National Geographic’s entry into the world of NFTs was a flop from the start. Despite announcing its adoption of non-fungible tokens on social media, the company quickly faced backlash from its community and technical issues. The Genesis Collection at Polygon featured unique works by popular photographers, but failed to deliver a proper mint.
Image Credit: National Geographic
Why were National Geographic’s NFTs a flop?
National Geographic’s first mistake was promoting Bored Ape Yacht Club NFTs on their social accounts, which was perceived as a scam by community members. This skepticism was compounded by technical issues with the Snowcrash platform used to mint the Genesis NFTs. Consequently, this led to customer complaints and transactions taking place on a single platform. The backlash from the community also came from the crypto bear market, where only truly unique NFT projects run successful mints.
To avoid similar failures, it’s important to consider community reactions and the current economic climate before entering the world of NFTs. This requires a deep understanding of the technology and the patience to educate the community on its benefits. Companies like Ubisoft, which faced similar criticism from their gaming community, provide valuable lessons on the importance of communication and transparency in the adoption of new technologies. Companies entering the web3 space must choose wisely who to partner with. In this case, choose the Snowcrash NFT Platform it certainly contributed to the failure with technical problems during minting.
Image Credit: Twitter
National Geographic’s introduction to NFTs serves as a cautionary tale for companies looking to enter the web3 world. The importance of community response to technical issues becomes obvious when new technology is adopted. Businesses need to educate and engage their communities, while communicating transparently to avoid similar failures in the future.
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