Cryptocurrencies will fail in 99.99 percent of cases. Users have lost $500,000 trying to create counterfeit CryptoPunks. The headlines are a red flag; stories of failure and money lost are few and far between among the tales of riches won. NFTs can be your closest buddy or they can scratch your eyes out as they take your children’s inheritance to the OpenSea’s bottom.
With his $70 million Beeple, Metakovan may have a good nest fund. Whale Shark, who has over 210,000 NFTs and was responsible for the 99.9% failure forecast mentioned above, will have some future gold in his collection, but there is a Polkamon for every CryptoPunk, and a CovidPunks for every Stoner Cats. NFT initiatives are as unpredictable as British weather on a sunny day, but there are patterns among the chaos, and if yours can channel one of them, your project may be worth a million dollars by Christmas. Alternatively, it could fail quietly, a whimper in the world of digital art.
Celebrity and NFTs
Enlisting the support of a celebrity, especially a world champion footballer, basketball player, or ice hockey player, is the simplest method to succeed with an NFT endeavor. Try to stay away from the less healthy sports; the NFT craze hasn’t yet spread to the rowdy halls of world darts (as yet).
Sport is the ideal environment for NFTs. Collectibles are already ingrained in the culture, with trading cards, ticket stubs, uniforms, signed shirts, Andre Agassi’s Ponytail, and a bloody sock all being traded on the open market. NFT rights are included in Messi’s new PSG contract. Mike Tyson, Andy Murray, LeBron James, Tiger Woods, and Cristiano Ronaldo are just a few of the names that come to mind. It goes on and on.
Copy, imitate, and catch the NFT Zeitgeist
Things to do in Denver When You’re Dead Followed Pulp Fiction’s lead. Ten and Superunknown raced in after Never mind blazed a route. We got… from American Psycho.
Nothing is unique, therefore plagiarize. Ride the tidal wave, ride the zeitgeist, bask in the warmth of a Twitter storm, and unleash your 10,000 NFT collection on the OpenSea to a raucous fanfare of squandered opportunity and hope. CryptoPunks has spawned a swarm of copycats who profit on pixelated avatars and animal stories. CyberKongz, Bored Ape Yacht Club, Pudgy Penguins, and a zoo of pretenders have all adopted CryptoPunks’ basic ideals.
Is there another method to build effective NFT if you want to be creatively innovative, avoid celebrity, and make your NFT project burst in a hashtag?
Build a quality team and a creative NFT project
Many people know Charles Hoskinson as ADA or Ethereum Vitalik. Enjin is a team, and Polygon is a team. Recruit a compelling leader, assemble a talented team, and — it’s taken a long time to get here because it’s typically overlooked — create an outstanding NFT. Nothing you could make on an old Amstrad should be released. Even when we’re in the midst of a gold rush, you still have to motivate your NFT audience (or at least you should). The importance of great artwork, a sound business plan, and equitable distribution should all be at the top of your priority list. Build a community, don’t tell collectors you’re only wanting their money, and give them extra goodies like exclusive online interviews and conversations.
Make an effort to be inventive.
Why do NFT projects fail?
Innovation is a scarce resource. It will become increasingly difficult for NFT projects that do not provide something new or engaging to cut through the noise and rank well on the OpenSea or generate Twitter engagement. As the field leveled, Hollywood and sporting megastars will have their pick of the top projects; why would they choose yours? There are copyright difficulties, environmental impacts (whether or not NFTs are melting the ice caps is irrelevant to the media and headlines), and the crooked nature of some in the eco-system. Scams, rug pulls, security concerns and mishandling of cash and projects are all serious concerns. Any or all of these factors could jeopardize the success of your NFT project.
Finally, CryptoPunk, you must ask yourself, “Are you feeling lucky?” That is all there is to it. Of course, in the world of NFTs and cryptocurrency, nothing is ever foreseeable. What constitutes a strong NFT project will alter substantially in the months and years ahead, just as the markets are as unpredictable as a North Korean supreme leader.
Those of you who are reading this will have your own ideas on what makes an NFT project succeed or fail, and whether or not those “rules” will change over time.