Everyone always says DYOR, but what does that mean in the NFT space? Here's some quick tips I learned after nearly getting rugged yesterday...
1) Is the team doxxed? Some projects are still valid if team isn't doxxed, but in this era of opportunity, do you want to take that chance?
2) Social media/discord engagement matches the amount of following? The project I looked at had over 150K followers but interactions were in the hundreds.
3) High mint price? I would say anything > 0.25 is excessive and raises some flags.
4) Rushing presale time? The project gave presale members only 1 hour to mint before public. Anytime a project is rushing their members to do anything to encourage FOMO is a red flag.
5) Non-transparency? ie. not disclosing presale spots, no roadmap, closing discord chats for periods of time, mods aren't available or not answering questions...
6) If your spidey-senses are tingling from any of scenarios, consider waiting some time (especially if you're presale) and checking FPs on secondary when the project launches before rushing in for the mint.
Let me know if you have any other specifics to make sure we all do the proper DYOR in this space! #NFTs #NFTCommunity #WomeninNFTs #DYOR #DYORProject
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