In Crypto world, we all know DYOR is an important thing. What are your red points before investing in a decentralized organisation? (Can be a DeFi, NFT, GameFi or another category)
If it’s a copy paste project then I will be extra careful
Team under promising and over delivering
Having a short and long term vision and doing what it takes to reach the goals in time.
No crypto tourists projects with no targets or unrealistic ones.
So followers of their TW page, community is not mean anything to you or ?
Hmm depends on what do you mean with a copy paste, I mean I saw a lot successful of projects that forked theirselves from another projects
Lot of gems are “under the radar” and don’t have a lot of community members. Several reasons can explain that. The market condition (people are a lot less active now that they were a year and a half ago), the funds (most of projects aren’t backed by VC’s and can’t afford huge marketing campaigns - marketing campaigns cost A LOT),…
On an other hand, lot of projects buy followers or tg members. So the number doesn’t mean much.
But an active community is important, even essential, for the success of a project. Community members are the best promoters of a project. They also help improving projects with their suggestions. Community input can help to set new goals as well.
Copying and pasting NFT art is a no-go. It shows how lazy the developer is and how much of a cash grab it will be. It also shows that the creators don’t care about the original artist or art.
Copying and pasting open source code is different. However, the project is lazy if they don’t iterate on it, or make it better than the original. I’ll use the original if its precisely the same or doesn’t have defining improvements.
How fast developers can develop, can developers keep their promises? If they can’t then something is wrong on the product end. If they can’t be open and transparent then something is wrong.
Good, effective Marketing is essential, without it the product will die even if it is good. You can have a crap project and market it well and still do well short term. If you have a great product and people who know how to market then it will do extremely well long term.
Before I invest, I
- Check Tronscan/BSCscan/Etherscan and compare holders to other relevant projects
- Check Twitter posts for comments. (Twitter can easily have bots)
- Monitor Telegram/discord for 1-2weeks to see how active it is.
- Check the roadmap and whitepaper. Have they completed goals, what do they have planned?
- Ask about the team, basically how many devs and how many business types.
- If I personally think the product is crap or not needed. I will not invest.
There are a few more things but that’s the gist.
Thank you, this is a good checklist to do.
Que sea descentralizado, y los desarrolladores den la cara y Apollo total a sus clientes…(por así decir)
A good team is super important
I think a good business model, looking at treasury funds, and fee collection can help you see how profitable and sustainable a project is
good points right here, will follow
Nice tips, especially for the newbies.
I mostly like to look into the team and documentation