A few days ago, a friend asked me: I haven’t paid attention to NFT for several months, why are you still fighting for PFP?
I also refuted it: Now there is a lot of traffic from outside the circle, giants are entering the market one after another, and applications are blooming everywhere... But after thinking about it carefully, for an ordinary investor participating in NFT, the most time is indeed still research and grabbing. New small picture, after all, who wouldn't want to be a diamond hand and buy the next BAYC Boring Ape?
However, recently, I feel more and more that my liver is too weak and I can't roll anymore.
First of all, the Gas War of the popular project Public Sale is no longer the battlefield of ordinary players. It may not be possible to get it, the whitelist off-market transactions are even more chaotic, the pricing is all based on brainstorming, and there are even scandals where well-known community MODs are pocketed; most importantly, after a lot of tossing around, it may not be able to make money.
According to NFTScan data, in the past 7 days, more than 840,000 NFTs have been born on the Ethereum chain, and many projects have become garbage on the chain as soon as they were born.
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Roll to the end, the water is hard to recover
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Courtesy of @sethwizard0x
The current floor price of Karufuru is 3 ETH, and once dropped to around 2.3 ETH on the day the box was opened. It can be seen that being a scientist is not a guaranteed business, not to mention that Karufuru is one of the best-performing projects recently.The myth of scientists who used to get rich on the mint NFT project is no longer what it used to be.
Let's talk about the white list (WL). There have been many articles about how difficult it is to grab a white list.
The whitelist system began to emerge in the third quarter of 2021. The essence is to reward "labor is wealth" fairly, and to reward members who contribute to the community and attract traffic. Second creation and meme, KOL cooperation, rewarding users who win in answering puzzle games, community activities, lottery, etc.
At first, the whitelist mechanism can effectively motivate community activists and alleviate the Gas War of Public Round, but things changed soon. The NFT community with thousands of people and 10,000 people in the early Discord is already considered active. Be an active user It is not difficult to get the white list.
With the explosion of NFT, especially after PhantaBear was replaced by Jay Chou as the avatar, a lot of celebrities blessed, and the price soared, a large number of new Chinese people flowed in. Today's new project Discord has tens of thousands of people. There are not a few tens of thousands or hundreds of thousands of people.
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The whitelist system needs to be changed
Most individuals on the whitelist regard it as a treasure and wait to do mint by themselves, while whitelist studios that have already paid a lot of manpower and technical costs often choose to make money before mint, and naturally there are clearly marked prices Whitelist secondary markets and OTC trading communities.
Some projects began to resist whitelisting studios, trying to find these wallet addresses and remove them.
But where there is demand, there is a market. Those who bought the whitelist before have at least some room to make money, but recently they have begun to lose money on a large scale.
For example, HYPEBEARS is one of the hottest projects recently, with more than 360,000 Discord members and 240,000 Twitter fans. From this data, it can be seen that it is not easy to create a whitelist, and the price of the off-site whitelist before the release is also fired. More than 1 ETH, the highest floor was 1.6 ETH after the sale, but the price dropped all the way to the lowest around 0.2 ETH after opening the box.
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Oepnsea Price Trends by HYPEBEARS
The failure of HYPEBEARS also exposed another problem. Nowadays, it usually takes a few days for NFT to go from mint to unboxing. Unboxing has become a dividing point. In the early stage, everyone can only see what the project looks like in Sneak-peak in the community , and after opening a large number of boxes, there are often "true faces" that do not meet expectations.
Many project parties rush to put ducks on the shelves. In order to catch up with the popularity and go online, they make shoddy products. They talk about how the design is cutting-edge and trendy in the publicity. Respect the market.
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Popular satirical HYPEBEARS meme packs in the community
In addition, we who open blind boxes always look forward to opening rare models, holding 1/1 in hand, and becoming diamond hands, but most of the time we open only floor.
In response to this problem, Odaily has also discussed with people in the industry before. In fact,secondary title
Ordinary investors are always hurt
In addition, the issuance of NFT and the operation of fan communities are mostly carried out in the form of DAO. Most people are anonymous. Most communities will also use Mod (moderator: administrator) for daily communication and maintenance. When conflicts of interest arise , It's often a chicken feather all over the place, and it's not uncommon to tear it apart.
Recently, 9x9x9, a well-known core contributor to NFT KOL, 721 CLUB and OpenDAO, posted several tweets in a row, accusing the former Mod of using the brands of Club721 and OpenDAO to obtain a whitelist for community cooperation, and filled his pockets, leaving most of it to himself. For example, CoolMan talked about cooperation with 100 whitelists, but in the end there were only 30 in the community lottery.
The former Mod quickly counterattacked, saying that 9x9x9 drove away the digital former Mod of 721, doves occupied the magpie's nest, and exposed his real identity as Qu Jiawei, the CEO of the German Exchange who ran away after the ICO in 2019, and invited everyone The NFT project party stopped cooperating with OpenDAO. 9x9x9 later denied it and said it would remain anonymous.
Regardless of which is right and which is wrong, and what the real situation is, this not only exposes the difficulty of DAO governance in the face of benefit distribution, but also reflects the degree of chaos in the NFT market today.
The "white list" is like a black box. It's hard to tell who gets it, who is profiting, and how many tricks there are in the black box.
As an ordinary NFT enthusiast who is taking over at the second level, it is easy to feel tired and forget it after being cut a few times.
It's hard not to remind people of IEO and IDO, which were once smash hits.In the beginning, the platform selected carefully, the number of projects was small, and there were many investors. If you grab it, you will earn it. If you hold it for a long time, you can multiply it by dozens or even hundreds of times. Later, the dividends gradually weakened, and the frequency became higher. Many listings are the peak, and most people choose to sell when they choose to go online; in the end, even participating in IDOs may be cut off, and it is not uncommon to see broken projects.
In the process, there are also constant interest disputes between the project party and the trading platform.
It is always ordinary investors who are injured in the end.The market that loses ordinary investors will gradually be drained of vitality, projects will overlap, and development will stagnate. We have experienced this cycle too many times.
NFT is an early market full of prospects. There are many conscientious projects and high-quality teams, but it is also full of countless chaos and scams. It is time for the project issuance system and platform to protect retail investors further.
