First and foremost, avoiding the NFT trap is critical for those new to NFTs. Active communities can be created, and marketing mechanisms can be copied and upgraded, so these are not the main factors for judging the pros and cons of projects. There are three suggestions for choosing a good project: First, when you join a community, if you find that the community is very active, usually filled with NFT sales ads, but no user has ever asked questions to community members, then you must be vigilant. High amounts of site activity are not a guarantee that it is a good community! High-quality projects usually have clear project dynamics. More importantly, a community of high-quality projects will inform community members of the nuances of a specific project’s positioning. For example, Euterpe stands out among many projects with its clear positioning as the “IP-Powered, True Copyright NFT”. The community activities are more sincere, have no pop-up ads, and are not oriented around quick investment.
Second, be sure to check the project’s audit report. An NFT project can buy fans or KOLs, but it cannot buy an audit report from a specialized organization. Suspicious projects are easily leaked when they are audited, but good project teams that have the strength to meet the auditing company’s standards will not spend their energy on producing low-quality projects. Of course, the sooner the NFT project is launched, the more beneficial it is, so some people inevitably want to make money quickly, but good projects will not focus on short-term interests at the expense of longer-term goals, so checking whether there is an audit report is another key guidelines for identifying good projects. Euterpe has passed the audit of Fairyproof, and it has an excellent performance in smart contract writing logic and standardization, and it fully meets the requirements of safe operation. This provides an important reference for investors and users to grasp the market and select the right projects to invest in.
Third, be sure to check the backgrounds of team members as they can shed light on the future direction of a project. Badly built projects are usually anonymous teams with fanatical followers. On the other hand, for a good project, you can usually check the background of the team members. If the team members happen to be the top players in the industry, then the project is likely to be higher quality because top players in the industry usually value quality over other things. They won’t even bother to build a bad project and ruin their reputations. In conclusion, be sure to check the background of the team when evaluating projects.
Identifying whether the NFT project can meet needs in the market is the advanced road for NFT players. There are two ways NFT projects are generally structured: “play-to-earn” and “repetition with random variations”. As a mechanism to encourage participation, “play-to-earn” is intended to allow participants to earn while playing. One of the representative works of “play-to-earn” is Axie Infinity, where players control the NFT elf “Axie” to fight and breed. Participants can use SLP coins to upgrade and develop this NFT elf or sell the NFT elf to earn income. Due to the great success of Axie in meeting the market’s rigid needs, their revenue once again broke records in mid-2021. Although Axie Infinity is successful, it has a relatively high threshold and cannot bring benefits to all players. “Play-to-earn” has been upgraded to “participate-to-earn” in Euterpe’s mode. Original copyright owners using Euterpe can independently distribute creative works on the platform, and fans can win rewards by playing, promoting, and voting for creative works. Using music as an example, it directly links the economic incentives between artists/musicians and fans. The more fans support the artist, the better the artist will perform in the market, and the more financially the fans will benefit.
In the past, Deng Ziqi was unable to use her stage name after the termination of her record contract. Recently, there was a copyright dispute between Taylor Swift and Big Machine, and she had no choice but to re-release her old album “1989”. To deal with this fundamental dilemma, the Euterpe project allows fans to obtain copyright ownership of a part of creative works when purchasing NFTs to support their favorite artists, and thus fans can obtain a certain percentage of income stream. At the same time, the smart contract of the Euterpe project is automatically generated. Smart contracts enforce legal and contractual obligations in advance through technical means rather than through the threat of legal sanctions. For example, when a user is playing a work, the smart contract will automatically sign a licensing contract and pay the copyright owner. The huge social costs involved in legal proceedings consisting of lawyers, police, and judges are thus avoided.
The copyright NFT project Euterpe created has high potential to meet the needs of the copyright industry. If early blockchain usage was fueled by people’s speculative feelings and beliefs in Bitcoin, today and tomorrow’s usage (of blockchain and resulting NFT market) will be driven by technology, expertise and intelligent application, which is the only way for long-term business success. Times are changing and the industry ecology is improving. Users are happy to see more powerful professionals join the industry and create truly valuable and high-quality projects that conform to market trends, bringing users more comfort. Euterpe focuses on “IP-powered” boutique NFTs, and the NFTs that can be released on Euterpe are extremely scarce in the market. Users of Euterpe can not only participate in the initial auction but also trade in the secondary market.
