As we trek through this bear market, I am witnessing a healthy shift in the way projects and communities grow.. Here are a few thoughts worth considering as we progress in the world of NFTs and digital assets.
Firstly, we are passed the days of “tag 3 friends + like this tweet to get a free NFT”. We must acknowledge this is a different, more experienced market. Those who were participating in these marketing incentives have now left the space.
Secondly, solely focusing on the #’s will not transfer into a successful project. The market is very concentrated now with so many look-a-like projects. The communities that are tight and committed are the ones that will last.
Longevity should be the goal, building a product/community that is self sustaining regardless of who’s running it must be a priority. Creating a product that is viewed as more than a money making machine is the shift necessary to stick around in this space.
You do not need 50k Twitter followers / Discord members to see success. I have witnessed first hand projects with sub 10k communities that have more activity and higher floor prices than the latter.
At the end of the day, NFT projects and DeFi protocols must focus on operating as a business. Whether you are valued at $500k or $500m, the goal should be to provide your consumers with a product they take pride in owning.
Of course, each ecosystem has its own priorities and end goals but I believe some of these points are worth considering when assessing a projects future.
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