Crypto Investment: Strategy That Works
It is very possible you get hold of digital assets at the early stage which means you bagged some Bitcoin and Ethereum, but at this moment, you are thinking of getting into other crypto assets and looking for direction to follow, this article is for you.
Often times we see different crypto projects launch promotion and you feel confused about the project to select because of advert, product, the calibre of people promoting the project and many more, do you then invest in all crypto projects sighted?
Key Note In Selecting Crypto Project
Let’s dive into the list of points to take note of should you invest in a crypto project.
1. Project Team
When selecting a project, you need to check the project team and search for their background to be sure they are not scammers that just setting something to go away with people’s hard money. Who is the founder, advisor, developer and check if you can see video information about their presentations either past or present. Do you really believe they can deliver based on the information you have gathered? So, the project team is one of the drivers you need to consider.
2. The project scope or Idea
Get hold of the white paper of the project, draw out the focus of the project and see if it’s sellable. There are a lot of crypto projects that did not stand the test of time because the project idea is bad. The team can be good while the project idea is not sellable, the project will definitely experience a hard time in gaining the heart of many that understand the importance of project scope to buy into their idea. When checking the whitepaper get an understanding of the centre of the project and be sure is realistic.
3. Social presence
The availability of project information on social media is very important. How easy can you get the project information online? Can you access them on major social media platforms like Twitter, Telegram e.t.c?
Project owners know the importance of social presence and that’s why is see recently, there is a lot of ambassadorship programs they engage in to boost their presence in the space.
The question is, Is the Ambassadorship program good as a newbie in this space?
4. Usecase of Token Created
It’s normal to have a token introduction for the crypto projects as it’s built on blockchain but the use-case of that token launch is the most important thing.
The more the use-case of the utility token, the more user value the token and this propel stability for the project network which also increases user interaction.
Example of projects with multiple use-cases created for their utility token.
1. Hive: Hive token is the utility token for a social platform that has given birth to many communities on its network. E.g, LEOFINANCE, PROOFOFBRAIN, PALNET, ACTIFIT, NEOXIAN and many more…
The utility token is used for an upvote, staking, confirming transactions, delegating for rewards and many more.
2. Persistence: This is a DeFi and NFT project with four major products which are pSTAkE, AuditOne, COMDEX, & AssetMantle.
During the review of this project, it was discovered that facilitating the seamless exchange of value around the world to increase the speed and efficiency of cross-border trade and financing to close the 1.6 Trillion financing gap is one of the team focus and have been doing this since it’s launch. The launched token $XPRT on cosmos network has multiple use cases like staking on different Dapp for dual rewards, governance and voting right and many more. You can find details by checking the website.
3. MANTRADAO: It’s a community governed DeFi platform that leverage staking, lending, & governance. It has a utility token known as $OM which is used on its app (app with 6 platforms).
Check the website for more info.
The crypto space is growing daily and there are great projects out there, you only need to search for them, do your own research and ask questions. Coinmarketcap or Coingecko is a good place for you to check projects and carry out your research on them.
As a newbie, becoming an ambassador for a new crypto project should not be your focus, first understand the space, the project and every other thing will follow.
Disclaimer: I’m not a financial advisor, everything I shared here are my personal understanding, do your own research and establish your stand in this space.
