As you guys might have seen that most of the projects fail now a day. In this article, we are going to discuss reasons of why most of the nft projects fail.
Innovation is the only way to win. Most of the projects follow the same old concepts without putting some extra effort into innovation. We all know that NFT space is new and evolving fast. So a small innovation can make your project successful whether it is in the artwork, contract, or community.
With the fast evolution of the NFT space, rug pulls ratio has been increased drastically. So it’s very hard for the projects to gain their community trust. To gain their trust, your team should be doxxed, make realistic promises, stay honest, and also share your progress regularly.
No proper planning of the total budget also plays a crucial role in the failure of the projects. Expenses should be planned for each of the processes separately so that project does not go over budget. Because if you don’t have enough funds during the launch, you can’t do it the way you want which affects your hard work.
Poor marketing approach is also the main reason for nft projects failure. A proper outreach to the nft community is always necessary. If a project is good from every aspect but community does not know about it, obviously it will face failure. Outreach is not something that is only dependent on paid influencers. Bring innovation in the project or impress your community and they can spread the word for you.
Imperfect team combinations also fail lots of projects. Bring together master of every field i.e designing, development, marketing & community management etc. Then see the magic of how the project achieves new heights of success.
Most of the projects don’t concentrate on their artwork which is why they fail to impress their community. Great artwork, a good business model, and fair distribution should be top of your priority list.
Failed projects do not have a fun and engaging community. Build a community, don’t tell collectors you are only after their money, offer additional perks, exclusive AMAs & spaces, and conversation.