Why 99% of NFT projects fail
Epic Web3 Weekly Newsletter
Hey there, growth buddies 👋
This is the Epic Web3 Newsletter — a weekly dose of best practices & insights from the top industry experts to help you dive into Web3 and boost Web3 products.
We’ve got major news for you.
We're adding some big names in the industry to our speaker lineup at Web3 Growth Summit.
Are you excited? Here’s a sneak peek:
Matteo Tittarelli (Head of Marketing at Quantum Temple) and Vahe Baghdasaryan (Senior Growth Marketing Manager at CoinStats) are the rockstars who'll cover the hottest topics and help you grow during July 25—29.
Make sure you know what Web3 Growth Summit entails:
🔥 5 days packed with hyper-focused talks, workshops & Web3 trends for 2022 and beyond.
🔥 Hot topics, including DAO and DeFi growth, NFT, GameFi, and Metaverse.
🔥 Insightful case studies, tools, strategies & behind-the-scenes secrets from top experts.
🔥 Networking sessions with the industry's brightest professionals.
But here's the thing — there are very limited tickets available at a special price. So you better want to grab one soon to guarantee that you don't miss out.
🧑💻 Call to all NFT lovers — your project is likely to fail. Community insights on how to avoid it.
We’ve witnessed how non-fungible tokens (NFTs) have exploded in popularity in the crypto and digital art worlds. However, while some NFTs are bringing billions of dollars, others are being sold below the mint price or even fail at all.
Let’s see what the community has to say about NFT collections failing and how to avoid it from happening to your project.
1/ Sten Lee, Web3 & NFT consultant, claims that the main reason why even solid NFT projects fail lies in poor marketing strategy. In pursuit of quick results, founders start buying followers, turn to big influencers who don’t have a reliable community, and just choose quantity over quality.
2/ Dan Thomas, Consultant for Web3, Metaverse & NFT projects, points out that to have your NFT succeed, you need to define your USP (Unique Selling Proposition) first. Understand what value your project delivers to the end holder, as well as how it benefits them and improves their life, and you'll survive in a competitive market.
3/ Here’s another insightful thread covering the same thoughts above. P2 Moo.sol says that as NFT hype is cooling off, you better stop trying to make quick money. Instead, concentrate on those projects that can deliver true long term value, so your holders’ investments will keep appreciating.
4/ Just to give you more confidence that it’s not the time to write off NFT projects, here’s a post by Francesca M. Witzburg, intellectual property expert and partner at Loza & Loza LLP. She believes that even when the market goes bust, it’s better to keep an eye for the next evolution as there are numerous ways you can apply an NFT — and it’s only up to your imagination.
🔥 What’s hot in Web3?
Web3 is a fast-growing and changing industry, that’s why we can’t leave you without up-to-date news. Here are some that we found worth to share this week:
1/ Coinbase freezes hiring and withdraws accepted job offers. In the crypto world, reputation is more than important — and it seems that Coinbase just lost its face one more time.
2/ Binance launches $500M fund to drive Web3 adoption. Binance Labs plans to invest in three different stages (incubation, early-stage venture & late-stage growth), thus making a big bet on the development of Web3.
3/ Netscape creator & a16z co-founder Marc Andreessen says Web3 really is like the rise of the early internet. According to him, it’s actually “the ‘missing’ link for the internet, bringing trust, sovereignty and financial utility to the ecosystem.”
That’s it for today! Hope you found this week’s dose valuable and look forward to seeing you at the Summit 👋
Sending growth your way,
The Epic Web3 team