A revamped minting cycle strategy to adjust to current market conditions
GM bobblz fam! There is no doubt that one cannot ignore the elephant in the room, or should we say the ‘bear’ in this instance.
The market a few months ago is not the market today. There is a change happening. A shift in values and the way customers look to buy into projects is happening. Everyone project launching now or in the immediate future must evolve or dissolve.
<aside> 👉 Trust > Hype
Will Reinrub, CEO of Cryptoys who has just announced huge IP partnerships and completed a successful Series A to build on Flow Blockchain. When he was asked about the recent changes in the NFT space, he replied:
“it’s a much better time to launch products, a lot of the hype has been driven out of the market.”
The bobblz team concurs. Let’s take a minute and look back on projects with hype, not pointing at Flow projects. Here on Flow blockchain, we are still early and there is not enough projects to show what works or doesn’t, the market here is subjected to the market around us on other more utilized chains like Ethereum. Some of the projects are successful yes, but there is no doubt over this new shift and outlook on NFTs, the value they hold - if they do not pivot immediately to offer utility (right now vs in the future) beyond just owning a PFP, the floor price will begin to fall. Of course there are going to be a few outliers in which were early to the party and have utilized the time they have had to become part of NFT culture and history.
In order for NFTs to be utilized by the masses, the masses have to understand the value in owning a digital asset. What benefit do they directly receive? Will this investment increase in time? Being part of a community can only get you so far. By continuing to provide value back to the holder, this makes the investment worth it, and those not early will want to get in. But what if there is too much supply - this is just economics - supply & demand. So, let’s talk supply!
There is no doubt that what bobblz is doing is different here. We understand that now more than ever we have to work harder to gain trust from those outside our community. With the market in the current stage we understand this may not be quickly received. However, that cannot be done without first providing value for our community here and now, to our early holders. We know that what goes down must come back up, and us holders in the space know that by ‘hodling’ we can see long term gain.
So let’s start there. It simply means that our quarter periods previously announced to launch within a month of each other are not feasible given the current conditions. In the same sentence we cannot do as other projects have done by giving out mints to holders just to release the supply -this would drive down the floor quickly for our holders.
We are not about to hold back the launching of our marketplace, in hopes of selling more mints - this just isn’t something we can get behind. Our marketplace is one of our greatest strengths. As we have discussed before, we are the first ‘pfp’ project with a fully integrated dapper wallet minting and marketplace platform.