We’ve all witnessed what happened: A 10,000 supply PFP project comes out of nowhere and becomes something new seemingly overnight. Clad with flashy animated teasers and cryptic tweets, the social media accounts supporting these projects somehow find a way to attract hundreds of thousands of followers in record time, prompting those in the NFT space to turn on notifications. so as not to be left out of the loop.
However, at this current stage of maturation in the NFT space, we know that hyped NFT projects are never what they seem. When a new collection grabs attention and sells out instantly, it often inevitably sells out just as quickly, leaving a trail of FUD (Fear, Uncertainty, and Doubt) in its wake.
While the intentions of those behind the advertised collections may be pure, allowlist access control and questionable social media tactics have ultimately soured the reputations of many projects. And while these kinds of projects are now few and far between, perhaps the only use cases for promoted NFT projects are good for in 2023 is to remind creators, collectors, and builders that maximum exposure isn’t always something good.
The anatomy of a hyped NFT
Besides coming out of nowhere and quickly gaining steam, there are a few other tell-tale signs that can be used to identify hyped NFT projects. In contrast to anticipated expansions of the ecosystem of established (or at least well-known) brands on Web3, NFT efforts publicized often:
- It sounds too good to be true;
- Use FOMO (fear of missing out) as a marketing tactic; either
- It features founders, influencers, or unknown builders.
But even if the development team has some influence on the blockchain, there is often nothing to explain the exponential growth experienced by many of these hyped mints. While it can be difficult to identify or test unethical growth tactics, like buying fake fans or using throwaway accounts to promote content, some projects can rack up more than six figures in Twitter followers and Discord members in a matter of days. Of course, advertised mints contain more than can be put in a box. To understand the bigger picture, we can dissect examples of projects that have become something of overblown archetypes (ie cautionary tales) for Web3.
Exhibit A: MekaVerse
In October 2021, the mekaverse became one of the most anticipated PFP projects since the Bored Ape Yacht Club. Considering that the NFT space was at the end of the PFP summer, a period when generative avatars filled the NFT market, it seemed that all collectors were hoping to win big by getting in early on the next big 10,000 supply collection. MekaVerse seemed to cash in on their newly granted attention in a big way by holding raffles and giving out spots on the allow list to their most die-hard supporters.
Once the mint came and went, everything seemed to be on track. The project quickly crossed $60 million in secondary sales volume in less than 24 hours, and even before the collection’s 8,888 NFTs were revealed, the floor price for a single Meka had reached around 8 ETH (over $25,000). at that moment). But then came the first nail in the coffin, a potential insider fiasco that created a ripple effect.
Shortly after the release, numerous collectors and enthusiasts took to Twitter to accuse the MekaVerse’s downfall of being manipulated. Highlighting figures from OpenSea, Etherscan, and other public databases, they created an image that suggested that the developers behind the project were somehow able to buy some of the rarer Meka NFTs ahead of the reveal. A feat that shouldn’t be possible unless the project’s metadata has been accessed by an external source or deliberately changed by its creator.
Then came the failed NFT reveal. After being delayed for a period due to technical difficulties, MekaVerse unveiled its full supply of NFTs to mixed opinions. While some mentioned personal distaste for the PFPs, comparing the images to inverted vacuum cleanerseither propane heatersOthers noted that the identical features issue encountered by the MekaVerse developers was apparently not fixed after all. In side-by-side comparisons, users showcased their “unique” NFTs to be close up mirror images each other, apart from single color changes. With floor prices rapidly falling, this seemed like a hit the MekaVerse couldn’t recover from.
Addendum B: HAPE PRIME
After the MekaVerse came Hape Prime and pixelmon. None of these ventures turned out to be as significant of an Icarus moment as MekaVerse. However, they still helped the NFT space understand the caveats of hyped NFT mints, what spotlight attention can do to a collection, and why all “hot new stuff” should always be taken with a grain of salt.
In the case of Hape Prime (formerly known as Hapebeast), the hype racked up almost identically to the MekaVerse. Twitter followers and Discord members went out of their way to secure the allowlist and raffle spots, even going so far as to create intricate fan art or write and record entire hip-hop tracks to try to curry favor with the crowd. brand. But again, similarly, things changed when all 8,192 NFTs in the collection were revealed.
Having quickly sold out in January 2022, once the Hape Prime NFTs were unveiled, users realized that the quality of their assets didn’t exactly align with what was initially promised. Sure, the characters and features were all there, but with art featuring buggy hat features and diminished detail, some have compared it to catfishing, comparing the debacle to the MekaVerse. And with prices lows reaching a similar high of 8.5 ETH (also over $25,000 at the time), collectors began to feel the FUD as prices plummeted in the following months to the sub-1 ETH range.
Addendum C: Pixelmon
Not even a month after Hape Prime, the NFT space was subject to a similar occurrence with Pixelmon, a project that generated early excitement and quickly sold out at a price of 3 ETH. However, after all 10,000 NFTs of the collection were revealed, the collective NFT community essentially lost their s*** to Kevin, the unfinished Zombie Pixelmon. However, even Kevin’s memes couldn’t stop Pixelmon from being known, by some, as the worst project ever.
Why advertised mints inevitably fail
So three separate projects (more if you count scrawl, invisible friends, and the like) grew fast, launched quickly, and shut down. Sure, some, like Hape, are still looking to innovate within Web3, with big brand collaborations reinforcing its merit. But in general, promoted mints apparently always lead to failure. But why? While it can be easy to single out the developers of these projects by simply biting off more than they can chew, in reality, it’s perhaps the hype itself that leads to a project’s demise.
As noted by NFT collector and prominent Twitter thread author wale.swooshHigh expectations coupled with a great deal of attention paid to every move of a project can often lead to disaster. “[Projects] They are only promoted because everyone is talking about them. There is no other topic on NFT Twitter, everyone wants a piece of the pie, a piece of the next big thing”, wale.swoosh said in a thread. “But after the mint, or at the latest after the reveal, the focus shifts to the next project.”
However, perhaps the NFT community itself is also to blame for the failure of the hyped NFT project. Because, as is often seen in the NFT space, those who were unable to secure a place on the allowlist for a specific collection or who oppose said collection often FUD the project publicly as incomplete or unethical. Of course, while these claims sometimes turn out to be accurate, considering the importance Web3 places on Twitter engagement, it’s never a surprise when others join in to stir the pot.
Oddly enough, though, the take-home message here isn’t that creators and builders avoid hype altogether. Considering the speed at which the NFT space operates, securing a spot on the Twitter feed is just as important as any other digital native marketing tactic. Instead, avoiding artificial hype (buying followers, promoting FOMO) and building openly while abandoning restrictive coining mechanics may be the way to go. While this may seem obvious to some, surely the hyped NFT bugs have helped reinforce the values of accessibility and transparency in Web3.
