How to vet a NFT Project a week before it's launch?
A closer look at Squiggles, a project inspired from Doodles
It is really important to vet NFT projects before planning to invest in one for yourself. There are myriad details that need to be checked and verified before minting one. Here is a quick analysis of Squiggles, an NFT project that has recently attracted a lot of eyes and making some news. It's always better to do qualitative analysis before the launch, as a tool before deciding to make an investment.
There are different categories of NFT projects and each one of them should be analyzed separately in situ, as every one of them will have a different set of objectives, goals, community strengths, and management strengths that really make it successful. A quick analysis will help you duck a scam and a perfect #rugpull
Stage: 8 days to launch
Project Details -
Public Minting/Launch Date: 21st Jan
Minting price: 0.3 ETH, higher minting price is a good indicator tough
Project Description: A collection of 10,000 Squiggles, with a roadmap for everyone to be part of SquiggleVerse, metaverse ready project. Their plan includes launching physical goods and accessories in the future.
Founder: Arsalan, holder of Doodle #752
Website: To be launched soon before the launch, and they have every information available on their discord.
Follower Count (at the time of publishing this post)
Community Engagement -
Polls for Discord Launch and Giveaways - giving power back to the community
Multiple Giveaways with transparency
Discord Launch after set Milestones achieved - Only started after reaching 5K Twitter followers, as was planned
Followers Engagement, Authenticity & Activity
After doing a follower audit of Twitter, the results were pretty impressive, a score of 98%, only 2% bots is better than many other projects, as we all know Twitter is a bot kingdom
They have a very big and engaged Discord community, and all of them together removed 39K fake bots who were trying to scam the community. That's really astute management
They have a very low Instagram engagement, but that really doesn't matter as Instagram is not made to build and manage communities
Star Power & Collaboration
The founder looks like he knows really well about creating communities and holds a Doodle, a great project with a Floor Price of 12 ETH
There are some big names from the industry with huge followings who support them and it’s important for a very strong network effect. This is a very good sign for a perfect launch and delivery of a future roadmap. Some of them are,
Brandonn,eth, Co-Founder of Stoner Ape Club
Jordan Daley, has 1M Twitter followers
0xTruls.eth, Co-Founder of Stoner Ape Club
Shah, Marketing & Ambassador for @billionclubnft & @squiggles, has 230K Twitter following
TCE Kero, has 329K Twitter followers
Collaboration with ApeKidsClub (Market Cap of 24.33 Mn) for the giveaway
They have a 5 phase roadmap, but with no specific timelines. Hopefully, we will soon see it on their website when it launches, as confirmed by an announcement on their Discord
Creating a Treasury by contributing 15% of the revenue from Royalty to the fund and use this fund to purchase some Doodles, their 2D avatars project
They will be prioritizing their resources to launch Squiggles in Metaverse and incentivize the community on various occasions like rendering
Also includes launching physical goods and accessories for the community members
Do you know anything more about the community project, please do share. We shall keep a close eye on their progress and will try to share something every few weeks. TBH we all need to stick together, there is a lot coming in 2022, and tokenizing the metaverse is definitely going to be one of them.