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Editing by Nathaniel Cajuday
- Women leaders in the web3 industry discussed how NFT collectors and investors can evaluate projects to ensure that they are dealing with legitimate creators.
- The panelists highlighted the importance of conducting research on the founders of NFT projects, checking their backgrounds, verifying their level of activity, and distinguishing them from bots on social media to be able to confirm if these projects are legitimate or not.
- Atty. Vanslembrouck also urged project developers and creators to be careful that their NFT does not function as a payment instrument or as a security to avoid needing a license from the regulators.
Conduct research on the NFT founders. Verify their level of activity. Distinguish them from mere NFT monkeys on Twitter.
This is the reminder of Atty. Marian Vanslembrouck, the Associate General Counsel of Enjin Blockchain, to non-fungible token (NFT) collectors and investors as she, together with an all-women panel, discussed how NFT natives can evaluate projects to ensure that they are dealing with legit creators.
The panel discussion happened during the March episode of Bitcoin, Beer, and Bitstories’ (BBB’s) “Women of Web3” on March 30, 2023. Alongside Vanslembrouck were Teresa Pia, co-founder of the web3 gaming guild Real Deal Guild; Vanessa Barrameda, general manager of end-to-end web3 solutions X3; and Sheree Gotuaco, founder and CEO of Blue Chip Art NFT Launchpad ScarletBox.
Check the Project’s Social Media Activities
Vanslembrouck’s statement was supported by Gotuaco, stating that during the height of NFTs, there were several unidentified founders promoting their projects on social media.
“Other things you can check on are their activities on social media—their Twitter, their community on Discord—sometimes you will be able to detect if they are bots. Let’s say their answers are too consistent or similar, those are probably bots. And there are a lot of projects that are manned by bots, and instead of having organic 2000 followers, it can easily have five or more thousand.”
Apart from social media activities, the ScarletBox founder also noted that investors must look out for fake links that are usually embedded in NFT project ads on social media, sharing that these links may give access to bad players to access someone’s personal information, thus reminding them to “be careful not to click on it.”
Check the Project’s Roadmap and the Developer’s History
Meanwhile, for Pia, as a guild co-founder and NFT collector herself, checking the background of the developers and making sure that they are documented, credible, and properly identified is a good way to identify a legit project.
Normally, NFT projects have roadmaps, which show a project’s target initiatives for a certain timeline, including successful developments.
“Apart from the founders and the sites where they are being offered, check the roadmap and the utilities—I mean, what’s the plan? Is it a profile picture or maybe there is a roadmap ahead? Especially if they are making a collab with another famous project, then that’s probably more legit, it’s more long term,” shared Barrameda.
A Lawyer’s Advice to NFT Creators
Speaking about the utilities of an NFT project, Vanslembrouck said that project developers and creators must be careful. A utility in an NFT project means that there are real-world applications, rewards, or perks they offer NFT holders.
“In the Philippines, locally, we don’t have laws directly addressing or directly regulating NFTs. Usually, you just have to be careful to make sure that your NFT does not function as a payment instrument, because if it does, you will have to be licensed with the BSP (Bangko Sentral ng Pilipinas), or if it is not a security,” the lawyer concluded.
Other Statements of the Panel
BitPinas has published multiple articles curating powerful statements and advice from the BBB Women of Web3 panel, including:
- The panel’s insights and perspectives on the current state of the crypto industry. [Read here: [Event Recap] Leaders in Blockchain: Female Trailblazers Discuss the Future of Web3 and Crypto]
- Their advice on how NFT collectors and investors can spot a legit project. [Read here: Women of Web3 Panel Gives Advice to NFT Collectors, Investors in Spotting Legit Projects]
- Their key learnings in the web3 space and how to continue learning within it despite bear market. [Read here: Women of Web3 Shares Tips to Keep Moving in Web3 Space Despite Bear Market]
- Barrameda’s stand on the rapid emergence of AI has left developers unprepared. [Read here: X3 Chief: Devs Not Prepared How Fast AI Prosper]
This article is published on BitPinas: Women of Web3 Panel Gives Advice to NFT Collectors, Investors in Spotting Legit Projects
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.