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.
4. Inactive Discord
Discord is central to community. Community is one of the most important aspects of an NFT project. If you’re struggling to have meaningful conversations on the discord, the project is not worth your time.
5. Excessive Floor Talk
A little floor price talk is fine, but if it’s excessive, the project is destined to fail. It’s built on a house of sand. At the first sign of weakness, the floor is bound to crash.
6. Weak Twitter Presence
Twitter is a really important part of NFT projects. It’s related to community and marketing. How is a project supposed to grow in popularity if it’s twitter isn’t great?
7. Lack of Execution
A lot of projects overpromise and underdeliver. This is why I don’t like roadmaps. Stay away from projects that have not been able to deliver. Execution is everything. If…
