The NFT launches of 2021 are infamous for their absurdity. Projects were launched with little money and a barely accountable team; promoted oftentimes on the premise of 8-10 JPEGs that were supposed to tease the full collection; profited millions in mere seconds or minutes; and all of that without much of a reputation or in many cases, pseudonymously without attaching any real world identity to the project founder.
Under these premises, it's hard to be upset at the public for rashly labelling NFTs as a scam, mania, or ponzi scheme.
But with the bear market being thick and omnipresent, it is time we collectors, creators and investors started acting the way we want to be perceived. It is time to start rewarding sound innovation and the founding of sound businesses.
In episode three of Not a JPEG, we contrast the launch of an NFT project to starting a business in the physical world. Our goal is to inspire NFT creators to apply quintessiential cornerstones of founding a business to their NFT project, with the hope that projects become more sound, more unique, and longer lasting.
We cover pertinent topics including:
1) Sources of funding for a business versus an NFT, and how NFT funding up until the bear market was completley out of touch with reality;
2) The importance of establishing a team members' identity, and how that affects accountability and project success;
3) The value of a well thought out, stress tested business plan for an NFT;
4) The dire need for unique value propositions within NFT projects, and a call to action to ditch the derivatives, and prioritizing real innovation.
Watch This Episode on YouTube: https://youtu.be/wj44sMvIdnE
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