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Here is the breakdown of today's newsletter
🔑 The Key to Success for NFT Teams
🔥 Azuki Elementals TODAY
NFT Teams and Their Priorities
As the NFT landscape expands, one cannot help but ponder on the keys to success in this growing industry.
Certainly, all ventures require considerable effort and creativity. However, when it comes to NFT projects, it goes beyond these. A highly successful NFT project demands a strong focus on project growth, community consolidation, and, most importantly, adaptability to changing community needs and wants.
But what truly fuels an NFT project?
The answer may vary, but common catalysts include revenue generation, social experimentation, community building, branding and marketing, and innovation.
Each is significant in its own right. Yet, it's the team's prioritization that truly matters.
Potential Pitfalls
A potential pitfall arises when an NFT team is largely profit-driven, leaving little room for social experimentation and community building. This imbalance could lead to a "rugged" situation, straying from the potential value that NFTs could bring to the digital space.
In contrast, NFT projects prioritizing social experimentation, community building, and innovation are more likely to strike gold. After all, when true collectors invest their hard-earned money and precious time into an NFT project, their expectations extend beyond financial returns.
They seek to belong to a vibrant community and participate in a dynamic social experiment. As the adage goes, "Connections in the Web3 space are priceless.”
Successful NFT Teams
Need to acknowledge that their projects are not only about themselves but also about the community - those believers who invest their resources and faith into the project. They need to build the project towards the community.
The Drop:
If NFT teams begin to recalibrate their goals towards community-focused approaches, we may witness a fresh wave of successful projects and robust communities. And this new wave is what will take Web3 to the next level up the totem pole of decentralization. This is the next step for Web3.
Azuki Elementals Are Coming to Town
With today’s newsletter focusing on what it takes to be a successful NFT project, the Azuki Elementals mint could not come at a more opportune time. Today, at 9 AM PST, the Elementals mint will commence, one that we were teased about just a couple of days ago in a video posted by the team.
The 10,000 Elementals are minting in 3 phases as an expansion to the already thriving Azuki ecosystem. Phase 1 will begin at 9 AM PST for Azuki holders only. Phase 2 will begin at 9:10 AM for BEANZ holders. And finally, if there are still Elementals left to mint, Phase 3 will begin at 9:20 AM for the public. Phase 3, if needed, will be a Dutch auction starting at 2 ETH and decreasing at 0.1 ETH every 10 minutes until sell out. Azuki and BEANZ holders that mint during Phases 1 and 2 will place a 2 ETH deposit and receive a refund of the difference between their deposit and the final Elemental price. Immediately after the mint concludes, the Elementals will be available for transfer and reveal.
(The snapshot for this mint is going to be taken right before the mint commences, but the team advised holders to do this on Monday night, at the latest, to ensure no issues at the time of mint.)
With big-name collections come big-name scammers and hackers. To counteract this, Azuki has partnered with Delegate Cash, a service that allows you to mint without having your original asset in your hot wallet. You can go to Azuki’s website and create an account to mint with. This way, if there is some sort of mix-up with the contract that you’re interacting with, you do not lose your original digital asset. To put the cherry on top, this tool has also been used by other big names, such as TokenProof and ArtBlocks, meaning it can be trusted. Big props to @0xfoobar for getting this done.
The Drop:
The bear market has been one of lots of ups and downs. A bullish meme-coin market coupled with high inflation and government regulation meant the ultimate downturn of the NFT market. But drops such as this one should open our eyes to the abilities of teams, and their prowess. They are building. And when the appropriate time comes, they will release what they’ve been working on. Times may be tough, but there is always light on the horizon. And when thinking about the notion of future growth, we are still very early. WAGMI.
Hype and empty promises, check out who made the list:
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That's all for today's issue! Thanks for reading this far and also make sure to give our Twitter a follow daily for breaking NFT/web3 news! (@TheDropNFT)
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Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses. racticeNewsletter 6.27