Why Do Some Celebrities Fail with Their NFT Launches while Others Thrive?
Celebrities who are planning on launching their own NFT projects (and any team for that matter), should ask themselves the following questions before launching:
1. How am I showing a commitment to Web3 culture and ethos?
2. How can an NFT provide value to my fanbase in unique ways?
3. What story am I telling?
4. Am I planning to foster long-term growth for my Web3 community?
Chris Brown’s NFT launch on July 1st is the latest and one of the worst performing mints. At the time of this writing, only 308 items of the 10,000-piece collection had been minted. That equates to only about 3% of the entire collection.
How does this happen? Brown has sold over 193 million records worldwide, making him one of the best-selling artists. He also continues to pack stadiums. Yet, he can’t muster up even the slightest bit of interest when it comes to his first NFT launch? I know his Breezyverse website has some serious Tai Lopez vibes, but there must be something fundamentally off when Web2 celebrities miss the mark this bad when it comes to Web3 interest and NFT sales.
Let’s get to the 4 crucial questions celebrities should ask themselves before launching an NFT project:
How am I showing a commitment to Web3 culture and ethos?
At this stage of development, there is something a bit unique to Web3 culture. It’s optimistic. It’s community driven. This should be something that meshes well with celebrities since they are generally such powerful entertainers and organizers. However, this is a big clash in ethos compared to many Web2 agencies that seem to capitalize off fanbases, devouring them and throwing them aside for more profitable ones as time goes by. Web3 is about fostering. It’s becoming quite easy to identify agencies and teams behind celebrities who are operating in a Web2 manner or Web3.
How can an NFT provide value to my fanbase in unique ways?
Successful NFT projects are often born out of Web2 communities. After all, this is where most of the fans already are. But they need to be given a reason to “migrate” to a Web3 world. Most will not blindly follow a celebrity’s suggestion to purchase an NFT. If they are new to NFTs, their first reaction to an NFT launch will most likely be, “So what? How does this benefit me?” Celebrities need to provide unique utilities for their NFTs. If they do only what fans can do in a Web2 world, the project would probably not be successful.
There is still a great deal of friction when it comes to migrating fans from Web2 to Web3. In order to help with this migration and uptake of Web3 tools, celebrities should make it fun for their fans. They can perhaps provide free airdrops in the beginning or provide NFTs for fans who have gone to a Web2 event. This will start planting Web3 seeds among their fanbase and have early adopters then be able to play the role of Web3 recruiters among a community. Seemingly randomly coming out of the blue with a “Hey, here’s my NFT project! Hop into our Metaverse! Insert buzzword, buzzword, buzzword!” will not be enough to stimulate one’s fanbase.
What story am I telling?
A good portion of the success of NFT projects deals with the storytelling. Whether this surrounds a collectible, artwork, or a combination of mediums, how you are telling your story matters. NFTs give artists the ability to tell stories were difficult to do in traditional mediums. Linking unique stories with a celebrity’s already established persona may create a valuable experience for fans.
Bill Murray’s recent project is telling 100 unique stories that have happened in Murray’s life. The verdict is still out as to whether the project will truly be successful, but the feel of his NFT project is authentic and doesn’t feel forced.
Am I planning to foster long-term growth for my Web3 community?
If it ain’t broke, don’t fix it. Many Web2 agencies and celebrities are thinking this. They give some half attempt to an NFT launch and then say, “Ah, this NFT thing is a fad that has already died” when they predictably fail. For people with such a Web2 mindset, they should continue reaping the benefits of the Web2 world without giving Web3 much thought.
However, for others who are willing to put in the long-term effort, NFTs and Web3 communities can deliver a powerful and loyal fanbase, which of course also delivers money. Sustained growth in Web3 requires patience and a great deal of experimentation. With this experimentation comes the required humility to admit mistakes and learn from them.
One celebrity that is doing quite well in the Web3 space is Snoop Dogg. He has been experimenting and leading in this space, figuring out how to connect with his fans in new ways and deliver new experiences. This ability to evolve and try new ways to entertain is probably why Snoop Dogg has been able to stay relevant in the hip-hop game when others are just a flash in the pan.
Teams and agencies are trying to capitalize on Web3 trends, but collectors and consumers are becoming more skeptical to new projects after witnessing or failing victim to a number of celebrity-led cash grab projects. Celebrities who can be authentic and deliver unique Web3 experiences to their fans, with NFTs playing a core component, will reap the rewards.
About Nswap: Nswap is building a decentralized, multi-chain information aggregation platform (Launchpad) and open market (Marketplace) for NFTs. We hope that everyone has the opportunity to experience, access, and own NFTs. With Nswap, you can access NFT collections for sale on our primary Launchpad and trade them freely on our secondary Marketplace.
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