HOW TO DO YOUR OWN RESEARCH IN NFT’s
In this thread, I’ll be showing newbies how to avoid falling for scam/rug nft projects.
This will save you a lot of money, time and can help you maximize your profit as a newbie in NFT’s
RT FOR OTHERS 🧵
In this thread, I’ll be showing newbies how to avoid falling for scam/rug nft projects.
This will save you a lot of money, time and can help you maximize your profit as a newbie in NFT’s
RT FOR OTHERS 🧵
I get a lot of DMs from newbies asking if a project is good or not.
Well, these are the things I check while doing my research on an NFT project;
Well, these are the things I check while doing my research on an NFT project;
1) THE WHITEPAPER - This is a document or write-up that gives you a basic understanding of what the project is all about.
It should be found on the project’s website or discord server.
2) THE TEAM - The team behind a project are the backbone of every project.
It should be found on the project’s website or discord server.
2) THE TEAM - The team behind a project are the backbone of every project.
A team that has built successful projects before the current one will almost always be a good bet.
When researching, you should always watch out for these kinds of people. They have significantly lower chances of failure compared to other Devs.
When researching, you should always watch out for these kinds of people. They have significantly lower chances of failure compared to other Devs.
Always take your time to find out more about them.
They can be sometimes anonymous, and that could be a problem
Doxxing (revealing previously private personal information about the team) doesn’t guarantee safety these days, you can still get rugged by a doxxed team.
They can be sometimes anonymous, and that could be a problem
Doxxing (revealing previously private personal information about the team) doesn’t guarantee safety these days, you can still get rugged by a doxxed team.
3) THE TWITTER - Twitter is the number 1 NFT social platform, you can learn a lot about a project on Twitter alone.
Things i look out for on twitter;
a) Followers and engagement - I use Followeraudit to check if the followers are real or botted followers.
Things i look out for on twitter;
a) Followers and engagement - I use Followeraudit to check if the followers are real or botted followers.
A project whose followers appear to be bought and mostly fake would most likely be up to something shady.
A project's following must be largely organic and real.
A project's following must be largely organic and real.
b) Engagement Farming - If all a project does is farm engagements, it’s a red flag, I’ve seen so many projects build followers on twitter and say nothing else about their plans.
Some others are only engaged because all of their tweets seek engagement in exchange for a chance..
Some others are only engaged because all of their tweets seek engagement in exchange for a chance..
at getting WL. Don't let the high numbers fool you.
An effective way to check the true quality of a project's engagement would be to ignore the WL giveaway tweets and focus on other tweets that don't offer such incentives in exchange for WL or giveaways of any sort.
An effective way to check the true quality of a project's engagement would be to ignore the WL giveaway tweets and focus on other tweets that don't offer such incentives in exchange for WL or giveaways of any sort.
If those are getting good attention, awesome for the project.
4) THE ROADMAP - Most projects create false promises with fake roadmaps that will never be implemented. Some make outrageous promises like promising holders a chance to win a car. Never believe those.
4) THE ROADMAP - Most projects create false promises with fake roadmaps that will never be implemented. Some make outrageous promises like promising holders a chance to win a car. Never believe those.
I prefer those who underpromise and overdeliver.
5) THE COMMUNITY - Get into the discord and observe conversations between community members, observe how the moderators and founders run the community. If it’s not in a healthy way, i don’t even bother.
5) THE COMMUNITY - Get into the discord and observe conversations between community members, observe how the moderators and founders run the community. If it’s not in a healthy way, i don’t even bother.
It is also important that you seek opinions about a project away from their Discord and Twitter. Most people there are pretending to be bullish for various reasons.
Talk to friends and strangers in the NFT space who have no reason to pretend. That may be what saves you.
Talk to friends and strangers in the NFT space who have no reason to pretend. That may be what saves you.
6) UTILITY - These are the access, perks, and opportunities they provide to NFT holders.
A good NFT collection must provide something valuable to holders. It is never enough for you to just hold for the sake of it, you must get something back.
A good NFT collection must provide something valuable to holders. It is never enough for you to just hold for the sake of it, you must get something back.
Checking out everything in this thread does not totally save you from rugs, but it’ll help increase your chances of identifying and avoiding most rugs.
Follow me @Blueboytweets_ because i’m fun and i do whitelist giveaways regularly.
Edited by @the_olusegun
Follow me @Blueboytweets_ because i’m fun and i do whitelist giveaways regularly.
Edited by @the_olusegun
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