The Question Everyone Asks When Thinking About Launching Their Own NFT Project | Episode 172

S1 EPISODE 172

The Question Everyone Asks When Thinking About Launching Their Own NFT Project

There’s something beautiful about helping people see the value and power of NFTs and it’s unlike any other technology or change I’ve ever presented. 

In most cases when I get people to open their mindset or shift their perspective to embrace an emerging technology they usually default to experiencing it as a consumer and the use cases and examples they are looking forward to experiencing. 

There's something beautiful about helping people see the value and power of NFTs and it's unlike any other technology or change I've ever presented. In most cases when I get people to open their mindset or shift their perspective to embrace an emerging technology they usually default to experiencing it as a consumer and the use cases and examples they are looking forward to experiencing. In the NFT space it's different as it doesn't matter if its getting of stage of presenting one of my keynotes or after answering questions from a Twitter space. Almost 100% of the time people jump to the use cases and ideas around creating and launching their own NFT project and the amazing possibilities they can picture. Funny enough the question I get asked the most is actually one I struggled with early on my professional speaker journey which excites me a bit for answering it here in the NFT space. The two questions are: 1. How many NFTs should I launch and why is the norm 10k? 2. How much should I charge for my NFTs I share my take on these questions and breakdown why I don't think these are the right questions to ask while at the same time I don't blame people for asking them because this is a bigger challenge than most realize when it comes to setting your NFT project launch up for success. As always: DO YOU OWN DAMN RESEARCH and we hope you enjoy coming on this Mint 365 journey as we buy an NFT every day for 365 days: The 1st DAILY Podcast buying an NFT mint every day for a year! SuperPOWERED $ADHD Creator Coins on Rally.IO The NFT365 Podcast is Hosted by digital futurist Brian Fanzo.

In the NFT space it’s different as it doesn’t matter if its getting of stage of presenting one of my keynotes or after answering questions from a Twitter space. 

Almost 100% of the time people jump to the use cases and ideas around creating and launching their own NFT project and the amazing possibilities they can picture.

Funny enough the question I get asked the most is actually one I struggled with early on my professional speaker journey which excites me a bit for answering it here in the NFT space.

The two questions are:

1. How many NFTs should I launch and why is the norm 10k?

2. How much should I charge for my NFTs

I share my take on these questions and breakdown why I don’t think these are the right questions to ask while at the same time I don’t blame people for asking them because this is a bigger challenge than most realize when it comes to setting your NFT project launch up for success.

As always: DO YOU OWN DAMN RESEARCH and we hope you enjoy coming on this Mint 365 journey as we buy an NFT every day for 365 days: https://nft365podcast.com/mint365

The 1st DAILY Podcast buying an NFT mint every day for a year! SuperPOWERED $ADHD Creator Coins on Rally.IO 

The NFT365 Podcast is Hosted by digital futurist Brian Fanzo. 

LISTEN TO THE EPISODE

EPISODE TRANSCRIPT

Kevin Sturmer 0:00
You’re listening to NFT 365. The first daily podcast on NFT is with your host Fanzo, talking crypto, blockchain, web 3, non-fungible tokens, metaverse, and

What the f*ck is a non-fungible token?

We’ll get to that. It’s time for today’s episode of NFT 365. The only daily NFT podcast minting an NF T every day for 365 days. Powered by the ADHD coin at rally.io. Here’s your host and digital futurist, the ADHD superpowered to Brian Fanzo.

This show is not financial advice. So, do your own damn research.

