NFT buying is a very subjective thing. Do what you think is right instead of considering other opinions. Because in the end, you are the one who is going to be the victim, not the others.
This is the bitter reality of our society that the progress of a trend brings negativity as well. NFT trend has skyrocketed in recent years. With this, the scope of NFT scams has also increased. Most of the new projects which are becoming part of the market desire to trap users.
Then how can we distinguish between a fraud and a real project? This question becomes very important when you are a newbie or daily trader. So, to provide ease to our users we have provided a few key points that you need to consider before investing in NFT.
Never invest in an NFT project before research. Research in investment is very important. What do we mean by research? Research doesn’t mean that you start considering others’ perspectives. Research means to read the project, identify its history, track record, determine the origins and objectives.
Beware of Rug Pulls
Rug pulls is the term where a company escapes after trapping investors. All their statements of new artworks, charity, and the creation of live events go in vain. They run after filling their pockets.
How to decide if an NFT project is a scam or not?
To take a decision whether a particular project is worth investing in or not, focus on the following aspects:
- Project team
- Social media following
- Project roadmap
- NFT mint price