The NFT industry is a new and emerging one, and as it emerges, new terms are coming to the limelight. One that has garnered attention recently is the term doxxed, but what exactly does it mean and how does it play into your NFT collection?
What Does Doxxed Mean?
Doxxed is a metaverse slang term that means documented. The blockchain and metaverse were built around the simple concepts of anonymity and decentralization while maintaining a secure infrastructure.
As such, there are plenty of players in the metaverse that go by pseudonyms, often misspelled ones at that. You’ll never know who they are in the real world because the anonymity gives them the ability to create an entirely new persona under the pseudonym they go by.
These metaverse players are undoxxed, or undocumented. Undoxxed simply means that the person hasn’t shared any personally identifiable information with the public. You don’t know their real name, what their career history might be, or their education level. All you know is who they claim to be and where they claim to have come from.
On the other hand, other players in the metaverse community, specifically project creators that are willing to put their name behind their work, are doxxed, or documented. These players have decided to share their real names, pictures of themselves, their career and education history, and other personally identifiable information with the metaverse and the public.
Are There Advantages to Buying Projects With Doxxed Teams?
There are a couple of major benefits to buying pieces of NFT projects from doxxed creators. They include:
No Rug Pull Event
Several anonymous NFT creators have created collections and promised the world in terms of utility with those collections. Unfortunately, once the project went live and the creator collected money from the drop, they pulled the rug and disappeared, hiding behind the cloak of anonymity.
When you buy into a project with doxxed leadership, you can rest assured that there will be no rug pull events. After all, if these people tried to disappear, the public wouldn’t have any issues finding them thanks to the identification information they shared with the community.
Know Who You’re Backing
When you buy an NFT, you’re joining a club and backing a project. When you buy an NFT from a project with a doxxed management team, you know exactly who you’re backing. You can research the management team and learn about their history and what they bring to the table for the project.
Unfortunately, that type of research is impossible with an undoxxed team.
Are There Advantages to Buying Projects With Undoxxed Teams?
There aren’t many advantages specific to working with undoxxed teams, but it’s not a bad idea to consider them in your NFT collection. The simple fact is that some of the largest and most successful projects were developed by undoxxed players.
The key is research. Before buying into any collection, doxxed or undoxxed, research the pseudonyms of the creators. Doing so will tell you what other projects they’ve been part of and how active they are in the community. If they’ve been part of several successful projects in the past and are constantly communicating with the community, you’ve likely found a great team to back.
Come Back Next Thursday for the Next Lesson
That’s all for today my friends. Come back next Thursday for your next NFT lesson.