The Gist: There are numerous failed NFT projects which no one talks about. Among the plethora of projects, only a few make it big. So, why NFT projects fail? In this article, we have listed some factors which creators ignore.
NFT is the new technology that has been in buzz since 2021 when one digital artist sold his NFT artwork for USD 69 million. Mainstream media covered this news extensively and made NFT big and popular among the common people. After which the NFT market surges exponentially. In just a span of two years, the market of NFT reached USD 3.0 billion.
But not all NFT artworks get benefit from this huge growth. Only a few NFT projects are selling their artworks for thousands of dollars. Some of the popular NFT projects are Bored Ape Yacht Club, CryptoPunks, Mutant Ape Yacht Club, NBA TopShot, Decentraland, and Axie Infinity.
But why do so many NFT fails and only a few projects make it big in the market? The answer is hidden in the average work that most NFT projects carry out. Whether it is properties or marketing of NFT, most of the NFT projects are making the same mistakes. The slacking marketing strategy, bad storyline, lack of vision, financial problems, and no strong backing are some of the factors that affect hugely on your NFT project.
5 reasons why the NFT project fail and did not make huge in the market. The below reasons will help you to understand the mistakes that most projects make.
Weak NFT project
First and foremost, you need to create a unique NFT art with a strong storyline, roadmap, framework, and marketing strategy. A robust and believable project is what NFT collectors look for and you need to make sure that your project could reflect every point that collectors are looking for.
A weak project does not look convincing and hence fails to attract an audience. This is why you must be creative and unique with your idea of NFT artworks because just PNG won’t be helping you make a single dollar.
Community growth failure
Failing to increase your community and not catching up with them during the peak time is where you fall behind the others. Plus, you should also know where your audience exists. This means searching for the social media platforms where the maximum NFT enthusiasts stay. The prime platforms are Twitter and Discord where you could find NFT collectors, creators, and NFT enthusiasts.
Most of the projects fail to engage their audience for long period and they go into loss. This all depends on a good marketing team and finding one is difficult. Most of the projects rushed to launch their NFT project without building a strong and loyal community. This is why most NFT projects are failing.
Decline in hype, attention, and buzz
Failing to engage the existing audience and crashing at the peak after engaging too many followers. You must know the consequence of making the project bigger because big projects possess more chances of crashing. Maintaining the demand is the toughest job for the NFT creators.
NFT projects offer giveaways and special benefits to their audiences to maintain the hype and buzz around your NFT. If people start doubting the credibility and sincerity of your project you as a creator must become cautious. Some of the biggest NFT flops are caused due to negligence and bad strategy.
Mismanagement at backend
Keeping a talented pool of marketers and developers is also important when you start growing into this business. Bring out some exciting ideas, keep your employees motivated, and appreciate them when needed. A lethargic and unreasonable boss is not what you want to become. Stay connected with your employees so that they could stay connected to their work.
No investor wants to become a rugged project and lose all the money that they invested. This is the worst-case scenario and every creator must be vigilant about it. Make sure that you plan a long-term project because that is what builds trust in the audience and investors. The NFT collections failure happens due to mismanagement of their working professionals.
It is common for a new NFT project to be caught in a scam because of inexperience and lack of information. So-called NFT influencers and celebrities are most involved in such kinds of scams. There were many cases where the names of such celebrities and influencers came to light as scamsters.
These are the NFT projects that didn’t sell out because collectors don’t want to invest their money in scams. Be aware of such celebrities or influencers because they can cause great harm to your project.
About Krazy Kong NFT
Krazy Kong is the modern era ape who is trying to leave behind his tumultuous past and fit into modern human society. Krazy Kong is the ape NFT project which you are looking for. It is a brand new NFT project with a strong storyline and a long-term project to make a huge profit. If you are looking for a profitable NFT project then Krazy Kong is for you.