Are holders killing their favourite NFT Projects with unrealistic expectations? Let’s talk about it. We often place all of the blame on founders for NFT failures. And yes they should take blame if their project isn’t performing but maybe in some cases we holders should share the blame for having unrealistic expectations. There is usually a no dilution rule within NFT culture but an expectation of non ending utility. Meaning holders do not want any future mints but want the project to still provide utility to them just for holding. That’s pretty freaking unrealistic and guarantees most projects with this model will fail. This model is extremely limiting for founders who want to continue creating value for their holders which is why most pivot outside of NFTs. We barely have successful NFT projects that have stayed purely NFT projects. We’ve seen pivots into DeFi, Gaming and Metaverse where the NFTs then gain utility. In most of these cases implementing on these pivots take so long that the NFTs projects barely continue as evolving projects because all of the focus shifts to the pivot which will be more sustainable. People have sometimes likened NFT projects to luxury items. If so, it’s like telling Rolex to make 10,000 watches and no more because you don’t want them to devalue your watch. It’s like saying Hermès can only make 7k Birkin Bags. How is that sustainable? They create a sustainable model by building their brand with every limited collection they create. But they are allowed to create more collections. I imagine there are founders who have delivered great value and utility for their holders and creating a new collection would extend that value but feel handcuffed to the expectations of non dilution. I think we as holders need to release them from these shackles. There was fud around when @TheDerpBirds came up with Outposts but it’s given them more runway to deliver more to their holders and add to the ecosystem they are building. In the same vein there was fud when @the_ape_society created COTAS but as a result @levvyfinance was born. Even though they are a bit different to regular NFT projects, @book_io probably has the best sustainable model as they release new “collections” often. This means they can be very experimental. They can try different things, test results and figure out what works. As well as have a sustainable revenue model. For NFTs to have a lasting future we have to be able to allow founders take risks and yes mint more when needed. It’s never dilution when they can increase the value of the brand to the point when demand is greater than supply. If you've read this far, thank you. It'll be great to get some conversation around this, so would appreciate if you comment and repost.
@allYourBaseNfT Based take. To be fair though, while some projects do justify the means by actually building, new 10k's can be understandably harder to stomach.
@allYourBaseNfT Sure, mint more if you can demonstrate that you've spent funds from previous mint(s) in a meaningful way 🤷♂️ nobody's killing nobody though.
@allYourBaseNfT culture of chasing new shinny objects and forgetting about the ones we had passion once. timing of any new edition to a project is important as well
@allYourBaseNfT People holding NFTs should expect their founders to create a product which solves a problem, Never been done before and hard to copy 😉
The issue is, many Founders of NFT projects simply don’t know what they do. Every NFT project is a business, more so, the NFT project is kind of the Brand Community of a Business and every Business requires a Business Model with some kind of sustainable revenue. NFT mints are not a sustainable revenue stream. Everyone in the space knows how the crypto cycle works, that the Bullrun comes every 4 years after the halving… and there are good reasons for that. Still, in EVERY CYCLE we get the narrative of „This time is everything different, now we reach mass adoption and institutional investors“ and yes, we had this narrative even in 2017/2018. Launching an NFT project is 100% marketing and sales, but most founders miss the BUSINESS part. The sad thing is that most NFT projects that fail, fail because of MISMANAGEMENT and bad strategy… or not having a business strategy at all. The only community fault is, that we believe to easily in visions and just mint everything 😂