How to know if an NFT Project is genuine?

Non-fungible tokens (NFTs) are the trendiest new trend in crypto, drawing new audiences, producers, users, investors, and collectors. NFTs appear to be everywhere, from mysterious cryptonauts selling "crafted" tokenized memes to Burger King giving out NFTs as part of a marketing drive.

But, with so many NFTs on the market, how can you verify whether a project is genuine?

On several NFT markets, NFTs are available for purchase, sale, exhibition, and even minting. One of the most prominent markets is OpenSea, Rarible, Super Rare, and Foundation. You're probably wondering how you'll find and identify a good NFT project at this point. Finding suitable NFT projects is straightforward; after all, the price of NFTs is defined by their rarity, which implies that the more uncommon an NFT is, the greater its price. As a result, whether you're seeking NFTs or NFT projects, you'll want to know how the NFT producers create their unique NFTs.

How should an NFT project's authenticity be assessed?

Data, community comments, and experience will make it simpler to observe behavioral and financial patterns as more NFTs are produced and exchanged.

Here are the most significant elements to consider when evaluating an NFT project to establish whether or not the NFTs are legitimate.

Recognized Brand

The brand recognition of an NFT project is arguably the most significant criterion to consider when evaluating its validity.

You've probably landed on a credible NFT project if an NFT collection has a history of active trading and continuous growth in the value of individual NFTs in the collection. Furthermore, if you can discover frequent media coverage and active discussions about the NFT brand among credible crypto community members, you're looking at a project with potential.

The size of the Community

The most respectable NFT collections usually feature active collectors and fan groups. You should avoid an NFT brand if it has little to no community and it's difficult to discover communities online to debate the NFTs (such as a mostly empty Discord channel).

The Creator's Identity

You're dealing with a serious NFT project if an NFT collection has been formally launched or sanctioned by a large business, celebrity, sportsman, or established artist.

The beauty of NFTs is their traceability, which is one of the features that attracts artists, companies, and innovators. You can find out who created the NFT when it was issued, how many individuals have exchanged it, and even how much it has sold for in each trade. This will prevent you from purchasing phoney NFTs from con artists who just right-click and save JPEGs and then sell them as "originals" to unsuspecting purchasers.

Even if the collection was not introduced by an influencer or celebrity, the more renowned the designer, the more likely you are dealing with a true NFT initiative.

The underlying blockchain Ethereum (ETH), which has emerged as the most preferred blockchain for NFT developers and brands, has become the go-to chain for the NFT business. However, as a result of Ethereum's "mooning" gas fees, other chains, such as Solana (SOL), are vying for a slice of the NFT industry.

Examining the blockchain network on which an NFT project runs can help you determine how secure your NFT will be in the long run.

Given the relatively excellent track record of stability and continuity of an established blockchain like Ethereum, it's easy to see why collectors think that their artworks will be around "forever."

On the other hand, certain new blockchains may be more economical for NFT developers in the short future. If a blockchain fails, the NFTs held on it will very likely become worthless.

Rights to Intellectual Property Protection

Ascertain that an NFT brand owns the intellectual property rights to the products it sells. There's a strong likelihood that an anonymous NFT maker is infringing on intellectual property rights if they use photographs of a celebrity or large business. In this instance, the intellectual property owner may sue the author, and the NFT's value may collapse as a result.

Avoid NFT initiatives that appear to include intellectual property that belongs to someone else. You hear about NFTs when celebrities or businesses issue them. If someone is selling "NFT art" with photographs of Kim Kardashian on it, you should be wary.