pomace based on a thread by Steve.
There is a lot of discussion around NFT projects Doodles, BAYC, Pixel Vaultregarding their long silence “too quiet” without constant announcements/updates. Even 2 weeks of radio silence in the NFT sector is met with criticism and a drop in price lists.
💥 NFT projects are operating in unprecedented times when startups are created publicly. We usually don't learn about companies like Uber or Airbnb until long after they were founded. These companies have time to iterate, change direction, and identify new paths forward.
💥 Demanding NFT clients (token holders) help finance these startups, so to some extent the requirements for updates are justified. It's like seed round investors asking how their money is being used to ensure future profitability.
💥 NFT holders are essentially free marketing power. Their conversations and interest increase demand.
However, there are many discrepancies between NFT holders and what they want. Unlike seed investors, their requirements often vary greatly, which puts the creators in a difficult position.
💥Community feedback creates the challenge of separating signal from noise. Some of these demands are valuable, others are unrealistic, and others are simply toxic, from people looking for liquidity to exit.❗️ And every decision of the creators is studied under a microscope.
💥 Now venture capital investors' money is starting to come into the process. This provides a new boost for NFT brands. By receiving money from such investors, NFT projects are already working more thoughtfully on their vision. They no longer need hype and artificial price increases to fund the brand through secondary sales.
💥 !!️However, this has its drawbacks. The community feels less connected to the founders and brands. They criticize such things because "now they are answerable to investors." However, the end product will likely be better if the founders don't regularly feel under the gun. 🤔
💥 Iterating before going to the mass market is paramount for successful startups. Uber tested a model in which it ONLY offered luxury rides, and a model in which users could hail a regular taxi.
Imagine the arguments owners would have if Uber were a Web3 brand!😏
💥 There is a balance in NFTs that we can find. Quarterly or monthly updates would be a good idea.
This gives NFT brands time to plan, provide the community with updates on progress, and allows them to control the feedback loop. 👌So that people don’t wonder “what’s next?” waiting for a random announcement.
💥The author believes that this will also help control price volatility. Instead of speculating on the "alpha", there will be a specific point in time to receive actual updates. This can stop instant "get rich quick" coups.
💥For large NFT brands, it would be wise to develop an “always on” PR plan. in between meetings between token holders.
As an example Doodles introduced amazing plan for NFT NYC. Perhaps they could release video updates on how Pharrell works working to keep holders interested, tweeting images depicting the Genesis Box features, and providing written updates about the Doodles 2 platform.
💥 Opinion: As holders, we must give brands time to take a breath and develop further. And NFT companies could commit to regularly updating information.
Author: Lyubasha and Ren
