27 May 2023
10 Min Read
Can it really wipe away the technology behind non-fungible tokens?
People say:
Nothing is eternal. If you have been an NFT enthusiast for a while, you may argue with this statement. But when you are looking at the next hype shaking the crypto market so much that people turn their heads in McDonald’s, reach out for a table lamp in the beds, or think about the hype in the most intimate moments, you start to believe that this is too, not eternal. And you nostalgically toss memories of the first crypto hypes like a deck of bucks… cards, I mean.
Hey, don’t be sad. I know how to change your mood.
Listen to this:
In 2009 Satoshi Nakamoto did not think about the hype. Why would he, right? He just created dazzling technology that may be a decision for the modern world. Well, if the world will not immerse into an explosive ride called WW III.
99% of projects will be wiped away forever, but the technology is going to remain alive and find another meat to grow around its skeleton. Why? There is a demand for technology anyway, the only negative tendency is
Market’s fall stats:
The market falls? It doesn’t mean though that something is wrong with technology.
It doesn’t mean there is no way to use technology. Yes, most of the projects will die. But we are bringing you here a big ray of hope: we’ll tell you about the projects that are not a product of hype and don’t really care about the hype when other projects disappear without its foggy light.
These projects, which we are about to name, really cover the pains and problems users have. They will not die even if the Bored Apes Yacht Club would sink into the Mariana Trench.
How you act with this information is rather your choice to mull over.
You can enjoy the reading, tell your team about it, or just invest your butt off.
Ready to take a look at rather noble examples of using NFT?
By the way, up to this moment you might have a better mood. Aren’t you?
Noble NFT projects or how to create value-fungible projects
Starbucks
The first thing that comes to mind is Starbucks. Even if you don’t like their coffee, you think it’s too (adjective) something, you would love their NFT campaign.
They planned to add “more Web3” to its customer rewards program, including — ta t ta da — themed NFTs.
Basically, it is a “pass” to the privileged community of Starbucks. Which, historically speaking, is one of the first and most cool things that derived from the ideas of the Cryptopunks.
Crypto Punks
I am pretty sure though Starbucks knew about
BAYC and just emulated their program. But it is not the time to build any conspiracy theories, the Starbucks program was cool anyway. And it just once again shows a really efficient way of using the technology.
But let’s get back to BAYC again.
One of their best projects is a collaboration with the Tiffany collection.
Do you know what happened?
CryptoPunks volume was 248% once the jewelry house Tiffany & Co. resented a collection of pendants based on their NFTs.
Over the first 24 hours, the amount of all transactions for the purchase of NFTs from the CryptoPunk collection skyrocketed to 1278 ETH, about $2.16 million.
Pretty neat.
Corite and Alan Woker
Corite is an answer to Spotify and any centralized music platforms. Created with the intention to help musicians and their fans interact and build ca loser relationships – including support – the founders’ decision.
In return for supporting Alan Woker, followers will receive royalty income, which will be paid over 2 years.
Users can also search for codes in videos that will be published on the social networks of the project. Thus, they will be able to mint NFT fragments of the artist’s clips and earn income from views.
Disney
The corporation started looking for an experienced corporate attorney to work on transactions involving emerging technologies, including NFTs, blockchain, metaverse, and decentralized finance.
Seems like something interesting is coming to their corner. Last year, they included Polygon in the accelerator program, which was the first step to NFT decisions.
Meta history Charity Fundraisers
The largest charity NFT project in Ukraine, META HISTORY, and the Ministry of Culture launched the 5th stage of fundraising for the restoration of iconic cultural heritage sites affected by the war. They presented new NFTs from META HISTORY’s War line collection.
The project has been launched at the end of March and by October collected about 300 ETH, which is more than $400,000 at the current exchange rate.
In the future, META HISTORY promises to add new options to NFT. They will allow the owners to visit the iconic cultural and tourist places of Ukraine for free.
If you take a look at all the brands that have launched NFTs and the bear market hasn’t got them, you’ll see that Nike tops the list. The company raised $185 million (the volume of secondary sales of tokens amounted to $1.3 billion). The top five also include Dolce & Gabbana, Tiffany, Gucci, and Adidas.
NFT is about to repeat the fate of ICO
Do you remember January 2017? Ethereum was just $8, the crypto wasn’t a big deal at the moment, and Bitcoin was going through hard times.
But just before this, more than $100m had been raised through ICOs. Do you know what was next? Yes, you do – the hype was coming.
The gate was opened, and the number of projects started raising millions. They would scribble a whitelist quickly and even faster get millions of investments.
There were good projects, there were bad projects. Also, there were scams. But once the hype faded, the ICO showed us just how many projects carried 0 value.
Many projects have died forever, but the technology stayed.
Doesn’t it remind you of something?
How to distinguish real investments from marketing fluff when it comes to NFT?
How do you put away the disguise, and really see through the projects that are just another scam?
Here are definite points to check:
Projects that are trying to build themselves
without releasing stuff right away
The best NFT projects are looking for a long-term perspective. Like in Web 2.0, they take a slow pace and really create a foundation.
If you see projects that were created yesterday, and today they post a new collection, they probably don’t give a s**t about its value.
Crypto communities that don’t try to promote themselves right away, but build a multilayered manner of communication that includes way more than just a “buy it, now” attitude, are usually looking to bring real value. They create profound relationships with the audience.
If the number of new holders increases, you are looking at a project that is capable of reaching new audiences, interesting new holders, and providing them with something tangible. Especially at the bear market.
If an NFT collection has been launched by a major brand, celebrity, or other projects that left traces in the past, you are unlikely to look at the scam. If you can see the real creator after NFT, you have all the cards in your hands.
Community is everything for Web 3.0 projects. If you don’t see any sign of community, probably this is just a temporary project that doesn’t need to be around for a while.
Checklist on how to survive crypto winter as an NFT creator or collector
The hype is gone, and so is the shorting. Long live fundamental!
Not everything is going to stay the same during a bull run, and the hype is gone.
But quality products with something special to offer won’t go away.
For example, Utah’s Uplift Aerospace sold out its 1,969-NFT Space+ Launch Pass collection in late May even though an offering was made to refund in the face of market uncertainty.
This is drawing a very curious line: when many projects die because they are lacking value, others may take NFT out of the hype frame, and do something unique.
More trust will be established, and less risk is about to hover around investors when it comes to NFT projects.
The market of NFTs crashed, but nothing wrong with the technology. It is just when the blinding cloud of hype dissolved, we see what we see: most of the projects delivered zero value.
That’s okay. Probably it is just a part of evolution and later will see the NFT market become more stable and trusted.
Nothing lasts forever, but if technology keeps working, there will always be something new to adjust itself to it.
One more thing: (it should last longer in your consciousness than any hype): if your project is ready to create real value, but you have no idea how to bring this value to the ears of the masses, there is a decision. Take your project, and go to us. We’ll know what to do.
That’s it!