Thread by @MaxLonged

Why Most NFT Projects Are Really Just Kickstarter Projects In Disguise. 👇🧵

1/ 🧵 Let's have an honest conversation about NFT PFPs. While most 'blue-chip' projects have shifted their promises of utility, the majority launched with roadmaps promising their holders grand dreams. Yet the majority were just Kickstarter projects in disguise. Here's why:

2/ 🚀 Kickstarter projects & NFT drops both aim to fund a creative idea or product. But NFTs have added an extra layer of speculation that can obscure their original purpose. From airdrops, to new mints & metaverse plots. You name it, it likely has been done.

3/ 💡 NFT projects often promise innovation and utility but end up being primarily speculative assets. Just like Kickstarter, there's a pitch, a funding phase, and the hope that it'll take off. But what happens to the business model when it is just easier to keep selling NFTs?

4/ 🌟 Many NFT projects claim to be revolutionary but lack real-world applications. They rely on hype and speculation to attract buyers, much like Kickstarter campaigns build excitement to secure backers. The hype model works in a bull market but is simply not sustainable.

5/ 🎰 Both NFT projects & Kickstarter campaigns require a community of supporters. But in NFTs, our community often consists of speculators looking for quick profits, not genuine enthusiasts. So yes, we are part of the problem. But we can become part of the solution.

6/ 💰 While Kickstarter backers typically receive the product they funded, NFT buyers often receive nothing tangible – just a digital token. It's a speculative bet on the future value of the project. But what is that value really worth?

7/ 📈 NFTs can lead to the 'greater fool' theory, where buyers hope to sell to someone willing to pay a higher price. Usually NFTs have a limited supply of tokens, driving scarcity & demand. Kickstarter, at least, focuses on creating and delivering the promised product.

8/ 🫡NFT projects with a chance to succeed long term must aim to solve real-world problems but also not forget the people that helped get them where they are. Holders may not be shareholders on paper but should be respected as such. Art, on the other hand, needs no utility. 🎨

9/ 🐮There is only so long Web3 holders will continue to support projects that promise nothing more than overpriced merchandise, false promises and meaningless saturation to supply. You can only milk the cow for so long.

10/ 🤌What is the idealist view of a true Web3 project? In Web2, corporate giants held the reins. Now, in Web3, the aim should be clear: Empower users, creators and communities by returning value to the people.

It's a digital revolution with YOU at the center. 💪

11/ 🫵So make your stand & demand more from your favourite projects. Don't underestimate the power of our collective voices to shape the future. 🪧✊

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