@0x_fxnction @SOLBigBrain
Feel free to add anything I’m missing but with an increasing number of rugs popping up on solana, here are some of my observations on scams and rugs over the past few months and the best ways to avoid:
1. If you hear or read about a project less (1/7)
Feel free to add anything I’m missing but with an increasing number of rugs popping up on solana, here are some of my observations on scams and rugs over the past few months and the best ways to avoid:
1. If you hear or read about a project less (1/7)
1(cont.) than an hour before the mint, you likely have not done enough research and should probably skip
2. Never let FOMO get in the way of proper due diligence. With how quick sol NFT are growing there will always be another project to ape into, and likely soon thereafter(2/7)
2. Never let FOMO get in the way of proper due diligence. With how quick sol NFT are growing there will always be another project to ape into, and likely soon thereafter(2/7)
3. While howrare.is has a great tool listing a lot of upcoming drops, this should not be your sole source of information. Always check a projects Twitter and discords prior to minting
4. When looking at Twitter and discord most people think followers, likes (3/7)
4. When looking at Twitter and discord most people think followers, likes (3/7)
4 (cont.) and retweets matter the most. I would firmly disagree. Look more at replies on the projects tweets, look at the accounts of those people replying and assess the authenticity. Look at the profiles of people liking the tweets and asses if they’re spam likes/RT (4/7)
5. Look at the engagement in the discord leading up to mint. Are there a lot of people in there asking legitimate questions and interacting back and forth?
6. Search the project name on Twitter and look at mentions and buzz around it. Do they seem authentic? (5/7)
6. Search the project name on Twitter and look at mentions and buzz around it. Do they seem authentic? (5/7)
7. Always use a secondary/burner wallet for mints. Never use your wallet address that has your sol or NFTs. Transfer sol to the burner wallet right before the mint with only the sol you need to maximize the minting you want. If there is a scam your maxexposure is only that (6/7)
As SOL continues to grow there will be more. Be careful. Do your own research and good luck to all. Happy to try to help clarify anything above for any1 if they reply or want to DM me. Tag anyone else who should see this
#nftcollector #NFTs #SolanaNFT #Solana #sol #SolanaSummer
#nftcollector #NFTs #SolanaNFT #Solana #sol #SolanaSummer
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