DYOR the Right Way: Questions to Guide Your Research of an NFT Project
A week in the NFT space is like a year in the traditional consumer retail industry. Partially due to mass adoption by mainstream, commercial brands, and partially due to hype, there are no off days when it comes to NFTs. New projects launch consistently, saturating the market with a surplus of information even for enthusiasts.
As an art enthusiast or collector, we have outlined a few basic questions to help guide you!
The mission statement and core values of a project are a good place to start your research. You should think about the purpose of an NFT project. Consider why the project exists in the first place and why the creator was moved to make the art. In addition, does the project seek to solve something by creating innovative NFTs?
Consider why you want to participate in this project as well.
NFTs should embody three elements: access (the ability to participate), collection (the ability to collect), and community (the participants themselves). If a project doesn’t address these elements then perhaps the project lacks depth.
It’s true that sometimes things are simply visually appealing. Despite aesthetic taste being subjective, it’s easy to tell if the art was done with passion or not; if it has meaning to the creator and the community. Beautifully created, substantive works will resonate– not unlike beautiful expressions of creativity in the physical world.
The community is one of the most important aspects of an NFT project. It’s important to keep both the creators and audience in mind. Think about whether you have an affinity for the community–do you find common ground? Or a place to learn something new? Treasure community members who are welcoming, inclusive, and willing to educate you about a new project. Many of these initial conversations can blossom into unexpected friendships.
Important questions to ask
Ask yourself the below and more important questions when researching an NFT project:
- Why is this an NFT? Why was this created?
- What about the NFT speaks to me?
- What is the art?
- Who are the project’s community members?