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150. The NFT Utility Conundrum That ALL Projects Will Face!
150. The NFT Utility Conundrum That ALL Projects Will Face!
ratings:
Length:
31 minutes
Released:
Apr 10, 2022
Format:
Podcast episode
Description
I've discussed the problems around utility in many of the past episodes in regards to what I believe projects can deliver vs which utility is just wishful thinking. Interestingly enough the NFT projects that deliver on both projected and actual utility still have a massive problem. The problem ties into the fact that most projects don't have a business plan and the web 3.0 world of digital ownership eliminates things like "2-year contracts" or "Grandfather pricing" which leads to a massive problem.... If you have too many unique holders there isn't enough volume of trades and secondary compensation to maintain the project... If there are too few unique holders the project can be influenced or tanked by one or two bad actors or soiled relationships. If you people are holding an NFT because of the utility and that utility is delivered what is the incentive for them holding? If most of the utility of a project has already been delivered then what is the motivation for new people to jump into the project. I believe this fall we will see many projects reach their 1 year anniversary and start to realize they have no true plan for empowering superfans and/or welcoming in new fans in a way that they never feel like they are the outsiders while also not alienating those who've been loyal to a project since the start... What are your thoughts on this? How do you think NFT projects can solve for this? I use Veefriends as an example but even Veefriends only gives 3 years of access to Veecon... After year three what utility will GaryVee add to keep people around... I doubt it will be just a 4th Veecon.... Tool mentioned on the podcast: Icy.Tools
Released:
Apr 10, 2022
Format:
Podcast episode
Titles in the series (100)
6. Minting NFTs Daily for 365 Days, Why? #Mint365: Backstory and breakdown for the launch of MINT 365 and Beeples inspiration by NFT 365 Podcast with Fanzo