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.

Donald Trump dines with NFT mega-collectors during break from New York hush-money trial
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‘Tiger King’ Star Joe Exotic Jumps On NFT Bandwagon From Behind Prison Bars

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
#65952
By OthersideDeployer
Traffic
Traffic explores a crossroads between the metaverse & reality through organized chaos. The complexity of this aural / visual landscape demanded over 200 hours of design time between Slimesunday & 3LAU. Every detail of this piece was built from scratch, from the reflective puddled pavement to the stabbing synthesis of the song. We think we'll be spending a lot more time in the metaverse in the future, don't you?
CryptoKitties
Good morning! I'm Kitty #391038. My friends describe me as annoying and stinky. I was voted school jock in college. Will you be the ranch dressing to my ghost pepper hot sauce?
The Scion
A young figure caught in a moment of distraction, aware only ephemerally of his unconscious being, as it engages in psychological and psychedelic layer spaces. His right arm casually cradles a moray eel; the figure is comfortable but not truly aware of the potentials for danger in such negligence. His shirt reads “Bello” in Pokemon style font, harkening back to a childhood straddling the millennial threshold. To his right side, out of the unconscious deep, shrouded alien heads propagate as a fractal totem, each new iteration a more sophisticated rendering of emotional masking over the cold mystery of the greys. As the scion of the Budgie-Sattva, the young man, in his distraction, is also simultaneously aware of higher levels of self discovery. To his left a psychological topology sets beneath the oracle side of an 8 ball ,hovering; its message a purest concept of acceptance. The “Scion” lettering is in 80’s HeMan style bold declaration. The lower right side of the painting is like a hybrid of melon, feathers, and seeds. The crystals in the background bring light; conducted, refracted, reflected, and dispersed, to balance the dark shadow of the figure’s physical body. The aura of the scion succeeds in layers to point, with a finger, and the crown chakra, toward a center of a mandala existing as nigh pure application of strokes, in essence painterly abstraction, but also revealing hints of the Aura of migraine, and the bi-hemispherical nature of the brain–noting concerns of the possibility of inherited mental disease. Yet the flourish of chakra as it sets against that center is robust, active, coherent, and reveling against all fear. Fundamentally, the piece speaks to the activation of one’s potential to begin to “Know Thyself”, and find greater awareness out of the enigmas of the mind–as an inculcated seed given to the rich soil of one’s own birthright.
Ethboy
Young Vitalik takes on the role of Picasso’s son Paulo dressed as Harlequin in this artwork but the octahedron Ethereum logo replaces the chequered pattern of the original jester outfit. Leaning against a large chair, the boy genius fiddles with his fingers in a somewhat nervous manner; nevertheless, he stares directly at the viewer with what appears to be a confident, ‘Mona Lisa-like’ smile. Vitalik has no idea what the future has in store for him, but he’s prepared to face any obstacle ahead as he begins life's adventure.