Brian Fanzo 0:43

What’s up friends, welcome back to another episode of NFT 365. And, you know, it’s such a powerful aspect of NFT’s that I just wanted to kind of jump into immediately. And part of the thing that I think is so powerful when it comes to NFT’s and what’s possible, is really the kind of like onboarding process of possibilities. And let me explain what I mean by onboarding, you know, possibilities. I want you to think about this, you know, from your first experience, or exposure to NFTs. And, and maybe it’s because I surround myself with a lot of marketers, creators, storytellers. But I think this is a more common trend. No matter what your background is, and maybe I’m wrong. We all know, I’m not afraid to admit that I don’t know everything, and I am far from perfect. But the thing I wanted to kind of tap into is that, you know, for me, you know, I get on stages now, and I get to talk about, you know, NFT’s and web3. And of course, with this podcast, I get to welcome in so many new amazing humans that can kind of discover this space, but more so than any other technology that I’ve ever really kind of embraced or leveraged or kind of focused on. A lot of the AHA goes immediately to, oh, my goodness, I could create an NFT for dot, dot, dot dot. What I mean by that is, I think oftentimes, you know, I’ll use live streaming, for example, live streaming, you know, most No, that was something I did, I helped launch a lot of brands into their very first live video, IBM, DOE, Samsung sap the Super Bowl, I was very blessed to be able to work with those brands to do the very first Facebook Live, or the very first Periscope. But when I would introduce like the power of live video, and, and I do believe live video, especially from a participant participation, content side of the house, I do believe live video is one of the great equalizers, you know, allows people to, you know, look you in your digital eyeballs, when I would, you know, work with brands or talk on on stages about live video, most of people kind of their first examples or use cases would be as a consumer, they were like, oh, you know what, yeah, I do see where you live video has impacted me there or, yeah, you’re right, you know, what, I do need to look for more people that, you know, I can consume their live video content. But a lot of people weren’t immediately jumping to the stage of hey, like, what can I live stream? And maybe that’s a little bit because video is, you know, one of those things, you know, I made this argument for a while, you know, people talk about, you know, more people are scared about public speaking, than they are about death, which to me is just a wild statistic, especially as a public speaker, and someone that isn’t a huge fan of talking about death, but but, you know, I actually think I think video as a whole is something that scares a lot of people, I think, partially because we have, like, you know, our expectations, I believe are oftentimes too set in the, in really the concept of, of TV and unrealistic expectations. But I digress. The point that I wanted to kind of just make, like, what excites me or how I kind of think about this, is that, you know, in the case of like live video, like there’s like, Hey, okay, I almost get people to see like, Hey, Brian, I understand the power of live video, but I’m probably not going to go live myself. Right. So like a lot of my work, you know, as a futurist, as a change evangelist, as someone that like, really strives to help people shift their perspective and try new things. Oftentimes, my you know, it would lead to press the down button, I want you to get started, but in this NFT space, and and I think it’s interesting that a lot of times, it goes immediately to oh, you know what, I could see you launching my own NFT to do whatever it may be, but It’s funny because I talked about, you know, for sure, I 100% believe this, that we, we need to make sure to be a collector, before we are a creator. And part of the reason I believe that is there, there are some nuances, there are some aspects of culture, there’s also just an under kind of like, an understanding of some of the, you know, I would say, we could say, you know, an understanding of some of the, you know, the basics or the hard truths of, of this space when it comes to, you know, what, what are some of the, like, the, you know, you know, crypto the role of cryptocurrency, and, and, you know, understanding the mint experience and the reveal experience, and what is the secondary market.

Brian Fanzo 5:46
But I wonder to address a couple of the questions that I’ve been getting a lot lately from people that have either done their own research as far as being coming a collector and still want to be a creator, and from those that are kind of in that space, where they’re like, Okay, Brian, sure, I should be a collector. But the things I really want to understand are, and I will tell you the probably one of the questions I get the most. And I think it’s usually because it’s questions coming from a place of not understanding the space enough. And I’m not saying that in a bad way. I’m just saying, Your the question I get a lot is like, Brent. Okay, that makes sense. But like, how do I decide how many NFT’s that I create? And how much I priced them for? And it’s okay, for some of our listeners that maybe you’ve had that same question, right, you have that same thought. And it’s interesting, because, you know, the whole idea of 10,000, right, the, the 10,000, PFP collection, you know, that’s just it became a trend and a norm early on that the hey, we’re gonna we’re gonna drop 10,000 and PFPs. And I heard Gary Vaynerchuk talk about this, just the other day, actually on Twitter space, he was actually on Twitter space with the founder of psychedelics, anonymous volton. And one of the things that he said was that, you know, his collection for V friends two, V two, which I was very blessed, to be able to mint. He said, his, you know, you know, they rolled it out at 55,000, as the total NFT’s. And he said, like, his whole goal, there was 100,000. And he didn’t end up, you know, kind of pushing forward with that, but he believed he 100,000 would have worked. But he also talked about, like, what if he dropped a million piece collection? At $20? Each, like, how impactful would that be? And I thought, you know, that leave it to Gary, to kind of, like, blow my mind a little bit on, you know, just the thought process of, of, you know, scale. And, you know, if we shift one thing, we can impact the other. But I would actually say, the other thing about this is like, you know, we’ve seen some collections, you know, adopt or adapt other versions of around 10,000. Right. So, you know, one of my favorite collections, of course, metal whips, it’s, they have 11,000, you know, their full collection, I think it’s 11,093, they were they were a company started in 1993. Of course, my hockey number being 93 made me you know, love that collection even more. But, you know, and then other ones have done like, 8,888, or something around there. But, you know, I think the beauty of this space is that if you want to drop a collection that has 500, you could do so if you wanted to be like the matrix, the matrix when Matrix movie rolled out, you know, they dropped 100,000 They were the first 100,000 collection that I had seen kind of mainstream, and they didn’t do it on Ethereum and they actually did it on the on Palm. On the Palm blockchain, they were kind of focused on being a little bit more economic friendly, environmental friendly, economic, environmentally friendly.

