NFTs are gaining momentum as top-rated digital assets utilized for various purposes due to their value, scarcity, and versatile use-cases. However, when deciding to purchase an NFT project, it is vital you make an analysis of the project to discover its potential value. This is to avoid investing in fraudulent NFT projects.
One such platform where you can analyze an NFT project is the popular social media giant Twitter. Twitter has grown to become one of the social media platforms of choice for cryptocurrency community members over the last few years. This is understandable especially given that the founder and former Chief Executive Officer of the company, Jack Dorsey, is very much invested in the NFT space and reportedly sold his first-ever tweet for $2.9 million to a Malaysian businessman in March 2021.
Getting Started
Analyzing an NFT project is a process of determining the perceived value of an NFT project and whether or not it is worth your investment or safe enough to purchase. This is especially important in light of fraudulent NFT projects that have emerged over the years.
To analyze the value and longevity of an NFT project for your collection or portfolio, some parameters or indicators are used, such as the utility or usefulness of the project, its uniqueness, the community size of the project, the origins of the NFT, and the potentials of the NFTs. The choice platforms most members of the NFT community use for their analysis are Discord and Twitter.
The following steps are ways you can analyze a project on Twitter.
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The Audience and Numbers of Bots on their Twitter Profile
One way to analyze an NFT project on Twitter is to look at the audience or followings of the project on the platform. You can also evaluate the followers; these are bots if the supposed followers of the account have no activities going on on their timelines. It is most likely a scam if you discover the same amount of likes and retweets on a project.
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Giveaways
How often do they conduct giveaways on their Twitter account? Frequent giveaways are indicators of activities on the timeline and originality.
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Is the Team known or Anonymous?
Are members of the team known, or otherwise? If they are identifiable, there are chances that the project is authentic. However, if the tweeters are anonymous without any official account on social media, then the opposite could be the case.
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The Hype Around the Project
Evaluate the size of influencers involved in generating hype around the project and what size the Team commands either on Twitter or Discord.
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The Frequency of the Live Sessions
Another parameter to check out an NFT project is to analyze how often the Team organizes live sessions, communicate with their members on the platform, and share valuable information. Any worthwhile project, including new ones, will have a presence on Twitter worth monitoring.
Presently, Twitter is one of the major social media platforms where crypto community members discuss NFTs and NFT arts. Therefore, if you wish to evaluate a project, it is vital you check out their Twitter presence to discover the uniqueness and utility of the project.
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