NFTs otherwise known as Non-Fungible tokens are the talk of the town right now. They have quickly developed into becoming quite the hot topic of discussion. They have attracted a whole new category of people such as creators, gamers and new collectors, but this new found attraction comes with many problems as projects either turn out to be scams or get launched and eventually get abandoned.
Over time we have witnessed a trend of newcomers entering the industry since NFT games are large scale projects piquing the interest of many. Scammers tend to take advantage of this trend by attracting various interested individuals or investors through shady means.
But with the abundance of projects, how can you identify credible NFT GameFi projects?
To understand if a project is authentic or not, an extensive knowledge of the industry is required including possessing information about NFTs and smart contracts. NFT games only work if they are backed by an extensive and booming economy that comprises many users. Otherwise, the NFTs themselves hold no real value. Here are some other factors to keep an eye out for:
The identity of the creators
Most projects’ teams and creators have years of experience accumulated through the industry. Researching the creators, checking their track-record online, and checking the success of any previous projects they worked on shall most definitely help you determine their credibility.
These days we see a rise in celebrity endorsements with your favorite musicians or athletes backing certain projects. Most of the time these are legitimate projects, but it is not always the case. We’re looking at you Floyd Mayweather.
Social media presence
Social media is a great way l to understand more about the project, learn about the community, and what they are honestly saying about their project. You can gain some insight into how big their community is and gauge whether there is any interaction and transparency between the developers and the community. These are crucial to keep an eye out for because the most successful projects have a vibrant community that’s active and excited.
The Smart Contract
The best part about this industry is how easy it is to find information about most projects. Tools like Etherscan or BscScan give you access to all the vital information you’ll need such as information about the creators, active
GameFi projects are on the rise and with this checklist you can find some of the best projects that are credible and legitimate.With the pick of the lot and the right information at your disposal you can pick up some of the hottest projects out there.