Brian Fanzo 8:52
But the question about, like, how much do I charge and how many, I will just say, you know, as a keynote speaker, you know, my, my, I get paid to get on stages and, and deliver presentations to audiences, you know, everything from, you know, I’ve done like the Concrete Association. And I’ve done South by Southwest, I’ve done Mobile World Congress, I’ve also done a Pet Influencer events where there is more animals in the audience than there were people. And the funny thing about us speaking is like, you don’t know what like how much people are willing to pay you until you ask for that amount. But you also, you know, try your best to kind of gauge against others that you know, other speakers that are in the space. And there’s really no direct equivalent to like, if you’ve been in this, if you’ve been speaking, this many years, you get you should be charging this amount of money or if your talk is on this topic to this type of audience. But I will say like one of the things that I learned is that there’s actually positives and negatives sometimes from underpricing and overpricing and most people don’t don’t kind of factor this in and I wanted to share this because I think it’s important in our NFT journey and and this goes into if we’re creating a collection ourselves, but also, when we’re researching a collection or a collection that we’re thinking about, we want to buy, you know, as one of our own is we have to factor in, like, what was what was the reasoning for the price, right? Was it because, hey, they just thinks that’s the max they could get. And the reason I said that, like, sometimes there’s good and there’s bad is that I learned a couple years ago that, you know, I finally got, I’m not gonna give the name of the company. But I finally got selected to speak at this event that I was really excited about speaking about speaking at. And when I was talking to the event professional after I got off stage, she was like, Man, I really wish we would have had you here three years ago, when we first had this discussion about you speaking at our event, she’s like, but you know, honestly, I just have to give you feedback, she’s like, if you would have presented your package at $10,000, for speaking, I probably would have been able to get you hired. But when you offered it at $7,500, it just you just didn’t feel like you were on the level of the person that we wanted to put on the main stage. And how crazy is that? Right? We think about it like it was because because I was actually offering my speaking services at a lower fee. The assumption for like her team and getting me approved was like, Oh, we wanted like an A level speaker, not an up and coming speaker. And that’s what Brian was. And of course, it could go the opposite, right? There’s a couple gigs that I know for a fact that, you know, when I positioned at $15,000, a keynote, that day said, Brian, our budget was really a lot of run 11, if you were closer to there, it would have worked. And, and I’m not saying that to flex, you know, you can google my speaking fee, my speaking fee has been public. You know, each year since I started speaking, I’m big on transparency and kind of owning the journey. And, you know, on the other part about speaking, is there’s also kind of like this balance of things that you do for free or for, like how I like to say it is I don’t ever speak for free. But there are many cases where I speak for no fee. See what I did there. And I think this is actually factors in the NFT’s as well as like, if I you know, I have a chart. As many of you know, I’m kind of into charts, I have a chart where I actually break down, like, what is the value of this event. And the financial aspect is just one of the values that we kind of rank, of course, it’s it’s one of the higher percentage ones or a higher weighted ones. Because hey, you gotta pay the bills, and you have, you know, things that make this whole thing work. But there are other things that say, Hey, if this person only has a budget for $5,000, what are the things that they can include in that offer? That I feel equal, you know, bring that back up, you know, from a value perspective, right? It might be, you know, they’re going to include me on an email newsletter to their audience, right? They’re going to talk about my podcast, maybe it’s going to be the, you know, the other speakers that are gonna be on stages with me, I’m gonna get FaceTime with a couple other speakers that can really do some great things for me, because here’s a secret. I know, people aren’t asking for speaking advice, but the secret that, that I learned, you know, the the number one way, you know, as a speaker, is, you know, to kind of grow your business is actually through speaker relationships. I firmly believe that speakers get speakers gigs. And in the