When I first came across non-fungible tokens or NFTs, I wanted to learn more about specific projects.
So, I started using the largest NFT marketplaces like OpenSea, NFT Gateway, and Rarible to see what people are buying and selling.
However, many supposed digital art projects struck me as ridiculously expensive … or scammy. I struggled to figure out which projects had real value and which ones were overpriced JPEG files. I couldn't understand why NFTs are so valuable?
I also found it difficult to understand which newer NFT projects were legit, under active development and why they were so popular with holders or collectors.
After spending hours in Discord and reading up on projects, I found nine great NFT websites that help beginners learn more about this emerging space. These NFT websites will also help you do your own research (DYOR) and navigate the rapidly changing NFT landscape.
For the purposes of this article, I'll assume you're already familiar with using OpenSea, have set up a Metamask wallet (or another Ethereum wallet), and understand how to buy and sell Eth. All are prerequisites for navigating the space.
Many conversations about NFT projects take place on social media, predominantly on Twitter. Start by searching for NFTs on Twitter or following some key influencers.
Tip: the NFT OGs usually have a Cryptopunk as their Twitter picture-in-profile (PFP)
I built up a Twitter list of NFT influencers follow who are knowledgeable about the space. If I'm thinking of buying a project, I evaluate the account of key projects.
Cyberkongz is a bluechip NFT project with a larger Twitter following. It has got the blue verified Twitter tick, which you'll see for bigger projects. I also look for
- The NFT project's official Discord link
- A website link
- An OpenSea link
I'll consider how many followers the account has? What's the engagement like and the age of the account.
This is particularly important if you're considering investing in a lower-priced digital asset or a newer project. Cyberkongz has been around for a while, so it's got over 55,000 followers. For newer projects, you might only see several hundred or several thousand followers.
After you've spent time on Twitter, chances are you've identified a few projects you want to learn about. But, if you're thinking of buying one, wait!
Discord is your next port of call. If you're unfamiliar with Discord, it's an instant messaging platform gamers use to talk to each other when playing or streaming.
Almost every big or popular NFT project has a Discord community. You can use these Discord groups to follow official announcements from the project leaders and owners. That'll help you figure out if the project is under active development or otherwise.
The Cyberkongz Discord community contains channels for news, a Twitter feed, and premium channels for CyberKongz holders.
A smaller Discord community For Fast Food Frens contains official links for OpenSea. On Discord, you can chat with and ask other people about NFTs, artwork, and projects.
If you use Discord, expect to encounter scammers. When I joined Discord, I received dozens of messages from scammers telling me about all these crazy airdrops and investment opportunities.
If somebody messages you directly on Discord, assume the worst. Don't click, engage or interact with their messages, even if they use the project name in their handle or claim they are a support team.
A message from collab.land is the only Discord message to pay attention to. It's a bot Discord communities use to allow holders and members of a community to verify their accounts. Basically, collab.land sends an automated message for approving your account.
After approving collab.land, go into user settings, then user profile, and turn off "Allow direct messages from server members."
You could also go one step further by changing your visibility on Discord. These steps will dramatically improve your Discord NFF experience.
WGMI is an NFT term that stands for "We're all going to make it," i.e., become rich.
A pipe dream? Perhaps. You can use the WGMI.io website to check the floor price of various NFT projects and how they've changed on a 24-hour basis. It's kind of like the NFT space's version of Coinmarketcap, a website many crypto investors use to check prices.
While free, it isn't as comprehensive as Coinmarketcap. For example, WGMI.IO doesn't feature smaller NFT projects, but you can filter through projects faster than using OpenSea. You can also check the floor price over the past seven days versus today.
WGMI also helps you find a project's official OpenSea link, which is helpful if you want to buy one but can't find the correct link.
NFT-stats is similar to WGMI.io. Use it to find top collections and projects and check their prices and trading volume.
You can also see NFT collections trending over the past 24-hours or filter by the past seven or 30 days. You can also explore examples of NFT digital art, view secondary sales, and find the correct OpenSea, Twitter, and Discord links.
It's not as comprehensive as some NFT websites, but it's fast and free.
Minting new projects on release and getting on a whitelist for drops is a big part of the NFT space. But it's exceptionally difficult to figure out what's being minted and when.
