Your IoT DOOR Into The Web3 Crypto Community

DYOR: Crypto Accounts Are Doomed Without It

DYOR: Do Your Own Research

Despite the current market crash, the crypto space is still full of hype. As more accounts suffer loss, more people become desperate for a "win". There are a lot of people and projects continuing to get involved in the space, and there are lots of valid cryptocurrency opportunities as well as scams continuing to pour into the market.

Coins & NFTs

Considering that both markets have such a short history and very few are aware of the longevity of both NFTs and crypto, knowing what to invest in can quickly become a daunting task that few feel confident in the undertaking. The majority of those who try may lose money and end up in a tight spot that is hard to escape. So it’s of utmost importance that you always do your own research (DYOR). I’m sure you’ve heard this acronym thrown around here and there. DYOR this and DYOR that, But what does it actually mean to DYOR and how should you go about this?

How does one DYOR when buying crypto?

Research requires a lot of consideration in order to ensure that your money and time are invested in items that will yield you the best results with the least amount of risk.

The research can be divided into two categories starting with NFTs, followed by cryptocurrencies.

How to research an NFT project

During your search for which NFT to purchase, there are a few considerations you should take into account. To start with, you’ve got to find an NFT that you actually like before delving into these important things. Then you’re not upset if the value of your NFT drops below what you paid for it.

When attempting to buy a good NFT, it’s important to look for long-term value. Finding out who created the brand should be your first step in your NFT research. Typically, a reputable NFT project will be completely transparent and have a doxxed team or creator.

It’s not the NFT you’re investing in, it’s the person behind it, and their ability to execute. It’s important to understand that the success of an NFT project is ultimately determined by the creator. Bet on the jockey, not the horse, as they say. 

My point is, that some people think they can look at a project’s roadmap to determine if it’s sustainable or not, but a roadmap is just an idea. Anyone can say what they plan on doing. Every NFT project will succeed or fail based on whether the plan is executed.

Among the best NFT projects today is NFT Locker, a project centered around college athletes’ valuable intellectual property. The team behind the project has had multiple 7 figure exits. You can assume that a project is a good investment if the team is known to build successful brands and businesses, and has a reputation for spotting trends much ahead of time.

The rest of your NFT research should be approached with extreme caution and thoughtfulness if you can’t figure out who is behind a project. You can usually tell if a person isn’t comfortable disclosing their identity behind a project that they don’t trust their ability to execute or they may be orchestrating a scam.

You can then move on to exploring the NFT community after you have established who the creator is behind the NFT project. Be as thorough as possible when researching the community of an NFT project.

A number of social platforms exist where NFT communities can be located, including Twitter, Discord, Instagram, and YouTube. In good NFT projects, the members of the community typically see the project, the team, and the brand in a positive light.

You should always feel free to ask any questions you may have directly aimed at the community, this will not only help you understand the project better but will also give you a better understanding of what kind of people are involved in the community.

You’ll find that a good community will answer any questions you have or at least point you in the right direction.

Another thing to watch out for is how many times the NFT project posts on social, how they interact with others, and how helpful they are.

You may want to do some thinking before retweeting and sharing a project’s feed if it’s only free giveaways in return for retweets and shares. Consider how it benefits the brand in the long run. If you have to ask then it’s likely just short-term gains and exposure.

It’s only after you like the creator and community that you can start digging into the smart contract and its actual value.

There are a lot of NFTs out there that do not have smart contracts. The NFT may be bought simply as a collectible item if it is a nice piece of art or collectible. That’s totally cool if that’s what you want. It’s just that some NFTs offer real utility to collectors, and sometimes that utility also has very specific terms. It’s best to check out everything included with the purchase of an NFT on the brand’s official website if you don’t find it on the NFT itself.

You should be good to purchase your NFT if you value everything the NFT has to offer you as a collector and have checked all the boxes here in this article. 

How to research a cryptocurrency project.

Crypto investing is similar to buying high-quality NFTs, but the objectives differ. Here are some tips to help you decide when and why to buy a cryptocurrency.

The primary aim of almost all cryptocurrencies should be to serve a specific purpose or have a specific utility. On the Bitcoin blockchain, for example, BTC is used as a reward to verify blocks and transactions. Considering that Ethereum is the most used blockchain for trading NFTs, Ethereum is again a great example of a cryptocurrency with a purpose.

Door Coin is another example of a cryptocurrency that serves a purpose-it powers DOOR+, a decentralized ad network on the Ethereum blockchain. Advertisers and publishers can utilize the DOOR token to reward consumers for licensing their data and actions within the DOOR+ economy.

You should avoid investing in crypto if it isn’t meant to serve a specific purpose or solve a problem. 

Ok cool, you determined that the cryptocurrency you’re considering is meant to serve a purpose! Now you need to determine how it will accomplish that purpose. This is why you should read the whitepaper. A whitepaper describes the goals and strategies of a cryptocurrency in a publicly available document. A whitepaper should clearly explain how the crypto aims to serve its purpose.

You should either move on or find someone who can interpret what is stated in the whitepaper if the whitepaper appears poorly written or you cannot comprehend its context. Investing in something you do not understand is not a good idea.

You will see public listings of members of the team and partners who support the development of any legitimate cryptocurrency project. It’s okay if you don’t recognize every name, but you should always check out who each person is and what their background is. LinkedIn is a great place to start for this type of due diligence. 

You can learn a lot about a person or company’s history by looking at their past accomplishments. This is a good indication of what you might expect from them moving forward. You should be extremely cautious if you cannot find any information about the founders or if they have a poor rep.

After you’ve considered everything a cryptocurrency offers and aims to accomplish, you’re in a good position to assess its long-term sustainability.

An investment-worthy cryptocurrency will provide some value or solve a problem that the currency’s creator has deemed relevant.

You may decide to invest some of your own money into it in the hopes of a return on your investment if you decide what the creators have determined to be a problem is in fact a problem and their plan to solve that problem makes sense.

The dollar-cost-averaging method is one of the safest investment strategies for cryptocurrency. Due to its low risk and high potential for substantial gains, dollar-cost averaging is a strategy that is frequently utilized by investors.

Best practices when doing your own research

Investing is risky, so you should be aware of some best practices when doing your own research. Here are a few tips:

Don’t spend more than you can afford to lose. In the long run, investing smaller amounts may lower your risk, but not necessarily increase your gains.
Researching yourself requires a lot of patience. It’s always best to do thorough research before committing to anything, regardless of whether you see the floor of an NFT project rising steadily or a cryptocurrency soaring. Be weary when thinking about chasing a pump.

Don’t rely on anyone else’s word, especially if it’s a paid influencer. When someone tells you that you should look into something, that’s one thing, but seriously risking your money on something you aren’t sure about completely is another. It doesn’t mean something is a good investment just because someone who’s well versed in the field or an influencer is posting about investing in it. Do your own research and come to your own conclusions. Take everything else with a grain of salt.

Become a member of a community. You’re more likely to come up with more questions, seek more answers, and learn more if you’re in a community that’s talking about the project. Finding out what others have to say about a project is good.

Don’t let FOMO (fear of missing out) get the best of you. A number of factors can trigger FOMO, including hype induced by influencers and groups, limited quantities, and pumping floor prices. Here’s a pro tip: FOMO is a manipulation tactic used to trick people into buying things without thinking about exactly what they’re buying.

Are you willing to do the research and make educated decisions? Or are you just gonna ape into the next pumping coin hoping to catch the wave? It’s your call. - Article written by the DOOR Team




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Ari King
Ari King

Trading Cryptocurrencies since 2013

IoT: The People's Network
IoT: The People's Network

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