NFT space, I think there’s almost this little there’s a beautiful connection where like NFT degens or NFT alpha leaders get eller NF T leaders whitelists and insider information, right? There’s, you know, it’s such an interesting game that we play, and there’s a lot of sense, there’s a lot of connections to my world and life of a speaker and, and I say all that because when someone asked me like how much they should price their NFTs for, you know, what they I believe that question is actually just coming from the wrong, the wrong vantage point, right? It’s more about, okay, what what would be the proper price for the mint price of our NFT collection, so that we can attract the right audience and have the right amount of, of demand, while at the same time understanding kind of some of the nuances, right, because, much like in my speaking business, like if I see an NFT that is for sale for 0.02 Ethereum, which, you know, probably it’d be a little bit under $100. For the most part, I am going to do a little bit less research than if I see one, it’s at 0.08 or 0.25 or 0.3. But if I see when I like 0.3, my first thought is like, Oh, someone is stolen. someone’s feeling greedy or they feel like they are our you know, superior or even, you know, let’s face it some NFT projects right now, some of the collectives you know, some of the more you know, I’d say ones that are a little bit more what they would say dynamic, you know, they’re they’re doing like 2 ETH, 3 ETH prices even you know, VeeFriends, you know, was pulling You know, 0.335 Ethereum, to mint a VeeFriends too. But I say all that because I actually want I actually think of this the other part of this that I don’t have as a speaker, you know, as a speaker, one of the things that we learned, you know, I learned kind of the hard way was that, you know, it’s really hard to, you know, ask for money, like, you know, when I was doing when I was kind of doing virtual events, people were like, Brian, why don’t you just accept, like, $4,000 as a as your virtual presentations price, because you could do a lot of them from home. And I would always talk about the idea, like, how am I going to, you know, continue to build my business online, or my, my speaking off, you know, on stages, if I know, if I’m asking for, you know, $15,000 to speak on a stage, yet, I’m willing to give away that same information, and in most cases, more work doing a virtual presentation, for, you know, for 1/3 of that price. And so for me, a lot of it was about, you know, kind of, we were, we were really holding hard to like our commitment to understanding, you know, that, you know, we could really cannibalize and hurt the main part of our business, especially because for me, you know, leading into the pandemic, you know, that year, I was set up for the most speaking gigs that I would have ever had in my entire career, really, my, my speaking businesses was, you know, at its launch point, and unfortunately, the world shut down. But, you know, with all of that being said, I also recognize that like, a lot of times, you know, events, they wouldn’t hire me for, like back to back years. Now, that’s not the case all the time, I actually kind of make that a little bit of my own mission, where someone can hire me to speak one year, and the next year, I can host, the next year, I can be a speaker as well, again, right, and like, because they usually don’t want like the same exact speakers year after year. But the reason that, like connects so perfectly into this conversation is when we think about, you know, pricing our projects, or that question about how many should we even have, like, you don’t know what’s too much until you ask too much. You don’t know what’s too many until you push the limit to too many. And I think the beauty much like utility in this space is that there’s nothing stopping you from saying, Hey, we’re gonna roll out a 2000 piece collection. And if it sells out in 30 seconds, okay, well, now, we might need to think about what is our next row, what is phase two, but we also have to recognize that they’re like, you a lot of this game is supply and demand. But a lot of the margin, a lot of the value that you can actually add to your project, as far as financial reward can actually happen on the secondary market as well. And I think, you know, part of the beauty of this conversation can be your What if a lower entry point gets more people in, and yet, that because there’s a lot lower entry point, there’s also more for us to gain in the short term, right. And there’s also this element of secondary, you know, if I’m getting 5% off of every secondary sale, and the volume of secondary sales is very high, because there’s a lot of demand. And maybe that demand is generated, because the price point initially was a little low, or maybe the demand