It features many upcoming mints and drops. It also provides information about high-profile drops in progress and shows release dates for future projects.
Again, you can use this site to find Discord, communities, Twitter profiles and discover some great NFT art. That said, you still need to evaluate a project using due diligence.
The DappRadar website focuses on decentralized finance (Defi) and the wider crypto space. But it also features excellent tools for NFT enthusiasts comfortable with navigating the space.
The first tool that's particularly useful is for checking the value of your portfolio. If you've invested in crypto, it's easy to check the value of your portfolio using lots of different software that's been out there for years, like Koinly.io, but not much software exists for NFT holders.
In DappRadar, paste in your Ethereum or Metamask address and see exactly how much your portfolio is worth based on the floor price of NFTs.
I've pasted in the address for one of my NFT wallets, and I can see all of the tokens I own and what they're worth.
If you know the address of another investor you're following, you can paste in their wallet details and see how much their portfolio (at least within a single wallet) is worth.
I also use DappRadar to see the gas or GWEI I have on NFT transactions. Gas Gwei is the cost of using the Ethereum blockchain to buy and sell NFTs, and it's not cheap.
I pasted my address into Dappradar and discovered I'd incurred $574 on Gwei fees with this wallet. This information is helpful for me at tax return time because I can write off the cost of Gwei.
Rarity.tools help you learn more about current NFT projects, find new ones, and most importantly, check the rarity of a piece.
Using this website, I can select my favorite NFT project and filter through specific NFTS by rarity, price, and traits. I can also use the number of an NFT to see how rare it is. This information is useful for buying and selling NFT art.
Rarer NFTs are worth more, but they're also harder to sell due to the higher price. However, if you can find an NFT near the floor price with a relatively good rarity score, you've probably found an underpriced piece.
Basically, I found several NFTs from a collection near floor price, plugged them into rarity.tools and bought the one with the highest rarity score that fell within my budget.
Dextools is similar to Dappradar. It's an advanced analytics tool for navigating the cryptocurrency Defi space rather than NFTs. However, you can use this analytics website to track the value of tokens and NFTS.
Holders of NFTs like Supducks, Cyberykongz, Anonymice, and many other projects receive proprietary tokens each day. Unfortunately, it isn't easy to figure out how much these are worth as they're not traded on big exchanges like Coinbase. That's where DEXtools.io helps.
For example, CyberKongz Genesis holders received $Banana tokens each day. If I type in $Banana into DEXtools.io, I can see the price of this token. It translates into a six-figure income for Cyberkongz Genesis holders. They're all going to make it!
Nansen.ai is a premium analytics tool that serious cryptocurrency, Defi, and NFT investors use. But, starting at $149 per month, it's not cheap.
Again, Nansen covers the entire Defi space, but the NFT paradise tool is particularly useful. It provides an overview of the NFT market. You can track trending NFT projects, their floor price, and fluctuations over time. It supports a variety of smart contracts, including Ethereum, Polygon, Fantom, and soon Binance Smart Chain.
It also flags new mints and tracks premium or bluechip NFTs. You can also plug specific NFTS into Nansen and determine how many people hold the NFT and trading action over the past month.
I also like Nansen because you can dive into a specific project and see what NFT collectibles prominent holders like.
If lots of holders own a specific project, that's a good sign, but if they're selling it, they may be seeking exit liquidity. Don't become their exit liquidity. You can also profile the make-up NFT wallets.
Nansen isn't cheap, so again, it's probably a tool for serious investors and those committed to the NFT and Defi spaces.
Best NFT Websites: The Final Word
These are the best NFT websites for navigating this emerging space and learning more about projects.
Remember, before buying an NFT, exercise due diligence. It's a risky form of digital real estate. You're probably not going to find the next CrypoPunks, but many gems exist. But, unfortunately, many more will go to zero.
Ask, is this a legit project, and can I afford to lose my Eth investment? Do I want to hold onto this NFT for the short or long term? How do I feel about this NFT versus buying Bitcoin or a safer investment?
While you can use software and NFT websites to help, it also pays to engage with the community on Twitter and Discord and read a project's roadmap before using your credit card to buy Eth and invest in a project.
While NFTs are changing the creator economy for the better, DYOR.