NEST Roundtable 11: Who is the best NFT project in the market?
Woody: Head of Marketing of NEST
W: Founder of W+, Co-founder of AngryCat
Ray: NFTTrack CMO
Sea: Element Founding Team Member
Legion: Weirdo Ghost Gang Advisor
Pear Fire: Operations Manager of PearDAO
5000: From 50000Sog
Would you please introduce yourself and your project?
Sea: Element is a community-driven aggregated marketplace, which provides users with a lower gas experience and great liquidity.
Legion: Weirdo Ghost Gang is one of the most welcomed NFT communities in China and some of Asia area. And right now, we are building a startup lab for the creator and some of the web2 brands to help them to get into web3 economic and community culture.
W: I’m W, a founder of a W community and also the founder of the angry cat NFT. So basically, in our communities, we are also ecosystem designers and also stakeholders in many different projects included. You will see many different projects in GameFi and NFT come from the W community. W is the community founded by professional investor traders and DAO founders
Ray: NFTTrack is a popular and user-friendly mobile app that is specified in NFT tools for NFT collectors and most especially for newbies to learn the NFT market by simply tracking the wealth KOLs’ activities. Moreover, users could use it as an NFT aggregator on mobile to buy an NFT by connecting third-party wallet.
Fire: PearDAO is a non-custodial marketplace, and we have three products together. We launched our P2P marketplace last year, and we just have launched our NFT marketplace last month, and we will also launch our GameFi next month. So, one of the unique things about our NFT marketplace is you cannot only use cryptocurrencies but also fiat currency to buy and sell NFTs.
5000: Our mission at 5000Sog is to enable the Solana community to benefit from outside web3 cash flow. We have a real estate business that’s already cash-flowing. So, we can bring and retain value from outside of web3 inside of the Solana ecosystem and support our community.
Woody: NEST Protocol is a PVM-based infrastructure. We build this probabilistic virtual machine for the developers and for GameFi, DeFi, and NFT projects to generate on-chain assets easily and securely. All the developers need to do is call our contract and functions in the PVM infrastructure. Recently, we will launch our first NFT project based on our PVM.
There are so many NFT projects in the market, how does an NFT project differentiate itself from others?
Sea: I think AngryCat is one of the best NFT projects, as it brings a lot of success value to the community and also good examples.
Legion: I think the best NFT maybe didn’t exist. I may explain it from different aspects. NFT is just like the culture or brand. The different brand had different customers and cultures. They were still working and still trying to be a good one, but we may choose what is the best for us.
W: Firstly, I also think is the culture, you have to see the NFT and just use the picture to tell the stories. I think the best NFT should reduce communication costs and distance between each other in the community and ecosystem. Then you have to have some creativity. Also, one model that I hate is that the project uses new money to pay the original holders which are 100% Ponzi.
Ray: The first point I want to mention is that the community is always the first because, for NFT projects, you need a lot of time to build up the content of the NFT project. So once the NFT finished its minting process, you need a very strong community to help you guys grow in long term. Also, I think for the NFT project, not only storytelling is important, but also needs to have some application.
Fire: I have two main points. I think the first important thing is beauty, I mean, it’s important that your NFT projects can express some certain level of beauty. And the second important thing is like others said that the utility. Utility really matters because I personally communicate a lot with our community members and what I have learned is that the members really want to follow some projects that can bring real benefits back to them.
5000: I agree about the best NFT project not having been created yet because the market is so nascent that we’re still in the process of figuring out what will be the best project. The differentiation comes down to three things in my opinion. The first is utility, the second is nice art, and the third is a strong community and the ability of the project to provide real benefits for the community. Innovation is going to be what ultimately decides who the best project becomes.
Woody: NFTs could have different use cases like artwork generative art collection, collective photographic, music NFT, GameFi NFT, invent tickets, and membership pass. I do believe these all can be NFTs. So it is easy to differentiate yourself with these utilities.
How do you evaluate an NFT project?
Legion: NFT has two stages. The first one is pre-mint or pre-sale, and the other stage is after-sale. The background of the teams is very important, you need to see if they have access to the continuance of the project and if they have the networking for the different areas.
W: I need to mention Element because Element is our partnership platform. I think we used to talk with the founder of Element about these kinds of questions, so the reason I mention Element is I really like this platform. A lot of good projects are launched on this platform. In terms of evaluation, the first one I want to evaluate is just using mathematical modeling to see what the future flow is and then think about if they have their future. The second part is what is your views of these communities
Sea: We do provide a lot of tools and provide a lot of opportunities to different projects. And liquidity is also important, so I am totally agreeing with what W says.
