What does it mean to DYOR?
DYOR stands for “Do Your Own Research."
Before minting or purchasing an NFT, it is essential that you DYOR. This means doing due diligence to determine if buying into a collection is right for your personal situation. Ideally, you will assess the project’s long-term viability using signals, and triangulating these signals with other observed patterns and experiences in the space.
Here are a few guide questions to get you started:
Is the team doxxed? Do they have a track record of relevant experience? Are any of the project founders associated with past rugs or other questionable behaviour?
Do you like the art? What is the value proposition of the project? Are they doing something that is unique? If the project is all about brand, do you think they've built a strong enough following? If the project is offering some form of utility such as a staking platform or a game, you might want to check out their website to see if their claims have any credibility.
Is the community large, active and involved? Is the hype legitimate or artificially manufactured? Is it a community you want to be part of? The strength of an NFT collection is also reliant on its community.
Is the project's roadmap feasible and does the community support and actively participate in delivering against any roadmap objectives? If a project's roadmap is filled with claims that do not match the team or funds raised in their mint, then you might want to proceed with more caution.
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