Apeing into the NFTs as a collector? Here’s how to DYOR on a project/artist’s socials
Ever thought, how in the world do I analyze the socials of an artist or collection I want to buy into?
Let's break it down for ya, shall we?
One of the main things to look at when collecting from an NFT project is the artists’ or projects’ social media. In the NFT and crypto space, two social media platforms are king when learning more about projects. These are Twitter and Discord. Other social media are those that are good to have, but not necessarily relevant in the space. An Instagram profile would be helpful for a solo artist though since it helps showcase art better
Here’s a brief checklist to use when analyzing socials for your DYOR (Do Your Own Research).
Social DYOR on Twitter
1. Follower count
Anything above 10000 on ETH chain and 5000 on others, however, this will be dependent on many factors such as stealth launch, stage of marketing, etc. Make sure to audit fake followers from a tool like this one
2. Pinned tweet
To understand what’s significant about the project
3. Engagement with the pinned tweets
Higher the numbers, the better
4. Frequency of project owners’ tweets
Daily tweets are preferred. A bare minimum will be two tweets a week
5. Look at engagement with daily tweets
Engagement numbers in terms of retweets especially is something of interest. Likes are less significant but reasonably important. We are looking at how important the project seems to collectors by this metric
6. Influential people/celebrity retweets or posts
Celebrity mentions can drive a project to the moon, especially from those celebrities involved in the crypto space. Following influential people in the space will help too
7. Follower count of the people who have bought the NFTs and are showing off their buys
This is only if you are buying on the secondary market. It shows if the collectors are newbies or experienced investors.
8. Provocative/racist/copyright violating comments
No explanation needed on this but sometimes such tweets are used as a marketing ploy to drive more traffic but its typically a red flag
Social DYOR — Discord
1. Server follower count
Shown on the invite page and can also be seen on the discord server member counter usually at the top left of the server
2. Official links
Every served should have an official links channel. Remember to only use these links when opening and secondary buy or mint sites. Scammers are very smart and with minor variations in the website links they can rug you and run away with your valuable crypto
3. Verification on entry and anti botting mechanisms
Check if anti botting systems are in place as Discord servers are victims to botting and hacks this basic security measure should be there if the project is not a scam
4. Engagement on general chat
Look at how often people are posting on chatting with each other on open chat channel usually called the general chat. On the flip side if there are only moderators talking then the project has low potential
5. Engagement by the team/owner
Personally, I like to see the founder or creator interacting with the members on the chat at least once per week. This shows their commitment and care to the community. If not at least look for some moderator or team member with regular interactions with members. This is important to see how much the team cares about the community they are creating
6. Spam and scam protections
Channels to report spam should be present. You should never receive DMs from team members unless requested or specified in general chats. You’ll sometimes see DMs from imposters or invites to the server or other servers but best never to respond or look at them
These items are true at the time of writing and can change over time. Also, there are a lot more items to check when you DYOR but these are the basic items to look for. I will update the post as new metrics, tools and insight come in. Please do share if you have any other input too
DISCLOSURE:
None of these articles constitute financial advice. Articles are highly summarised to make it easy for the reader and save your time, so please DYOR further before putting your hard earned money into any product mentioned.
Please note that the tech industry evolves rapidly and the info in this article is correct at the time of publishing. As Heraclitus said, “Change is the only constant”, so if anything sounds old or off please holler on the socials or comment here so everyone stays peeled.
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