Brian Fanzo 18:13
is greater, because you because the low entry point got you It allowed people that might have felt like they would never have been able to join your project, to be able to be part of your project. Right. And, and, and we can, you can also, you know, adjust prices as you go. We also can do things like when you want to, you know, to kind of change your price, you’re like, Well, Brian, like, if I start out with, you know, my my NFT’s at 0.1 Ethereum and then aren’t selling like the way I thought they were like, if I drop it to 0.5 And I’ve already sold 1000 of my 10,000. Like, what, what does that mean, for the people that first bought in? Well, you have a couple options there, right. And I think one of the options we’ve seen a lot is like, you can AirDrop them another NFT or I believe you should AirDrop them two NFT’s because you should. It’s not about just making up the difference, but it’s really about rewarding those that believed in you, you know, out of the jump. And so if you think about that, you can you can AirDrop you know everyone that you know the first 1000 people that bought it at 0.1 Ethereum you can AirDrop them each to NFT so now you have, you know, 3000 of your 10,000 NF T’s that are in circulation and and at that point, you’re then you’re kind of moving forward at a 0.5, a theory and price to kind of sell out the rest of the collection. And what that does is ultimately it gives you Yes, you’ll have less unique holders, but it does give you kind of a different positioning when it comes to you know, now your super fans have an extra NFT maybe they’re going to airdrop it maybe their likelihood of of maybe diamond handing is now increasing because they know that they have three not just one and they have a chance to you know as the price goes up, they might be able to flip it or they might be able to kind of flip up to maybe the art that they want or some a piece of that. And so I say all that because, you know, the pricing a piece of this, I think is something that, I just believe that there’s too much attention only on the initial sales. And there’s and this kind of goes like with utility, you know, I think the beauty of this space is that, if you just show up and you deliver on what you told people you’re going to deliver on in the NFT, and a mint that you’re putting out there, you’re gonna win. Like, that’s literally the the game here, right? And the beauty is that you can over deliver, and you can overlay, you can add utility on top of everything, you can also add different layers of price, you know, price and, and even different components. Right. And I think part of the problem is that we, we kind of overextend on both sides. Right. And I don’t think I think this is a trend that I really just don’t like is that, you know, we, we sometimes lean too heavily on taking advantage of those that believe in us in the start versus the opposite, right. And what I mean by that is, there are there are people that say, you know, what, I am going to focus once we have 1000 people that jumped in, I want those 1000 people to hold five of our NFT’s rather than us having to only go outside and I actually think, you know, having a strategy for that is important. But there’s also something to be said about, you know, rewarding and, you know, putting those that were there first on, you know, increasing their value and their importance that you know, and I will tell you for those that are, you know, part of our project, you know, those that are the founders that bought our NFT’s at $5,000 USD, you know, they will always they will continue to get utility, they will continue to be rewarded. As long as I’m doing any NFT projects right from now forward. I will make sure that they’re either getting airdrops or you know, they can mint for just for free just plus gas or they get you know, the early presale. And part of that, for me is like, I just think there’s nothing more valuable than empowering those superfans. And then on the other question, which, you know, we’re doing a whole episode on this. And it’s something that I think is also equally important is like, you know, when we think about supply and demand, right, I, you can go back and listen to my Shaquille O’Neal episode, right? Where, you know, Shaquille O’Neal might have one of the largest brands in the world, yet he didn’t sell out his 10,000 piece, or I believe his collection was 11,000, his 11,000 piece collection for over a week, it dropped on, I believe, December 22nd. And it actually wasn’t until he did a Twitter space with Gary Vaynerchuk that it actually sold out. And I actually don’t think it has anything to do with the numbers or the price. I actually think it’s because the education of his audience wasn’t there. And that kind of limited, there was a lot of people that were in his comments on multiple channels that saying, hey, I want to buy this Shaq, I just don’t know, you know, how to pay with my, my credit card? Or what is required? Or what does this all mean? But with that being said, he’s like, that’s actually a question I think we should always ask, is not like how big is our audience? Or how many people can we reach? Or how many, even how many people would be interested in our NFT? The question has to be, what is the what is the education? What is the onboarding? And you know, what, what are the things that we are going to do that we are going to mitigate some of those things because you can have a giant audience, and a giant audience without a meta mask wallet is going