With the rise of NFT’s over 2021 and into 2022 there are plenty of new NFT’s and creators emerging on platforms such as Opensea, for those wanting to perhaps make a first investment it can be difficult to determine if a company is legit with many newer companies making outrageous claims such as ‘buy our NFT and receive 5 ETH weekly for life’ claims to be ‘the next Bluechip NFT’, Celebrity endorsements, all expenses trips to Dubai for members and the rest.
This is all highly unobtainable without real world evidence (and an almighty budget), no doubt there are NFT collections with Celebrity endorsements but don’t take the creators word for that, do your own research and look for proof.
Blockchains and Minting.
The Ethereum Blockchain has risen dramatically in popularity pushing gas prices and fee’s to an all time high, The rise of The Bored Ape Yacht Club (BAYC), CryptoPunks, Azuki and others will no doubt push the price of Ethereum even higher, and with the imminent arrival of ETH 2.0 in can be a scary picture for those new to NFT’s and Crypto.
So what’s the alternative?
Opensea are the biggest NFT marketplace, so its a good place to look for security and potential future choices, Opensea are trusting of the Polygon network and have announced recently they are to also support Solana in the future, so these are viable Blockchain options other than the Ethereum Blockchain.
You will not doubt of heard of ‘A Dapp’ and many newer projects will use this as a preferred method of getting an NFT collection onto the Ethereum Blockchain. The advantage of this for the project creator is that no Gas Fee is paid until the NFT is sold, who pays the gas fee depends on the creation of the Dapp but most projects will pass the gas fee onto the buyer or incorporate it into the NFT price, and while there are pro’s to using a Dapp there are also cons such as difficultly scaling the project due to the experimental nature of Dapp’s.
So what have Club Foxxed done?
Well, while we agree that the Ethereum Blockchain is higher in price (10,000 NFT’s would cost over £1 Million in fees’) we also personally believe that we need to show ‘belief’ in our project, minting our NFT’s ourselves via the Polygon Blockchain, we have set a standard 0.05 ETH price for all NFT’s, and while this may be higher than a lot of new projects we believe that coming up with an idea other than Pixelated images, Apes or outright plagiarism combined with an actual NFT utility, it’s a fair starting point.
Roadmaps.
You will need to check a projects roadmap, a lot of projects have unrealistic roadmaps, stating proceeds will go to charities, discounts from major brands, exclusive holidays etc despite having absolutely no plans in place, and no clear idea of when they plan to do what, but it sure sounds pretty!
Club Foxxed have a realistic roadmap backed up by a clear account of what will happen and when, the utility of our NFT is clear, access to the Foxxden, what happens in the Foxxden is down to the popularity of our NFT’s, We aren’t going to claim members will get access to holidays, exclusive brand deals etc, but what we can promise is that the more token holders there are, and the larger our community gets, the more we will offer, we will even give members the option to choose exactly what they want membership to include, Club Foxxed is a community after all.
Please Please Please.
Check your potential NFT has an actual utility, ‘capping’ is a big issue, (this is a picture taken from google, listed as an NFT) it will serve no purpose, will have no utility and is simply a cash in.
Avoid something that looks like something else, People are jumping on the success of other NFT lines (Apes and pixelated images for example) and this is resulting in many ongoing court proceedings, while NFT’s are a new technology and laws are few and far between, do you really want to risk your NFT becoming completely useless.
Finally don’t be afraid to ask us anything, we are a real project run by real people here in the UK. keep up to date with us on Twitter, Instagram and Facebook