The world of decentralized finance is both deeply intriguing, yet rife with questionable projects and platforms that often leave inexperienced investors out to dry with rampant hacks, scams, and poorly managed startups. Unsurprisingly, this leads to many investors jumping from short-term play to short-term play, hoping to ride the hype train for a little profit. Most of the time, that doesn’t quite work out. But what’s the solution? How can one truly recognize a wise investment over a gamble? In all reality, it’s quite difficult. One might even say impossible. So what’s the solution? For starters, it begins with your mindset.
In this article, we’ll delve into what to look for when seeking a highly promising investment in the earliest of stages of a defi project. Alongside that, we’ll analyze Florida Man Token, a NFT ecosystem that’s been available on Binance Smart Chain since November, 2021- to determine how well it might live up to these expectations.
It’s true, an overwhelming majority of investments in the defi space wind up in the gutter. That’s why so many have become preconditioned to short-term trades rather than seeking legitimate, long-term investments into projects that operate like a business and don’t follow the status quo. In fact, it’s not too much of a stretch to say many defi traders operate with a level of trauma in their minds; just ask anyone you know that has spent time on Binance Smart Chain and other decentralized exchanges! But this mentality, in all reality, is precisely what limits many traders from identifying and remaining invested in true businesses in the space. Yes, they are few and far between. That’s a given. But they are there. It simply takes some real-world knowledge to recognize them.
Let’s briefly categorize and investigate what to look for to contextualize this.
1. Can the team members be verified?
Most defi traders understand it is important for a project team to “dox,” that is, to make their identities known. This provides some level of confidence in that most would expect public team members to avoid pulling off a scam for fear of legal repercussions. However, we have seen how this can be faked more than we care to admit. In order to support this, the team should provide KYC (“Know Your Customer”) evidence; this requires team members to submit legal documents to prove their identity, which are then authenticated and approved by a particular authority. Further support can be found if team members are willing to appear on video, preferably live, to not only prove their identity, but to also come face-to-face with their community to forge strong relationships.
Florida Man Token gets full marks in this category, with their core executive team– Billy Campbell, Mike Bianco, and Eray Keremoglu- exceeding every expectation and livestreaming within their community on a weekly basis. Their documents can also be found on their website, which link to original files uploaded by InterFi- a trusted smart contract audit and identify verification organization.
But these are the basics. This is what should be expected- yet rarely found- in the defi space. Contract audits are a plus, but the audit industry isn’t exactly regulated and there exist many ways for individuals to take advantage of contract code despite a positive audit. Thus, we’ll recommend that audits via respected organizations be done, but don’t hang your hat on it.
With the basics out of the way, it’s time to look at what really separates the basement-dwellers from the professionals.
2. Is the team active, engaging, and supported by the community?
Let’s first begin by separating “moonboys” from investors. So called “moonboys” will do and say anything to convince others to buy into their gamble in hopes of increasing the price valuation so that they can sell off and take profits. This is not true community support. Do not be fooled by those who say “BUY NOW!! PUMP 100x TODAY!!” and the like. Real community support is seen when community members ask questions or pose a particular issue, and other community members take the time and effort to describe the project’s vision, assist in troubleshooting, and work cohesively with the team to contribute to the greater good.
This is rarely achieved in the sense that it should be, and may be difficult to spot as a result. However, if you find a project that has been active for several months that is void of FUD, an ever-present team, and a community that cares, chances are you have this category checked off the list. This particular area is one that Florida Man Token can boast proudly, as their full-time staff of nearly 20 individuals work around the clock not only developing and producing on the business side, but you can find their executive members engaging in the Florida Man Token community chat at any hour of the day. What we’ve witnessed over the last couple of months is nothing short of a true bonding between team, community, and vision within the Florida Man Token group and it’s truly something to behold. In fact, we couldn’t even identify a single moment of FUD, even during its earliest of launch hours.
