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NFT Project: Is your NFT real

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An NFT project’s credibility can be judged in several ways. And Blockchain technology is used by both cryptocurrencies and NFTs. In contrast, NFTs are non-fungible, which means that each NFT has its own unique and distinct value, unlike crypto coins. Non-identical NFTs cannot exist simultaneously because their value is derive from their uniqueness. Therefore, this article will walk you through how to evaluate the legitimacy of your NFT project. Get reading!

How to evaluate the legitimacy of your NFT project?

  • The creator’s identity

If a significant brand, famous person, sportsman. Or proven artist has formally announced or officially recognize an NFT collection, you’re interacting with a legitimate NFT project. Artists, brands, and other creators are drawn to NFTs because of their ability to trace back to their source. For example, you can see how many people had exchange the NFT, when it was mine, and how much it sold for in each transaction. In this way, you’ll be able to avoid purchasing fake NFTs from unscrupulous sellers who save JPEGs as originals.

  • The Authenticated Blockchain

Along with its popularity among NFT creators and brands, Ethereum (ETH) has become the preferr blockchain for the NFT market. Ethereum “mooning” gas fees have led to the rise of other NFT chains like Solana (SOL). In light of Ethereum’s relatively long history of reliability and consistency. It’s easy to see why collectors put their faith in the chain to keep their works around “forever.”

NFT Project

NFT Project
  • Brand Identity

The brand awareness of an NFT project is undoubtedly the most significant thing to keep in mind once analyzing its authenticity. Your chances of discovering a legitimate NFT project increase if an NFT collection has a background in the market trading and a stable rise in the value of individual NFTs within the collection. A project that receives regular media attention and active discussion from high-profile crypto community leaders is likely to be of value.

  • Intellectual rights

Check if the NFT brand selling you something has the legal right to sell it. And intellectual property rights may be violate if an NFT creator uses images of a famous person or major brand without permission. In this case, the intellectual property owner may file a lawsuit against the creator, and the value of the NFT will fall. Therefore, NFT projects containing what appears to be someone else’s intellectual property should be avoided.

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