the team.
Rug pull happens when a crypto project collects money from investors and disappears without fulfilling the promises. If you know the team behind the project, you can feel safer. Illegitimate NFT creators do not want to be tracked down after the rug pull, so it is unlikely a project with a visible team will commit it.
You can check more information about the Mars Metaverse project team here. Some of the Mars members are active on both Telegram and Discord so you can ask them questions directly. Not only that, the Mars team does AMA ('ask me anything') sessions regularly. Usually, AMAs are done by Game Development Director Nick as the community is excited to see sneak peeks from the game and has a lot of questions regarding it, but recently two other members of the team joined the podcast to discuss the future of Mars4. If you missed it, you can watch it on YouTube.
2. If the project has a token, check where it is listed
Getting listed on various platforms is not an easy task as it is time-consuming and costly if the platform does not see any point to include your token. If the project has been listed in the biggest exchanges, it is a good sign of a healthy project.
The MARS4 dollar has been listed on 5 exchanges so far. Some of them are decentralized, such as SushiSwap, and some are not, but are one of the most popular exchanges out there (KuCoin, MEXC). With listing on PancakeSwap, the Mars Metaverse project is multichain allowing users more flexibility to choose their preferred platform.
3. The community numbers (and engagement)
The success of an NFT project often lies in the hands of the community. Big numbers often signal that people believe in the project and invest both their time and money in it. While there are many platforms you should keep your eye on, it is safe to say Telegram, Discord and Twitter are the main platforms used in the crypto world. Check if the project is active on these platforms. It is worth finding out if the team is constantly posting news and updates, and whether or not the team answers community questions.
The Mars metaverse project has gathered over 200k members across all the platforms. You too can join Telegram or Discord channels to jump into the conversation - it is the first step to getting to know the project more intimately. You will be able to ask questions about the project and get support in English and many other languages as Mars4 has community managers from various backgrounds and is a global project.
4. Check the roadmap and do not be afraid to be an early investor (if you are willing to 'hodl')
The early bird gets the worm, they say. It is not surprising that this type of logic applies to the crypto world. We all know stories about BitCoin going through the roof, Bored Ape Yacht Club emerging and taking everyone by a surprise, and many more instances where early investors became rich overnight.
A good NFT project will have a roadmap to allow investors to see what steps the team is taking towards the ultimate goal which can vary from project to project.
You can check the Mars Metaverse project roadmap on the whitepaper. As you can see, the release of the first playable Mars game is planned for Q2 2022, so if you invest in the Mars Metaverse project now, you can still call yourself an early investor. Not only are the prices lower now (less than 3,000 land plots left until the price increase), you will be amongst the first ones to get to play the game as the demo that will come out soon will be available for landholders only.
5. Check the value proposition
If you are new to the crypto world, you might think that having an NFT is just simply owning a piece of art in hopes to sell it for a higher price. While it is partially true, nowadays you can find plenty of projects that offer NFT assets that create value for their owners besides just having a cool picture in your crypto wallet. From access to private spaces to financial benefits, you can find many NFT projects that offer you various additional values.
For example, play to earn games are providing users with tools to monetize their skills and time spent on the game.
The Mars Metaverse project is exactly that: a fun and immersive game that allows players to earn from the game. It will be a virtual world where players can explore the Red Planet, gather resources from it, construct buildings and visit offices, shops and other public places. In this way the Mars Metaverse project allows players to enjoy the best experiences and earn money while having a splendid time.
The Mars Metaverse project also allows holders to reap passive income just from holding NFTs. A community pool was introduced to give back to the investors of the project. The community pool will be filled from various income sources, such as sales, advertising, in-game transactions. Investors will be able to get part of the community pool based on their investment size redistributed to them. And by investors, we mean everyone who invested their funds into the game: be it a small purchase of an in-game asset such as a vehicle or a rare NFT land plot.
You can learn more ways you can earn from the Mars Metaverse project on the whitepaper.
Buying an NFT
So you have found a project you want to invest in? It is time to purchase the NFT itself. There are a few things you are better off knowing to make your journey into the crypto world easier.
1. Mind the gas fees
If your chosen NFT is on the Ethereum blockchain, we have some bad and good news for you.
The bad news is that you will have to pay additional gas fees that are unavoidable and can get quite hefty sometimes.
The good news is that these gas fees fluctuate over time and you can even check various websites to see the right time to buy your NFT. For example, Ethereumprice has heatmaps included that allow users to intuitively see the best timing to make a transaction.
The Mars metaverse project is also on the Ethereum blockchain, so do not forget to check the gas fees before completing your purchase!
2. Get a wallet that can support your NFT
A good project will give you instructions on how to buy their NFT and will suggest to you wallets you can use to store their NFTs.
You should always use a personal wallet to buy your NFT. Never buy with an exchange wallet (such as Binance, Bittrex, Coinbase, etc) because the NFT will be sent to the exchange, not you. One of the best wallets you can use for your NFT is Metamask, Trust Wallet, or BitKeep.
If you have set your eyes on the Mars Metaverse project, you can read the guide on how to buy Mars NFTs here.
That is it - now you know quite a lot about the NFT world. We hope this guide was helpful and we will see you soon on the Mars Metaverse project!