I see NFT projects moaning and groaning about the bear market - “@&$! bear market!”. I think their troubles lay deeper.
I believe the reason why NFT projects are struggling is that they're not great businesses. What's a great business?
A great business makes something customers must-have and can’t live without. Their customers would be visibly upset for a long time if they were gone.
Unfortunately the world is full of average-at-best businesses no one would miss if they were gone, whose products range from pretty-good to shitty. Like Twitter. This is because of venture capital and a bunch of other reasons I can't get into in the two minutes or less I have to catch your attention.
Because there's so many of these swine, they've lowered the bar. Entrepreneurs then follow in their tracks - "Look, they're making bank"! You and I are left with washing machines that only last a couple years, techno gadgets that endup in the landfill 6 months after opening them, and worthless NFTs.
They make the mistake of thinking that price is the be-all end-all. Blur and OpenSea being prime examples. Harvard Business School teaches that if price is your only niche you have none. I guess they missed that class.
Great businesses understand that anything worth having is worth paying for. They know that if they make a must-have product customers can’t live without, customers won't think twice about the price.
They don’t have to advertise - or ask their customers to tweet or grind for mints in front of god and everyone. Their customers advertise for them - organically and without being prompted. BTW. Tesla has never advertised. They don’t need a sales force, because their customers are their best sales people.
My friend Frank the master carpenter pictured in the preview has a great saying - "Right is right. Knot is not". If your NFT project is struggling stop blaming the bear. Instead go back to the whiteboard, make something that customers must-have and can’t live without. Be a business they can't ignore, that they'd sorely miss if you were gone. Do this and bear markets won’t matter.
tty next time,
