The NFT making moves to clean up the space with NFT Assessments and a ‘DYOR’ Dashboard
NFTs as a space for investors has jumped between fires of FUD and FOMO since the space began. And for many, it's worked out, whether they're making a quick flip or a long-term hold, it’s clear that the NFT space has no intention of slowing down. This undoubtedly has been supported by fresh innovations, in the form of utilities, with the majority of projects now offering extra value to holders. These differ from the standard profile picture/art project by offering holders things they can do with their NFT, like staking, breeding, passive income, etc. The battle of innovation right now centers around creating new utilities that can serve more value to holders.
Making Innovations
SolSeals is a collection of 3,333 revenue-sharing NFTs created by cyber-security professionals. Their whole M.O is that it can be difficult for investors to analyze a project to see if it would be a safe investment, so they set out to solve the problem by providing NFT assessment services and displaying their findings in an easy-to-use dashboard.
Dashboard
This assessment dashboard acts as a research tool that combines data and information into a centralized, easy-to-view area to help provide insight into projects that they have assessed. The information provided contains the statistics that have been collected from conducting the assessments. Data points such as risk and social statistics will be present in order to give the reader a quick overview of the project.
The dashboard combines data and information from the project’s NFT assessments into a centralized, easy-to-view area. The aim is to present the information in a user-friendly way, providing insight into the projects that they have assessed. This dashboard will contain statistics relating to the data points collected in the assessment, such as risk level, social statistics, and more to act as an overview of a project. It’s going to be accessible for everyone to view, with some more in-depth information available only to the SolSeals holders.
DYOR Toolkit
Alongside the dashboard, the team is going to provide holders with a set of ‘Do Your Own Research’ tools, which are built to provide a way for their community to conduct their own analysis of NFT projects. The tools should give investors nuanced insights and assist them to identify red flags and alpha projects. The team is building the following tools for the DYOR toolkit:
SolSeals’ innovation is part of a small group of projects that are empowering investors with vital knowledge and tools to make better decisions in the space. There is a change coming, one that promotes doing research, understanding the risk, and making informed investment decisions in a space that all too often relies on emotional impulse and hope.
The End of the Rug Pull?
Possibly the biggest problem for NFT investors is the constant threat of the ‘rug-pull’, which creates countless people left ‘out of pocket’ by scammers looking to cash in. It seemingly comes from nowhere. In one moment, the discord server is buzzing with positivity, showing off each other’s new NFTs. And the next, the storm of FUD rises, as it’s clear the team you were chatting with just an hour ago have pulled the scam, crashing the floor price and leaving you with a worthless JPEG wondering what signs did you miss. It seems that everyone you ask has been a victim of this disgusting scam. And with the barrier to entry for NFT projects lower than ever, ‘rugs’ are becoming even more common as people try to make a quick buck.
So what needs to change to prevent ‘rugs’ and promote a healthier space for new projects? Well, the Dashboard and DYOR Toolkit is sounding much more appealing when you understand the risks of not having enough knowledge. The key is to empower and educate everyone, making sure that there is no barrier to the top information about a project. The barrier is put on the NFT projects themselves to show their willingness to be assessed by the SolSeals team. The team aims to support NFT teams to create high-quality projects so they can show their worth and build trust between them and the Solana community. The assessment framework was built through extensive research of some of the most successful NFTs and through working with industry experts to ensure that all areas of an NFT project are effectively evaluated. Furthermore, they have analyzed the current state of the Solana market and built the framework to be the most effective.
One of the big problems with NFT projects is that they can struggle to know where they stand in terms of quality and how they can improve. Following an assessment, they provide projects with a detailed report which contains key metrics, strengths, areas of weakness, and recommendations on how they can improve. Afterward, they provide projects with a certificate and awards that reflect their assessment score.
The beauty behind SolSeals is that anyone can learn about an NFT project that has been assessed and verify that they have passed a review. And with intentions to take their services across a variety of blockchains in the future, the value for the community is only going to grow.
