Here are some common mistakes that NFT project founders are making:
Lack of transparency: Some NFT project founders fail to provide clear and detailed information about their project's goals, roadmap, team, and tokenomics. This can create uncertainty and erode trust among holders.
Overhyping the project: NFT project founders may overpromise and exaggerate the potential of their project, which can lead to unrealistic expectations among holders. If the project fails to deliver on these expectations, holders may become disillusioned and lose faith in the project.
Poor execution: Even if an NFT project has a solid concept and a talented team, poor execution can undermine its success. This could include technical issues, delays in product releases, or inadequate marketing efforts.
Lack of community engagement: NFT project founders who fail to engage with their community risk alienating their holders. Community engagement can include regular updates, responding to questions and concerns, and incorporating feedback from holders.
Lack of long-term vision: NFT project founders who are solely focused on short-term gains may neglect the long-term sustainability of their project. This could include failing to plan for future development, ignoring the needs and wants of holders, or failing to adapt to changing market conditions.
Lastly, many founders' business model has not been established beyond the cash grab of the initial mint. Promises made, yet delivery of real utility for owners is absent.
People investing their hard earned money should review each project with these thoughts in mind.
Overall, NFT project founders need to be transparent, realistic, forward-thinking and focused on delivering long-term value to their holders.
Treating an NFT Project as a real business that delivers services and real value is key.
Hopefully many projects will learn from their mistakes and we can continue our trip to the Moon 🌝
Blog by @CryptoRick423 🎸
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