Beautiful rainy day outside! I don’t really know why, but I work better at rainy days. Maybe it’s the sound covering everything else, it gives me peace and concentration to deal with my tasks.
Anyway, I am always (trying to) keeping an eye for interesting discussions on twitter, telegram or discord groups. There’s a lot of noise, but sometimes we can find a gold nugget.
Some guy on a private tg group asked this: “what is the motivation to keep going and keep building up your community once you sell out? Say you sell out 10K for 2 SOL each, this is like 3 milly? So rationally speaking I feel like most teams would run away from the project with the 3 mil, am I wrong? What drives them to keep pushing for new exchange listings and to keep building a strong community ??”
That’s an awesome question and there are so many things to talk about it, I will ruminate a few ideas here.
The obvious answer here is money, of course. Yeah, I agree money is important, but there are many passionate teams about their projects and money is just one component. I am working a lot on this and I can see myself buried on this project for a long time, but I am also having a lot of fun. It’s been a long time since I worked and had fun doing something to earn money. So it’s important to DYOR and find out if the team is really passionate about their project.
Long term sustainability
We usually don’t take our time to think about NFT tokenomics. It’s a huge factor to consider before investing your money into something. Is the team going to earn more money along the road? If they are not, I would be concerned because chances are they are going to bail out and do another quick cash grab. It’s not so simple, tho. You can’t just analyse fees on marketplace. You need to go beyond that and study its roadmap and ponder if it’s logical or achievable. We are spending a lot of time researching tokenomics and how to offer a long term project, something able to live through a bear market and flourish for years to come. First thing we decided: we need to work as a business. If we really want this to succeed for many years, we need daily routines, we need to see our holders as costumers, we need to pay bills, we need an HQ, we need an accountant, etc etc. That’s why one of our roadmap’s goal is to fully quit our jobs and focus 100% on this, it’s not just to be funny or to gain compassion. It’s our top priority, once we sell out the very first thing to do is find a place to be our HQ and gather the team on the same city.
Our tokenomics (we will certain evolve this) and business logic is: We are not selling our effort cheap. We want to charge what we think is necessary to sustain comfortably our plan execution in the long run. That includes bringing different school arts to colab, keep pushing with honorary gifts to bring attention to our community, pay costs and artists for Chapter 2 and so on. Our plan is to spend all money from marketplace fees rising the floor and increasing scarcity.
So how the ** are you going to keep motivated? That’s where Chapter 2 comes in. Chapter 2 is a free airdrop for all holders. BUT, we will charge 10% fees from secondary sales and that’s our incoming source for years to come. With that said, we need Chapter 2 to succeed if we want to keep the money flowing in. My goal is a core team of 5 people (we have 3 now). We also want to establish a team of 3 artists, 1 website agency and 1 photoshop professional. For Chapter 2 we will increase to 4 artists, one of them a polymer clay sculptor. Everyone joining this journey with us will need to understand our business model: we only keeping running our business if Chapter 2 is a blast.
This is where many projects fail after a successful minting. The community is not there just to appreciate your art, they want to make profit. And that’s fair, we are all here to improve our lives. It’s the owner’s job to implement the environment necessary to make everyone happy. But community will pressure for results and many projects will just not provide because they don’t have a good roadmap. They don’t have directions, they don’t know where to aim and where to focus. They don’t keep their community updated and there’s no transparency. Once you fail to communicate, your project is done.
How to keep your community engaged and happy? That’s a though question, but start delivering what you promised. I only spend crypto on good written roadmaps and I will never bother a dev for something not promised. That’s on me, I understand that. BUT, if you promised something you need to be conscious that it was a selling point for many people. So you need to deliver, you need to keep your community posted. Don’t ever fail to show progress, otherwise you will fail and you will cause harm to your supporters.
A little rant lol I really love how Solana is growing and all the voices pushing it forward. But there’s one thing I disagree: people complaining about minting price. First thing, you shouldn’t endorse low effort projects. Every morning the first thing I do is checking all NFT drops for the day. I have 15 tabs opened rn and 13 are really just quick cash grab plays. Don’t support these guys. You will pay 1 solana, will be happy for that and then what? It will die in one week. DYOR, DYOR, DYOR.
I would rather spend 5 sol on one single good project than ape on 10 suspicious collections.
I am specifically talking about Solana because this is not a thing on Ethereum. For example, I minted MAYC for 2.9 ETH (that was $ 9.000 at the time). Their devs made $ 100m with that drop. I can imagine Solana imploding if someone asked that much. But this is where you need to think ahead: if you buy something for $ 100 and you want to 10x that, you will make just $ 1.000. I sold my MAYC for 1.5x, and that was enough to profit more than $ 13.000! It’s a simple math. I don’t care how much the owners are making, as long as their supporters are also making good cash. And I am not even including gas fees here. Solana has this huge advantage. I really don’t get why complaining and trying to bring the price down. We need to complain about quality. Again, don’t support low effort projects. Look what they can offer for the long run. Stick with devs that respect you as a customer. Anyway, just my humble opinion.
Damn, these logs are growing, I need to get back to just two lines texts haha