To me, this is great, since having the goal of getting as many followers as humanly possible seems like it conflicts with the goal of your community being close, invested, and collaborative. As of now, their team seems to be happy to let growth happen organically. A few things that stood out to me in particular: Justin himself, along with the other founders, are very active there. When I got into the Grim Syndicate’s Discord server, I found that the community was small (around 1000 people) but welcoming. As you can see above, some of the art they’ve released so far is macabre and adorable at the same time. One of the project’s leaders, Justin Mezzell, has an extensive illustration background. The Grim Syndicate is an upcoming NFT on the Solana blockchain, with a planned mint date of October 1st, 2021. Kevin Rose -a very successful entrepreneur and investor - tweeted about the project around a week ago. I found out about it from Twitter, naturally. One project in particular that caught my eye was The Grim Syndicate. Some preliminary - and creepy - Grim Syndicate art. Ethereum has Bored Apes Solana now has Degenerate Apes. Many of the Solana NFT projects seem to be aping Ethereum NFTs - and I mean that quite literally. (To learn much more about Solana, check out this excellent Not Boring article. Just like rarity.tools, HowRare.is shows you upcoming Solana NFT drops and offers a tool to check your Solana NFT’s rarity. It has a fledgling but burgeoning NFT market, which you can check out at HowRare.is. Solana - founded in Solana Beach by ex-Qualcomm engineers - has attracted a flurry of development due to its performance, as well as investment by firms like Andreessen Horowitz. The good news is that NFT projects are also available on the Solana blockchain - where speeds are potentially 10,000 times as fast as Ethereum’s and fees are 10,000 times lower. This obviously prices out many people and (all things being equal) makes the investment less likely to pay off. In some cases, the fee can exceed the cost of the mint and be hundreds of dollars. When you connect your (for example) Metamask wallet to the project’s website and click “mint”, Metamask will then tell you the probable cost of the gas for the transaction to go through. With so many projects launching and so many people vying to mint a project’s NFT at the same time, the network becomes congested, which drives up gas fees. Of course, even with the best intentions, a founder’s plans can fail, too.Īnother current issue with all these new NFT drops is high Ethereum gas fees. In that unfortunate situation, it would probably be quite difficult for those NFT owners to realize much value from their purchase, since without leadership and a plan for the project, they’re just one of many people holding a unique JPEG. If they were unscrupulous enough, they could then abandon the project - in what’s known as a “rug pull”. 06 ETH each (a common price), they’d make ETH equivalent to (as I type this) about 2 million dollars. If the founders mint, say, 10,000 NFTs at. Some projects seem to be more like cash grabs. (Pro tip: you can use tools like Follower Audit to check how many of a Twitter account’s followers are likely to be fake as well as watch the account to see if the activity looks normal when it sends tweets, for instance.)įurthermore, the project’s “road map”, or plan for the future, is very easy to write, but you don’t really know if it’s a plan the founders are invested in or if it’s just lip service. There is a whole lotta shilling goin’ on. Since the NFT space is so new, many people (including me) are not quite sure whose recommendations to trust. Projects often use referral campaigns to incentivize people to get their friends involved, knowing that the bigger the community looks, the more people might think the project has legs. Unfortunately, most new projects seem to be making as much noise as they possibly can. Do people seem thoughtful? Are new ideas being solicited and given? Or is seemingly everyone a semi-literate hype man whose goal is to pump the project? What you WANT to see, in my opinion, is a big, active community and some kind of plan for the future. Of course, if you’re really new, the projects may all look interchangeable, but you can research their communities on Twitter and Discord as well as check out their websites. Many upcoming Ethereum NFT drops are listed on websites like rarity.tools, and if you check out the “Upcoming” tab there, you’ll see several NFT projects coming out every single day. If you’re new to NFTs (like me), this can be bewildering.
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