When we minted on October 18th, 2021 I thought that we were ahead of the game.
Completely unique art. Small but strong community. Fashion was already lined up.
Then the next week it felt like we were miserably behind.
For the next two months, it was a game of making sure that we continued to push forward with our vision while also keeping an eye on where things are going in this Crypto/NFT/Web3 space.
I believe that it’s important to want to push a project forward, but not into things that you feel are short-term.
If Boopie was going to be a major global brand then I had to understand where things were going in a way that aligned with what we wanted to do and where crypto was going.
Unfortunately, I can’t predict the future. All I can do is create a thesis and then follow it and that’s what you’re going to read about here.
If you don’t own a Boopie then hopefully this will show you the planning we’ve done for Q1 2022 and convince you that Boopie is a good investment.
If you’re a holder then this will show you that we aren’t slowing down one bit. In fact, it’s time to speed things up.
If you’re a project owner then feel free to use this document as a guide for your own project. Not to copy everything in it, but to hopefully gain some insights into how we view NFT projects.
We hopped on Zoom for a little summary of the Roadmap, but all of the details can be found on each page.
Why People Buy NFTs
This is important to understand and it’s something that many people in this space are still disillusioned about.
People have their own beliefs as to why they buy something but the core of it all comes back to one thing.
You don’t buy an NFT believing that it will lose you money overall. Many people don’t want to feel as though money is what is guiding them so they’ll mask the money motivation with things such as art, community, or utility.
And these things SHOULD play a role in the decisions that you make, but at the end of the day, if you don’t feel that an NFT is going to benefit you financially in some way (we’ll get to this in a bit), then you won’t buy it.
Yes, there are some exceptions where you might want to support an artist and in that case your purchase is basically a donation that makes you feel good, but overall we all buy NFTs because we believe they give us a shot at something more.
This was something that I had to learn quickly. It’s the reason why so many project owners get frustrated with seeing people bounce from project to project.
All of our audiences are chasing the opportunity to make more money and you can’t blame them.
When people are making money in some way because of your NFTs they are happy and love participating. If a long period of time goes without any type of value increasing then they begin to look elsewhere.
That’s what Crypto and therefore NFTs are all about.
But therein lies the whole problem. Projects don’t control prices. Community does.
But if the community is bouncing from one project to the next it can be hard for any project to grab hold of people long enough for them to help make an impact.
For example, Boopieverse overall is great.
The NFTs are great. The community is great. Everything is great.
Except the price doesn’t go up (maybe that will change after you read this).
Does this mean we can’t succeed if the price doesn’t go up? Not at all.
Again, the important thing is that people feel they can benefit from holding a Boopie.
It doesn’t have to be that Boopie’s prices directly go up, but the community has to feel that they are getting some value that is greater than what they can sell a Boopie for.
That’s where most projects fall flat.
If the floor of a project is 5 sol then you have to ensure that the person either:
- Believes the price of the project is going to go up based on whatever they believe
- Receives something they value much more than 5 sol (this can be many different things)
So I’ve been thinking of how to tackle this problem in a way that feels good to us, to you, and to everyone else in the NFT space.
And it starts with feeling like you are a part of something bigger than yourself.
Community Member, Stockholder, Advisor, or Team Member?
One of the appeals of NFTs that brought many people onboard was that you were supposed to feel as though you were part of a team.
You were supposed to feel as though you were building something with others.
However, that is rarely the case. While many teams listen to their community, the community is just that.
A feedback mechanism for the core team.
DAOs work on the opposite end of the spectrum where there is no team and a large group of people are left to make decisions.
This presents its own problems when the whole group doesn’t align with the overall direction of things.
Thankfully, with NFTs, you can combine many different models in many different ways, but what’s most important is that everyone understands the direction the brand wants to go.
If you can do this and make people feel a part of something then magical things can happen.
But they truly have to be a part of it and the question is how do you make that happen?
Share the Pie
Going back to the original thesis of people wanting to make money, if they are going to be involved with things there have to be some ways to try to return value back to holders beyond just getting the floor price to rise.
Because as much as you may wish it to happen, as a project owner you can’t make the floor rise.
That’s out of your control unless you do some form of manipulation.
So you have to continue to return value to the holders.
Usually, this has been through either sharing royalties from sales of NFTs, offering a token that’s supposed to have some inherent value, or just telling everyone that you’re building and the community is amazing.
Sharing royalties works well when there is plenty of volume, but when volume dries up that leaves no money to be shared. It can also be a very small portion that you receive if you’re in a community of 1000s.
(The truth of the matter is only a couple of projects have shown that they can continue to maintain volume after the initial week of hype therefore royalties greatly decrease over time.)
There is also the matter of SEC rules if you’re based in the United States, which we are.
With a token, the value only works if the token itself has value and as is often the case, the value disappears quickly after the initial hype.
But these ideas are not without merit. They just need to evolve and fit in with the potential of Web3 along with the vision of Boopie.
For us, this starts with ensuring people have a way to measure their status within the Boopieverse.