Guide || How to Evaluate and Invest in Web3 Projects in 2024

There’s no denying that we are in the early days of the Web3 era. In fact, most people have one leg in Web2 and the other in Web3 without realizing the difference. Some consider this a good thing since the ultimate goal is to achieve Web2’s seamless usability without the inefficiencies and defects that plagued the earlier iteration. However, it also means that many people don’t yet know how to navigate the fast-developing Web3 space.

These Web3 issues can range from simple idiosyncrasies like struggling with the interface of a decentralized exchange to more severe accidents like sending tokens to the wrong chain.

This piece will focus on a more pressing issue — a question on everyone’s lips since the Web3 FOMO reached a fever pitch — how do I evaluate and choose a Web3 project to invest in 2024?

Before you read any further, please remember that this is an opinion piece based on our analysis of the current Web3 landscape. None of the information in this article is financial advice.

Now, let’s go back to how to identify investment-worthy Web3 projects and why Forward should be the first name on your list.

Bitcoin started as a payment system. However, as it took on new use cases to become a store of value and a dynamic investment vehicle, the demand for the token also grew exponentially and is rightly reflected in its current trading price. The same logic applies to Ethereum and many other top-performing Web3 projects.

Utility is the safety net that assures a project’s relevance. Without this safety net, the project faces the perpetual threat of a catastrophic fall-off when the initial hype inevitably fades.

Forward has an impressive scorecard in the utility category, plugging multiple holes in its roles as the WordPress of Web3. As a result, its native token, $FORWARD, enjoys healthy demand levels from the different classes of users who rely on the no-code tools and user-friendly interface of the Forward Factory to participate and succeed in Web3.

Inspired by the revolutionary blockchain technology, the decentralized web continues to build upon these foundations of openness and innovation. This openness encourages projects to develop unique and innovative solutions to traditional problems as well as new issues arising with the popularity of the new web.

Projects that will enjoy long-term success in the highly competitive and incredibly fast-paced Web3 realm must embrace the latest technological trends and remain open to innovation.

Forward ticks the box and continues to evolve with the latest technological trends. Forward Factory Version 4 (FFV4) is the latest testament to this fact. FFV4 comes fully integrated with interface improvements and the latest advancements in AI technology to optimize the overall user experience. This commitment to improvement bears seriously considering Forward as a Web3 project with long-term viability.

Community and adoption go hand-in-hand in Web3. The best projects have strong communities (especially DAOs) that contribute to positive interactions and loyalty, eventually leading to widespread adoption, as seen with projects such as Bitcoin, Ethereum, and even meme projects.

A project can build a strong connection with its community through frequent AMAs, live chats, social media posts, progress reports, and updates. Technically sound projects also attract better communities because their communities are more confident in the team’s ability to deliver.

Forward has a strong and vibrant community on different platforms, and its co-founders consistently communicate the project’s current plans and long-term vision. This relationship already paid dividends during the project’s token launch campaign, which sold out on every platform in record time.

Web3 is flourishing because of the impressive catalog of teams leading this revolutionary drive. Bitcoin, Ethereum, Polygon, Manta — all these projects have diversely experienced teams working behind the scenes to bring the project’s visions to life.

Experienced teams exponentially improve the chances of success and longevity because of their ability to adapt and stay ahead of the innovation curve. They also know not to overpromise, which ultimately leads to disappointment, especially considering that success and failure may be out of their control.

Forward fills the expertise and experience boxes with a dynamic duo of co-founders as well as an impressive lineup of core team members, advisors, partners, collaborators, and integrations that contribute to the positive sentiments surrounding the project.

You can check out a project’s team from its website or even see in-depth information about their progress and development through data aggregators or their GitHub.

The footnotes are notoriously boring because they contain jargon we are often tempted to overlook. However, reading the footnotes can help you recognize red flags and know the projects and teams to avoid.

In the Web3 context, the footnotes that people often overlook include:

• Checking security audits
• Ensuring the project does not have unnecessary exposure (risk mitigation measures and legal compliance)
• Attainability of long-term goals
• Project tokenomics
• Technical analysis and price action (Liquidity, inherent value, supply vs. demand, etc.)
• Availability of diverse investment options (angel investing, NFTs, ICOs/IDOs, stock options, crypto tokens, etc.)

The Forward project answers all these questions in articles, frequent AMAs discussing long-term plans and milestones in the updated roadmap, as well as its Whitepaper. The project also provides resources to answer specific questions about Tokenomics, Diversified Investment Options, and Frequently Asked Questions about the Forward project.

The Web3 space is a young and often exuberant sector where people proudly claim their ‘aping’ investment strategy. It works for some people, too because there are so many opportunities within the space. However, people who enjoy consistent success have a reliable investment structure that has been perfected over time.

Sometimes, it can be as simple as checking data aggregators. Other times, it is about reading between the lines before committing to any investment. These small steps add up to the difference between having a successful investment portfolio and being the one who’s always holding the bags after the devs pull out the rug from under you.

Don’t know where to start? Check out Forward on CoinMarketCap.

Disclaimer: Please, remember that the opinions expressed in this article are based on our analysis of the current Web3 landscape and should not be considered financial advice. Readers are encouraged to conduct their own research and consult with qualified financial professionals before making any investment decisions.

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About Forward — The AI-driven, no-code solution for building and deploying dApps, blockchains, and subnets with ease. Inspired by WordPress’s simplicity, Forward allows seamless deployment on over 800 chains — no technical skills required. Start your blockchain journey at ForwardProtocol.io.