If you are a new participant within the NFT space, you will observe new terms adopted as means of communication within the community. Another striking feature is the presence of avatars on display profiles of members as opposed to the use of personal pictures.
However, questions could be asked as to why people hide their faces in the industry. Why do so many NFT influencers find comfort in anonymity behind their avatars instead of their own pictures?
This article will look at the benefits and disadvantages of dooxed or known NFT teams engaged in NFT projects and anonymous teams and then analyze both.
What is a Dooxed NFT Team?
The ordinary meaning of the word “dox” involves publishing a person’s private information with malicious intentions. However, within the crypto space, the term has a different meaning. It refers to persons who consciously or otherwise put themselves at risk for reasons of their being known within the crypto space. A dooxed NFT project relates to one in which the team members are known to members of the public.
Benefits of Dooxed NFT Team Projects
- The first advantage of a dooxed NFT team project is that it adds credibility to the team due to their being known. Persons on such teams will find it easier to garner widespread support as people will relate easier with the project than their anonymous counterparts.
- Brands always prefer to work with a real team instead of their alias. As such, it offers a measure of transparency to the NFT project.
Disadvantages of Dooxed NFT Team Projects
- The first significant downside of a dooxed team is that members are easy targets of attacks. Their emails and wallets can be subjected to hackings by fraudsters and scammers within the NFT space.
Anonymous NFT Team
Anonymity is simply the ability of a team to carry out transactions in a way that makes them unidentifiable. Just as the term implies, an anonymous NFT team is one whose members are generally unknown to the public. Such NFT projects are run as an alias and do not involve displaying members’ private or personal information.
Benefits of Anonymity
- The main reason for anonymity is that it offers security to team members. Successful cryptocurrency projects can earn large amounts of money and easily become targets for hackers and fraudsters. By keeping the NFT team secret, such teams reduce the chances of their projects becoming subjects of attacks.
- It also offers members of the community willing to interact with the project an opportunity to do so without revealing their identities.
Disadvantages of Anonymity
- Anonymous NFT projects command reduced credibility as opposed to their dooxed counterparts.
- If your team is seeking to build a positive reputation, it is harder to do so if you remain anonymous.
Should a Team Always be Dooxed or Not?
The benefits and disadvantages of both practices have been considered above. However, the complexity of the NFT space requires that there is a need to make an average participant in the space comfortable, and this can only be attained if teams are dooxed. It is vital to eliminate scammers and fraudsters seeking to take advantage of the unregulated nature of the NFT community. This way, we get to ensure the safety of all participants.
In summary, dooxed and anonymous NFT projects hold various potentials and drive. It is, however, necessary to make the space secure for participants to reduce incidents of fraud and like vices.