3. Does the project have an attainable vision that’s scalable? Has there been consistent progress?
We’ve all seen what sort of road maps and whitepapers are put out in the defi space. Most of the time, we wish we hadn’t. These are often tell-tale signs of how serious, knowledgeable, and committed a team is to its future. Road maps are intended to be logical stages of development to achieve a future vision with purpose behind each step. What does a certain member count in a Telegram group achieve? A particular market cap? Not much, if anything at all. These have nothing to do with development and are simply used to feed the abusive “moonboy” mentality so often found in the space.
Instead, look for developmental steps and don’t expect them to be completed right away. Real businesses and real development take time. Anyone that says otherwise is baiting you into a less than savvy investment. Most notably, question what the bigger picture looks like and what purpose it serves. This is a must. Ask the team if you can’t determine it. Those that are transparent and detailed in response are far more likely to have plans in place to achieve it. Those that are dismissive should always be avoided. When analyzing the Florida Man Token roadmap and whitepaper and comparing it to progress achieved over the past few months, it’s no wonder their community is so bullish.
In fact, this level of consistent development and commitment through a bear cycle in the broader market is practically unheard of in our experience. The ability to continue to produce, continue to promote, and continue to engage with the community during a steep and extended market-wide sell-off firmly places Florida Man Token into the unicorn category, and that’s without getting into their value proposition and upcoming developments hitting the market.
4. Do strategic plans and marketing plans make sense? Are they wise and justified?
This will be difficult for some to hear, but you don’t want to see a boat load of cash dumped into “influencers,” billboards, horribly valued ad platforms like Poocoin, and other similar “moonboy” demands. This will only achieve one of two thing: a pump and dump, or a full expenditure of funds that will soon cause the project to fizzle out into nothing.
Real marketing takes time. Marketing does not produce instant buying pressure. Marketing generates awareness. Advertising supports marketing goals. Advertising encourages users to take action to explore information. Advertising also does not produce instant buying pressure. Again, you don’t want it to! Building a household name takes time, multiple touch points, numerous channels, and repeated presence over the long-term.
Real businesses understand this, and real businesses won’t give in to “moonboy” demands. If this is the case in your group, it’s a very positive sign. But what’s even more positive is the team investment behind not only development, but its long-term marketing endeavors. What we feel to be one of the rarest, and perhaps only circumstances of a team understanding this, can be found with Florida Man Token.
This team knows what it’s doing.
Perhaps it’s because Billy has managed several highly successful businesses- including his own- before Florida Man Token came to fruition. Maybe it’s because Mike boasts a MBA from a top business school, consulted numerous startups, and generated significant results as a Marketing Director. Or, it could be that Eray has managed multi-channel campaigns at the corporate level for years, while simultaneously being deeply embedded in the world of defi to truly understand what it takes to be successful. We’re not sure, but we can bet that it’s a combination of this talented team functioning seamlessly and piecing together a staff that shares the vision, believes in its direction, and continually produces beyond all expectations.
What’s even more striking: Florida Man Token is operated under a registered business in the U.S., Wen Moon, LLC. Yep, you got that right. This team knows how to play to the memecoin audience all too well, but it’s nothing short of next-level business in the back.
One final check, and we’ll wrap up our analysis with a look into Florida Man Token’s current and upcoming developments.
5. Does the value proposition stand out? Is the unique selling point actually unique? What utility exists to generate buying interest?
Here’s a novel idea: memecoins and utility do not have to be independent of one another (what?!). That’s right! A memecoin doesn’t have to equate to a pump and dump; in fact, they might even be better than a blockchain project in terms of early adoption if it offers true utility and a scalable purpose. However, you’ll likely encounter many copycats. Many, many copycats. So, what’s different? What’s novel? How does the project differentiate itself from the masses and gain traction?
The first thing to look for is the need to use the token for something. Truthfully, anything beyond mere speculation can be seen as utility- but we recommend looking for a deeper use case. Secondly, is the token different or offer an improved function that what’s available on the market? If not, do the previous checks confirm a more promising opportunity than what’s already available on the market? If so, the project could very well be a long-term winner.
Again, we can easily see how Florida Man Token checks all the blocks in this category. It’s native token, $FMAN, features several use cases with two primary functionalities already in place: (1) its professionally designed, hand-drawn NFT character cards can only be purchased with $FMAN, and (2) those NFTs can be staked to earned weekly passive income! This is not to be overlooked, as it is one of very, very few platforms through which NFTs can actually be staked to earn rewards. We’re willing to bet that it’s also the most lucrative and promising amongst the ones that are, too, as collecting a full season (five cards of various levels and rarities) will guarantee you $600 per month, independent of volume!
