We buy NFTs to participate in NFT-based projects, play NFT-based games, encounter amazing digital art, and so on. There is the desire of earning money, having fun, and meeting with digital art, so we can say that the value of NFTs increase in our real lives due to our wishes and the outcomes of NFTs. For reaching our wishes in the NFT world, we should act cautiously because there can be some problems in the virtual world. Now, we would like to mention how you can be cautious in the NFT world and what you should pay attention to before buying an NFT.
Searching the people behind an NFT-based project
If you like a digital artwork and want to buy it, you should firstly conduct research about the artist(s) of the NFT. Also, the same situation is valid for NFT-based projects, like play-to-earn games. We mention the step because some creators and sellers in the NFT world can be swindlers. In addition to the circumstance, if you do not research the NFT and the person or people behind the NFT collection, you cannot get the yield you want from this NFT. For avoiding bad situations, you can start with researching the background of the people behind an NFT-based project. For instance, you can conduct research about the people’s past work because their past performance can show the possible circumstance of their future performance. If the people were successful in the past, you can rely on their digital art and project. Furthermore, you can consider the people’s experience in the NFT world and blockchain technology because expert power, that is having the necessary knowledge on a subject, is significant in that field, like in the other fields. In other words, if a person does not have enough experience and knowledge in the field, she or he can have difficulty in the creation of a proper NFT-based project. You can utilize LinkedIn and Twitter for your research; you can analyze LinkedIn and Twitter profiles of the people for understanding their past performance and experience. Moreover, you can participate in the Discord channel of an NFT-based project to communicate with the people behind the project. With the help of the communication, you can recognize the people properly.
Examining the roadmap of an NFT-based project
The second step is analyzing the roadmap of your desired NFT-based project because roadmaps present the past and future goals of NFT-based projects and define the way that will be followed by the team behind the project. If you encounter long-term development plans, you can rely on the project because a larger plan and detailed roadmap can show the request for the progress of the team behind the project. Also, you can consider the design of the roadmap because the design can present the effort of the team in a roundabout way.
Considering the community of an NFT-based project
As the team of an NFT-based project, the community is also important for understanding the long-term success of a project. Firstly, we can say that if an NFT-based project has a huge community, the project probably is successful. However, you should not think that only huge NFT-based communities have the desired success in the NFT world. In other words, the NFT-based projects with small communities can be successful, too. For recognizing the community of an NFT-based project, you can participate in the Discord channel of the project. In the channel, you can read the statements and announcements about the project, and you can get information about both the project and its community. With the help of the communication channel, you can understand the success of the project concretely. As we mentioned above, you should consider the quality of the community, instead of the quantity, so you should focus on the important details of the community when you are analyzing the Discord channel of the project.
Focusing on the utility of an NFT
When we met NFTs, we thought that NFTs are digital arts in the version of JPEG, but the thought was wrong. In other words, the NFT world consists of various formats of NFTs, like videos, photos, GIFs, and so on. Due to the variety of the version of NFTs, you should consider the utility of NFTs; the utility of an NFT is more important than its format. For instance, people can utilize the early sales of NFT-based games with the help of pass or other NFT cards. Hence, you should ask yourself ‘’Will this NFT give me a privilege?’’. If your answer to the question is ‘’Yes.’’, you can buy it! You should buy in the NFT world without forgetting that NFTs which provide you with privileges will improve your investment and help you in the NFT-based project.
Before buying an NFT and participating in an NFT-based project, you should consider the project’s team, its community, its timeline, and the utility. With the help of these considerations, you can develop yourself in the NFT world easily and properly!