to be a giant audience that is not going to serve you well in the NFT space, because they’re gonna need a wallet and meta mask happens to be the most popular, right? And if there’s a giant population of people that, you know, have bought from you and believe in you, yet they believe cryptocurrency is the devil or they believe that NFT’s are silly JPEGs? Well, you have to kind of come back to this fact is like, how much education am I going to put in front of them? How am I going to kind of push this over, over the kind of the line? And I’ll say like, that was the I mean, that was my number one concern and focus back in the fall when we were, you know, kind of designing our PFP NFT project. And I said, you know, like, I know that I have an amazing audience and I know that we’ve grown you know, my following across social media, you know, to a quarter million followers I know that when I you know, I’ve worked on you know, with brands or and things that I’ve done that there are people that are in my audience that are would crave and, and believe in me and we have our Creator coin. But I also recognize I think it had a lot to do with the Creator coin, your ADHD coin, the thing that I realized was like, there were people that were just gonna blindly believe in me as a founder and as an early adopter, but those are people that probably more than likely would buy a couple of the NFT’s and then not use not check in not going to discord and check back in in a couple of years and say Hey, Brian, were they worth anything? You know, I bet on you but there’s a whole other side of the audience that is like I don’t understand this. This makes no sense Brian and and there’s even a group that might be like Brian you’re an early adopter everywhere like, I don’t really like NFT’s or understand them. So I’m just going to wait until the next shiny object that you jump on. And the funny part about it is like, there’s no one that can say that now they there’s no one that can look back at me and say, Brian, this is This must be your next shiny object to jump on. Because, I mean, how many episodes have we done in a row, like almost six months in a row every single day, buying an NFT, creating a podcast, educating, showing up online on Twitter spaces on Instagram stories? And so back to this whole question that we kind of kicked off this episode on, you know, the price that I price point, I think we have to think about this way deeper than we should than we have in the past. Right? Think about it from a secondary market. Think about it from what is the liquidity of your target audience? How many? Is your audience? Is this gonna be their first NFT? Is this going to be their 10th? NFT? or is this going to be their hundreds of NSGs where they are, you know, the same people that are thinking about buying Bored Ape Yacht Club land are the same people that are gonna be buying your NFT’s? And yes, there’s gonna be a cross section and overlap. But without understanding those nuances, you really are going to have some problems when it comes to understanding like, how are you bringing people into your community? How does that price kind of accepted on the outside? And even you know, the funny thing is, like, when I give the prices here on the podcast, I know some people that are like, Brian always talks about it, like in ETH. Well, partially, it’s actually because of the stigma or kind of like that impression, right? If I would say, Well, you know, you can price it at about $180 per NFT, or $1,200. That is like, I mean, as a massive difference in in price, let’s not, let’s not beat around the bush, right? And I think so when I say 0.02, or 0.15 Ethereum or 0.2 Ethereum. For me that, you know, it’s more about like kind of like understanding like the differences in crypto. And we also know that there’s like, if you are in crypto, you don’t often look at things from a USDC perspective, you look at them from a crypto perspective, right. And in some cases, that’s kind of forced us to this like weird requirement of how much things are. But it’s also and we might see a level of setting of that in the near future. But I think that the other part of this, I think, is equally important is that the actual total number of supply is also something that you should factor in, right. So like, both of these things can drive each other. And I am a big proponent for the you know, not only the slow burn, but the slow rollout, the idea of rolling out a smaller initial initial collection, and you know, doing your best to sell that amount. And then once you sell that amount, listening and learning from that audience, understanding utility that they find valuable, helping empowering them saying, Hey, we’re going to drop our next drop. But because you were in there at our first one, these are the things we’re going to do for you. And these are the things we want help with. Because really, you know, if you sell 1000, you know, that first day and over the next month, you’re you’re over delivering for that 1000 people, when you go to drop your next, let’s say 3000 and NFTs Well, guess what, you now have an army of 1000 people that have already seen that you’re delivering that have already found value that already realized that you value them that are going to help you market help you sell, right, it’s not like this is this is not like rocket science, right? This is, you know, marketing at its finest, right? And I think there is also something to be said about having that finite supply. Because FOMO is legit, right?