This is something we have never witnessed in any sort of project- large, small, or anywhere in between. Guaranteed, payable income for staking your NFT collection…with no dependance on volume! Pure, cold, hard cash in your pocket. And this is not counting the rewards paid out through the NFT Rewards Pool! This pool is dependent on the volume of NFTs minted and token transactions, however, higher levels pay out BIG.
Not only are these NFTs super rewarding, but they phenomenally designed, truly hilarious, and feature characters based on real-life Florida Man headliners. The meme potential is quite literally limitless, further supporting the longevity of the project.
What else is there to know?
We’ve broken down the top five categories to analyze prior to making an investment decision in the very risky defi space, but following these steps, you are likely to find much more promising opportunities with long-term benefits. We highly recommend sticking to the guideline, but we also suggest you consider Florida Man Token as a highly promising opportunity based on its performance with our project analysis.
Read on to learn about some truly remarkable changes coming to Florida Man Token in the next week!
We are overjoyed to be the first to publicly announce the Florida Man Token NFT ecosystem upgrade! This is expected to go live on February 17th and will boast a massively improved UX/UI designed with React to offer a truly professional look and feel while maintaining the brand’s vibe. You’ll even get a whole new pack opening experience that’s about as real as it can get in the digital world, which is likely to leave us itching for more!
Season 2 of the NFT collection will drop at this time, featuring some of the most iconic Florida Man headliners known by just about everybody! Stay up-to-date by joining the Florida Man Token community group so you don’t miss out on the opportunity to catch them when they go live.
But that’s not all, because one of those men in particular has been formally placed under contract to serve as Florida Man Token’s real-life Florida Man: Charles “Wide Neck” McDowell! You heard that right…and it’s not some one-time shoutout. It’s a long-term, deeply involved partnership to spread awareness, support the charitable works towards mental illness and drug abuse in the State of Florida, and maintain a comedic front that’s backed by good business.
There’s been a lot of talk about Florida Man, but what’s up with Florida Woman? Will that ever be a thing? Well, YES! In fact, Florida Man Token has arranged a partnership agreement with the Florida Woman podcast, brought to you by Tough Kitty Productions. They’ll be joining the podcast team during various episodes to chat about all things Florida Man and the impact it’s had on pop culture in recent years. You don’t want to miss it!
NFTs are great, but what about external marketplaces? You got it! Florida Man Token has officially partnered with MemeNFT, a new NFT marketplace initially hosted on Binance Smart Chain, that will feature highly-vetted artists and collections centered around the most meme-worthy stuff your mind can imagine! Owners of Florida Man NFTs will be able to list them for trade on the marketplace, while the project benefits by being an early adopter of this up and coming marketplace with a major community seeking the exact type of NFTs that Florida Man Token delivers!
Lastly, in support of its new ecosystem upgrade launch, the team at Florida Man Token is launching a multi-channel, multi-tiered marketing campaign to attract tons of new members to its community. And yes, we’ve asked about the approach, and it’s far and above what we’ve witnessed in the defi space. The excitement is real, and for good reason! We recommend to always, always conduct your own research, but the opportunity to join the community at this time prior to the campaign rolling out in the coming days stands as a rare chance to get involved with a legitimate, long-lasting movement that is likely to be incredibly rewarding.
For a project to check all these blocks and currently trading under $300,000 market cap, it’s quite a bargain any way you look at it. As a project that stealth launched at just $3,500 back in November, 2021 and has already achieved a market cap valuation of $1.5M through organic growth, it is not difficult to see the potential ahead for this undervalued, low cap gem that’s making strides all across the board!
Where To Find More About Florida Man Token
Project Website: FloridaManToken.com
NFT Minting Site: FMAN.world
Join The Community and Follow Florida Man Token On Social Media
Telegram Community Chat: https://t.me/FMANTOKEN
Original Article Written for Gem Hodlers News