Good day, everyone, and welcome to my blog. There have been some questions some people in the crypto space keep asking when exploring projects in web3 and outside web3, which as "which projects are legit." This question has been asked many times for not falling into the hands of scammers out there trying to rip people off their assets. There are many projects in the web3 space space and like I said in my last post you can find a project that is in line with what you like and make the best of it during the course of the project.
There are different projects out in web3 and outside of the web3 three-space. It could be gaming, social farming, or just a little task carried out to earn you points to qualify for an airdrop. There is no harm in trying new things, and you can participate in the sectors mentioned above, but as I said, the question that many still ask is what projects are legit. To determine if a project is legit, the first thing to look at is the feedback and the way the founders of the project communicate with the participants of their project.
About a couple of months ago I was in a project called the ICE network and at first the project looked promising but some errors were looming around which some users tried to let the founders of the project know but the feedback from the handler of the ICE Network verified accounts was embarrassing to read. The handler will abuse anyone for just sharing their thoughts on their project and will ask the users to leave if they are not ready to be part of what the ICE network is building for the long run.
The handler lacks a good sense of communication, and in the end, the project is not being talked about that much again due to its poor communication with users and the turnout of the project. The ICE project claims to be a web3 project but does not have any features of what a web3 project is supposed to possess to get as many users into their project. To single out a no legit project, their community feedback should first be checked before proceeding to any step of the project.
Secondly, check the exchange networks and whales that are backing the projects. This is a 50/50 way part in determining if a project is legit because it could go south from the beginning or well. If a project has top exchanges backing them up it is 95 percent likely to succeed as in the case of NOTCOIN for expenses that got exchanges like Binance, Bybit, OKX, CoinGecko, Bitget, and many other exchanges with TON a new token which is already breaking boundaries in the crypto space.
The top exchanges will make three or more posts about the project on their page, giving full support and offering more information about the listing date of the project token in their exchanges. Sometimes projects could be affiliated with some top exchanges but they are not given the spotlight by the exchanges or even make it to the page of the top exchanges which is why we need to look out for projects that have gotten to the page of a top exchange.
Thirdly if a project claims to be a free-to-earn project and along the line it asks for a payment of sorts immediately disband the project because once it starts asking for a form of payment that means it is about to accumulate more money from itself and off when it has successfully gotten what it wants and that is what happened in the case of a project I joined last year called Superfans. It was going well at first until they started asking for a gas fee to claim their token, and now the project has completely disappeared.
Their discord, Twitter, and Web page have all vanished without a trace and they were making a lot of noise when they just started, hosting spaces of Twitter three times a week but today it has all gone out in smoke. Sometimes, a project getting hyped with a lot of noise turns out to be a scam in the end, so we have to be vigilant.
Lastly, don't be too greedy. Some users tend to be greedy and participate in any project that comes their way to make money. It is not possible to do everything which is why it is important to take your time to review a project before rushing in in hopes of money. Do the best you can, and I hope for the best to come out at the end. S,o guy, I hope you took a thing or two from this post. Thanks for stopping by, and have a good day ahead.