09/09/2022 BSC News Weekly NFT Roundup: 7 Things to Watch Out For While Investing in Your Next NFT Project

Investing in a Worthwhile NFT Collection

There are an increasing number of scamNon-Fungible Tokens (NFT)projects and NFT creators who are here for the big bucks. Scams seem to be on the rise in this bear market too. Therefore, it might be hard to choose a worthwhile NFT collection among the thousand projects that have the potential to succeed.

As a result, we've put together a few things to consider when investing in an NFT collection and how to identify the best ones. Please excuse us for using some of our favorite NFT collections as examples.

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Let’s start:

Team

A good team with relevant industry experience is crucial for the success of the NFT project. It's also a plus if the team has enough partnerships to add value and exposure to the project. You can find this information on its website and social media accounts.

In recent years, however, we've seen an exciting phenomenon emerge within the cryptocurrency community: anonymous founders. Even though the team is anonymous, that doesn't mean you should disregard their NFT collection.

For many years, no one knew the team's identity that created theBored Ape Yacht Club. Nonetheless, we all know the story of BAYC's success.

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Exclusivity

One of the reasons whyy00ts NFTwent viral recently was its exclusivity. As a result, there were not many people who were able to mint the NFT. In order to be considered, interested individuals had to submit an application to the team members.

It is likely that many people battling for mint nowadays want to flip it for a profit and re-list it as soon as possible. So sometimes, it’s better to have exclusivity to sustain the project.

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Roadmap and Utilities

It is common for good projects to have thoughtful roadmaps. Go to the project’s website to ensure the roadmap is achievable and look for massive promises within ridiculously short timeframes.

Check out what the utilities are on offer as the days of owning NFT just as a PFP are over. Does it provide access to certain events and a means of generating passive income? Are there any preferences for future NFT collections? etc. Of course, there's no guarantee that all good projects start with a roadmap, but most do.

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Community

Having a loyal community is important for the success of any NFT project. If you ask anyone whyDeGodsis so successful, they will probably say it is because of the community. It resonates with people, and they proudly display Dead Gods on their profile pictures.

It is good to have a growing community since it means more people are backing your project, but fake followers will not do you any good. Participate in conversations in Discord or Telegram to evaluate the quality of the community by observing how people behave.

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Having Traction

Analyze how the community responds to the project and whether it receives any attention. Examine the website and social media accounts and ask yourself:

  • Is the art unique and easily identifiable by others?
  • Is it exciting and has long-term potential?
  • Do most of the NFTs belong to the same people or are there many unique holders? Based on the blockchain, you can verify this by looking up the NFT’s address and transaction history on Etherscan, Solscan, and BSCscan.
  • What is the social media following of the project? In addition, who are these followers? Are those bots?

Celebrities

Crypto projects backed by celebrities have gone far, and some have become complete scams. So it's essential to be careful about that. This means you should be selective and pay attention to who stands behind the project.

Blockchains

Most of the most successful NFT collections are built on Ethereum. The Ethereum-based NFT marketplaces also have a higher volume than others. Thus Ethereum NFTs have more chance of getting noticed.

However, NFT projects on Solana andBNB Chainhave also gained traction in recent months due to their low gas fees and faster transaction speeds. Among the best examples are DeGods andPancakeSquads.

Today we have discussed what to look for to reduce your risk of getting scammed or losing your hard-earned money when buying an NFT. However, if you want to analyze a project in-depth, you may need to go the extra mile. You'll learn more about this next week and some tools that can assist you along the way. Until then, stay tuned and keep learning. Buh-bye!

Arts

https://www.bsc.news/post/bsc-news-weekly-nft-roundup-7-things-to-watch-out-for-while-investing-in-your-next-nft-project

Interesting NFTs
No Future #3/15
None.
Who is Satoshi Nakamoto?
"Who is Satoshi Nakamoto?" is dedicated to the mysterious creation of Bitcoin, and acts as the showcase artwork within Javier Arrés’ exploratory series "Bitcoin, The Origin". "Who is the creator of Bitcoin?" The artist, Arrés, explores this question, and the feelings of doubt and mystery that accompany it, through his unique artistic language. An unknown, an enigma. It should be remembered that the name Satoshi Nakamoto is a pseudonym of Bitcoin's author or authors and gives us little insight into its true creator. For this Visual Toy, Arrés uses the signature claw machine, his famous half-operation, to symbolize our collective ignorance and unconfirmed belief: As soon as it has the stuffed animal within its grasp and appears to have solved the puzzle, the animal escapes again, and again. At present, there are three more public and studied possibilities who are either believed to be the creators of the currency or who directly claim the creation of it. It may be all or none of them, yet these three personalities leave us clues which are an important part of this interesting enigma. For this moment, it will remain unknown... In this artwork, Arrés elevates the claw machine from the apparatus, to an iconic pop art object serving as an important element to the Bitcoin creation narrative. Action is everywhere, with each movement serving an iconographical or metaphorical purpose related directly to cryptocurrency: Various ups and downs, roller coasters, mining points, robot, coins and more speak to a sense of hope, risk, mystery, randomness and possibility of pay out. Hundreds of manically thought out details make this creation one of the artist’s most complex Visual Toys to date. ------- "Bitcoin, The Origin" is a set of two Visual Toys, titled "Who is Satoshi Nakamoto" and "It’s Alive!" which reflect and explore the mystery and enigmas behind the creation of Bitcoin. Arrés presents these proposals to us in his signature style, full of iconography, fantasy, maniacal animations and a panoply of details (both subtle and overt) which simultaneously fascinate, hypnotize, and narrate this historical milestone through the singular vision of the artist. Through this series, Arrés freezes a crucial moment of cryptocurrency history, taking a still photo under his vision and turning it into two unique crypto artworks. ---- More info about Javier Arrés: https://javierarres.com/about.html
The Moth Catcher
In this psychologically bed-headed portrait, a creature sets in a trance; his eyes devolved and vestigal, his third eye open but hardened and in a form resembling a Sharingan. The imagery therefore expresses an awareness existing in corporeal introspection. The creature’s mind sprouts, on the left side, an emerging face, grinning. To the right side of the head, red tentacles and fingers intertwine–a collaboration of invertebrate and vertebrate consciousness cooperatively handling paint brushes of the sort used to build an oil painting. The neck and throat bristle with random thorns, as from a rose or the upper portions of a beak sprouting from its flesh. The neck itself disassociates into layers of membranous material, terminating upon an abstracted base of convoluted forms composing its body. The nose is virtually non existent, more a sinus reiterative of the shape of the third eye. Set against the exposed teeth peering out of thick, meaty cheeks, a skeleton-like impression results. That impression sets behind a visceral set of lips and tongue, which is the creature’s prime seat of awareness. Sensual, organic, the tongue organ hangs, meaty, and with consciousness of a sea cucumber. It illuminates at the tip, drawing the attraction of a nearby moth–with mystery of purpose.
Tametomo and the inhabitants of Onoshima Island
Katsushika Hokusai (1760-1849) Tametomo and the inhabitants of Onoshima Island 1811 - Japan
Goat
Hey, who's in charge here? This collaboration between Beeple and Peter France was created using Cinema 4D, Bellus3D for the heads, Octane Render, and Adobe Photoshop.