DYOR, or "Do Your Own Research," is a crucial concept to grasp before engaging in the world of NFTs. This guide will walk you through the necessary steps to ensure you make informed decisions when minting or purchasing NFTs. By conducting due diligence and thoroughly assessing a project's viability, you can determine if it aligns with your personal situation. Utilizing our watch list function can significantly aid you in this process.
Here are some key areas to consider when beginning your research:
Investigate the team behind the project. Are they transparent about their identities? Do they possess relevant experience? Have any of the project founders been associated with past fraudulent activities? Ensure you trust the team's credibility before proceeding.
Assess the project's unique value proposition. Do you appreciate the artwork? Are they offering something distinctive within the NFT space? If the project focuses on branding, evaluate the strength of their following. For projects offering utility, such as staking platforms or games, explore their website to determine the credibility of their claims.
Examine the size, activity, and engagement level of the community surrounding the NFT collection. Differentiate between genuine hype and artificially manufactured excitement. Consider whether the community aligns with your interests and values, as the strength of an NFT collection often relies on its community support.
Evaluate the feasibility of the project's roadmap. Does the community actively support and participate in achieving the outlined objectives? Exercise caution if a project's roadmap contains unrealistic claims or inconsistencies with the team or funds raised during the minting process.
Safety and Security: DYOR in Account Protection
Ensuring your safety and security is paramount when engaging with NFTs. For detailed information on keeping your account secure, please refer to our "How do I keep my account safe and secure" Help Centre article.
Embrace the exciting world of NFT collecting with confidence by making DYOR an essential part of your journey.