Business or Project: a little reflection on hype and demographics within the NFTs space
This article is based on my sole experience and info I’ve gathered. Many will relate, many others will not. Read and take out your own conclusions and do your own research.
Recently there have been quite a few “NFT projects” that have turned out not to be solid projects. Founders get their bags full and just cash it, not only has this happened with projects from anonymous founders but also with real faces behind founders. This type of so called “project” is more of a quick business without solid long-term plans.
Before jumping to any project at all, I would recommend you think and reflect on the following questions:
Are you an active investor? Are you a passive investor? Are you genuinely interested in the NFTs aesthetic and utility? Are you just looking to buy and sale right away to make some quick money? Are you experienced?
Once you’ve reflected on some of those dilemmas, here a brief reflection on hype, demographics and education encouragement.
Let’s set up a demographical context to begin understanding. Those who help creating so much hype is usually the younger community who spent lots of time connected and still hold innocence a lot of passion (it would be very interesting to get a psychological analysis on behaviour). Usually, greatly hyped kind of projects are also supported by influencers with young communities behind. As a result, what we get is buyers willing to make money in rather short term, not truly committed to the long holding term and especially buyers that economically cannot really afford buying more than one NFT. Life experience is generally important to learn to be patient and relax towards situations that require so.
Having solely this younger type of community will hardly back up a solid long-term project, however they will probably find great success creating hype.
On the contrary, older buyers are the ones who tend to be more committed to hold an NFT and be there for the long term. These older types of buyers also have the economical capacity to buy more than one NFT. However, these are not likely to play a big role on creating hype.
Would a balance between these to groups be the result of a successful project? Which one is the success formula?
More than just simple meaningless interaction, find an NFT project community willing to leverage meaningful content. For those who are leading projects: give people the tools to learn about both the good and bad outcomes of investing in NFTs. Let the community not just as the nice questions but also the uncomfortable ones. Encourage the community to dig deep and search for information about both the project and the whole NFT community