Brian Fanzo 28:33
I think about the iPhone, right? I was that kid, like kid I still do it myself. So we can’t say I was a kid. But I was that guy that waited outside of Apple Stores overnight to get my iPhone, I probably doesn’t surprise most of you. But I will say like I always liked the colors that were the rarest. And I also like colors that you know, I’m like a bold things, right? So I like you know, my current iPhone is the pink or the rose colored gold. You know, iPhone, but there’s also there was a limited amount of that color. Right? And so for, for some people, you know, they would go down and they like, you know what I was thinking about getting the same black one I always get but there’s only a limited amount of the pink rose gold. You know what, I’m just gonna get the rose gold versus me that was showing up there overnight being like, you know what rose gold is the one I want. Because it’s like, you know, it’s standout and pinks, one of my favorite colors. And I want you to think about that in the price point and in the supply, right? Because in some cases, I felt this. I’m like, oh, there’s 10,000 of them. I’ll jump in a little bit later. Right. And it’s not saying that it won’t sell out, but I’ll jump in a little bit later. Versus like, Oh, they’re only dropping the first 1000 right now like I better get in now because there’s only 1000 spots. And let’s face it when I get into discord and I’m in the holder chat there’s only going to be a finite amount of people I don’t have to like cut through the noise. And I’ve already feeling that in VeeFriends funny enough like I want VeeFriends v1 now more so than I ever did before. Ever but before, which is funny because I have a VeeFriends 2 now. But it’s because VeeFriends 2, there’s 55,000 People that have a VeeFriends 2. There’s only 10,000 People that have v1. And actually, there’s a lot less than now there’s a lot of people that individual holders I think is in the 6000 range. There’s only 6000 people that hold that V1 NFT of the 10,000 supply. Ooh, now we’re thinking, the last thing I’ll leave you with is you also have to remember that unlike a lot of other things, I’m not going in there and buying nine iPhones, because I’m gonna hold on to them. While some people might, and this is, you know, in the case of the sneaker game, right, the sneaker game, I would go in and buy three or four pairs, knowing that I could resell two of them and cover my costs of the other two, and an NFT, that’s a big part of this, right? So it’s not even about like, Hey, do I have 10,000 potential customers? But as you know, what is the value? What is the utility for people that buy more than one? How am I going to reward incentivize, motivate, inspire the whales? How am I going you know, and you don’t want to come across? Like, you know that because someone has more money, they have more say, but we also have to recognize that if someone is holding more of them, they there should be an element or something that is kind of understanding what are they looking for? Right? Do they want a whale status in the discord many of them might not even want people to know that they hold a hold that many others might want everyone to know. And so I think, you know, the the crazy thing about this is that I think a lot of people are looking for an answer. And how many and and what price when they asked him that question. And I just took a 30 minute podcast episode without even answering that question. Because I do believe it is one of the more important aspects of what we’re doing here and NFT’s understanding supply and demand understanding the educational level of your audience and and how that onboarding is going to go? What is the percentage of people that are crypto native, versus, you know, new to NF T’s that are going to be in your project? What are your initial goals? What’s your rollout phase? How are you going to do presale? whitelist? How are you going to avoid gas wars? How are you thinking about everything from, you know, security, to onboarding to connecting with your existing fans, and also reaching the new fans that might, you know, have just discovered you. And I’m going to talk a little bit more about this over the next month, especially as we start to give you some alpha on our project that I’m beyond excited to finally start to put out to the public as it’s been something that I’ve had to keep in my back pocket for many, many months. But, you know, the last thing I’ll just say is there is no wrong answer either, right? The you know, and I mean by wrong answer is like, you can try things and fail. And some of the projects that recently that I’ve been researching, I’ve actually noticed that some of the founders launched a project and it didn’t, it didn’t have much success. And they didn’t give up on the project. They’re still providing the value that they promised. But they’re now kind of adapting that those lessons to their next rollout. Then there’s also the other side of the house where some people are are doing kind of the opposite, right? And I think it all just depends on how we look at this as a whole. So with that being said, my friends, you know, this is a fun journey. I appreciate all the kind words I appreciate you coming on this journey with me. And we’re gonna figure this out together. And if you have more of these type of questions, feel free to jump over into our Discord. Its discord.gg/adhdcoin so discord.gg/adhdcoin, jump over the discord. Let us know your thoughts, put those questions in there. There’s a lot of really smart people, many people that are smarter than me that can provide feedback and provide input and even give you kind of a little bit of that, you know, testing your target market to see if what your plan is. Makes a lot of sense. But until tomorrow, my friends make a great day. Cheers.

Kevin Sturmer 33:56
This show is not financial advice, so do your own dam research.

Tweet
Share
Share
Flip
Pin