NFTs are big businesses we can’t ignore anymore
Goblintown captured the imaginations of NFT collectors over the past month even as crypto markets burned.
Observing the markets and how NFTs evolved over time, one question that I have is:
Can this be a legitimate business model to back and make a living of?
It does prove that NFT projects can tangibly support ecosystems.
You can make a proper business out of NFT projects.
The numbers behind GoblinTown are truly astounding.
A total of 24,521 Eth has been spent on GoblinTown NFTs so far.
That’s nearly $40M at current Eth prices.
After ups and downs, following the bear market, its floor price is still a healthy 2 Eth.
It managed to survive in such a competitive and ferocious environment where NFT projects come and go like the tides of the Pacific Ocean.
Per 24 hour volume, it is still one of the top 10 most actively traded NFT projects.
Im talking about beating heavyweights like Doodles, VeeFriends, Cool Cats and World of Women.
They have 120k followers on Twitter.
Now keep in mind this is for a project that seemingly came out of nowhere.
They had no real team behind it at launch.
They hosted a 3 hour Twitter space session with nothing but goblin grunts and weird noises.
They had people questioning why and scratching heads on their uncanny success.
They led another cambrian explosion of Globin spinoff projects that went on to perpetuate the cult and fed the community further.
Seems like the team behind it really know what they are doing after all.
Seems like building a team of engineers, designers, community builders and marketers to build NFT projects could be a viable business model in modern times.
Take some notes.
Yuga Labs and BAYC, and now the Otherside Metaverse.
Truth Labs and GoblinTown.
Larva Labs and CryptoPunks.
Gary Vaynerchuk and VeeFriends.
Zagabond and Azuki.
Kevin Rose and Moonbirds.
5 years ago, if I were to tell you you could make millions in revenue designing, building and marketing images online, you would probably laugh and ask me to see a doctor.
Mark my words, Harvard Business School and teachers will be using these successes as benchmarks and case studies.
Forget NFTs as hobbies or side projects.
NFTs can be a legitimate revenue-generating business.
Operating a successful NFT business is so much more than getting algorithms to design 10k digital images.
There is quintessential ideation and storytelling, recruitment of talents, internal company processes, building and designing your smart contract correctly, there is the complexities of community building, intensive efforts in marketing and branding.
Maybe I should start a school for teaching how to run NFTs as a proper business.
Or just buy a BAYC and watch it moon.
Would you invest in companies operating NFT businesses?
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