Choosing NFTs is an art. The right NFT can 10x overnight, while the wrong one can quickly go to 0. Here are 10 NFT red flags to watch out for so you don’t get burnt 🚩
1. Undoxxed Team
Be extremely skeptical about anonymous teams. They don’t have the same level of accountability. There’s a lot less pressure on the team. They haven’t put their image on the line. You don’t know as much about them, and you can’t put a face to the project. It’s hard to research the team. You don’t know what they’ve worked on in the past. Will they be able to execute?
2. Inexperienced Team
The best teams are experienced. They have industry knowledge and may have launched projects in the past. You’re trusting these people with your hard-earned money.
Who would you trust more: A random college kid that found out about NFTs months ago or aformer fortune 500 CEO
3. Lack of Transparency
This is an extreme red flag. Founders and mods should be extremely transparent about what’s going on. If they’re hiding things, I’d stay away. It should be easy to get your questions answered and you shouldn’t be left with too many doubts about the project.
