How to know if NFT is legit?

By Hanging man Legend 2 years ago
100% Upvoted
Hanging man Hanging man Legend 2 years ago
I will write down some steps that you can take to check if the NFT project is legit or a scam but be aware that some projects can be very good at masking their bad intentions.

I'll make a separate topic for sharing names of scam projects so others can quickly check and avoid the scams. Please always tell explain why you think it's a scam because we don't want everyone calling scam, right? :)

If you are buying an NFT for an exchange, it's much easier to determine if it's legit. Check if the exchange has marked them as Verified. Sometimes people create the same collection as the original one on some other exchange, but in fact, it has nothing to do with the original one. You can google them and check their website. If you are minting a new NFT, it can be much harder. Here are some steps for those:

- Always check who is launching NFT. Is it a celebrity? Is it a team who publicly displays their names and links to their social media account, or perhaps a team who already has some successful NFT launched? Lately, it's more and more popular for teams to be anonymous. That doesn't mean that they are necessarily scams(Bored Ape Yacht Club has anonymous creators) but take some caution nevertheless.

- The first thing to check is always the project itself. What are they about? Is it just a ripoff of some other popular NFT collection or are they actually trying to do something new?

- Check their social media and communities. Almost all projects have at least a Twitter account and Discord. You will get a pretty good idea of the project by seeing what other people have to say about it.

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