Every decision that we make at Kreechures is focused on two things:
- 1.Is this good for the collectors?
- 2.Will this increase, or maintain, our long-term sustainability?
Most small businesses fail, at least in the United States. The vast majority of NFT collections, on any chain, fail by any number of metrics to include the current floor vs mint price.
It's one thing to be buying into a project because the community is awesome or the art is fire. Those two reasons are as valid as any other, maybe more so, to jump into a project. Just be honest with yourself about the why.
For any other NFT project, you begin to mitigate risk when you ask the project critical questions like:
- What skills does the current team have? Are they doxxed? What's their LinkedIn, or whatever professional network is used in their region? At the end of the day, do you trust these people and does it look like it's within the realm of the possible for them to deliver on their promises?
- What is the long term plan for generating revenue beyond mint funds or royalties? If the project economy is based on these funds alone then you're approaching ponzi territory, to put it nicely.
- Is your planned utility regulated in some special way, e.g. gambling? If so, what is your compliance plan?
- Are you releasing a token? How do you plan to meet those compliance requirements? What is your plan for creating actual value for that token?
- Do you already have the team needed to achieve your roadmap or do you need to find them? If you need to find them, do you already know the market price for those skills?
- "We're going to become a global brand!!!" - How? Billions of dollars is spent in the branding / marketing industry annually. How do you plan to matter?