Ray: I want to like answer this question in a short and in a little bit objective way. So basically, we trust the NFT project because of the community, because of the culture they were bringing, and how the utilities. These are all the good points we are looking for, but we need to evaluate the project in detail database, which means that in some numbers. We are always referring to the first one as the blue-chip index. I think this represents the power of your community. And also, we have a low price and turnover rate.
5000: I think there are a few ways to evaluate an NFT project. I’ll give three of them here, the first one is utility, what is the use case of the NFT, and why would the holder keep it instead of selling it to buy a different project? The second is the community. So, is there a like-minded community of holders who support each other and enhance each other, what they’re working on, and does your community bring opportunities to the group as a whole that everyone could take advantage of? The last thing is does the team have a long-term vision?
Fire: I will try to check the background of the foundation team, especially the founders because there is a saying that history repeats itself which means that if the founder has some successful experience in the past, he or she probably will repeat the successful experience in the future so it’s very important to check the background of the founding team. If you ask me what the culture is, I think it’s something like the NFT project is one part of web3 spirits.
Woody: We have a total of 670 people to participate in a poll in terms of which NFT project is the best, 46% voted for the BAYC, 18% voted for CryptoPunk, 10% for Stepn, 5% for Azuki and Pancakesquads NFT respectively. Which project do you think is the best NFT project in the market? And which project do you think is the potential best NFT project in 2 years?
Legion: CryptoPunk is just a symbol of the NFT and DeFi, but maybe not the trend. It’s just like the antique or a lottery. BAYC may be the best, but it faces a very serious problem in development. The advantage is that they have a huge amount of money. Stepn is very impressive, and the founders from web2 know the players very well. In addition, in terms of marketing, web3 is the trend and the future for marketing, and they have to enter.
W: I feel like in the future, the important direction is if you can bring the real world and combine the real world into the web3. Another thing is the worldview, and you need to make it into something achievable. Therefore, right now, BAYC is the best. And I feel like Stepn is a Ponzi.
Ray: Everyone has a bias, and everyone knows different communities. So I will just let my holding back say something because I am a member of the Azuki community, so I think Azuki is the best.
5000: It’s a subjective question. I really like CryptoPunk because of what they represent. It represents the old values of bitcoin and cryptocurrency in general, how this whole industry was birth, its immutability, its censorship-resistant, and the anonymity that we value. I would guess that yuga labs BAYC would be the best for the next two years.
Q&A (Some questions from audiences)
AngryCat: @AnkurAiran asked: How is angry cat NFT unique from other different NFTs in the market. Are there plans to use angry cat NFTs in GameFi and what is the roadmap going forward?
W: We have different skin, so basically the cat. What we try to represent is entrepreneurship. We also have read badges and golden badges representing different levels to get into a certain channel to learn about the premium market investment or the secondary market. AngryCat is very decentralized but it’s the very financial focus to make people earn money. And the last thing is our worldview.
NFTTrack: @Srajal25 asked: How does the #NFTTrackbaby track whales in finding the high potential NFT projects and how accurate is it?
Ray: NFTTrackbaby is our robot account, it tells people in a certain timeline which whales unclear and what items, what NFT project collections they buy. At the very beginning of our project, we are thinking to track on people’s trading activities. This is to show people how they can actually know what a good project is and what good players are buying. We use some quantitative numbers to tell people how they can learn and make money in such a risky market. You could just follow the whales. We have very in time information to let people make decisions and get benefits.
Element NFT: @roachi99955 asked: In today’s world, we can see the popularity and huge market for NFTs. Many artists come up with their own NFTs. Is Element Market planning to hire any renowned artist for its platform? Would there be incentives for early artists and curators?
Sea: We launched and supported the loyalties as well. We are very welcome to all the creators and at the same time, we will take a look from there. You could try to have a look at our platform, and we have offered many functions to the creators.
Weirdo Ghost Gang: @olami3035 asked: As we have many new NFT projects these days aspiring to be one of the best in the NFT space, what plans do you have to achieve this?
Legion: We are making a milestone and making a very good but maybe very challenging new project for the future to be the best NFT. We are building the bridge between web2 and web3. We have already collaborated with many brands you may know. There are many surprise gifts for our followers!
NEST: @AnkurAiran asked: Really excited about the upcoming launch of Nest Cyber Ink NFT on 11th NOV, can you talk about what are the benefits we can expect from buying three different levels of nest NFT?
Woody: For the proposition of NEST NFT, first of all, we will not raise money based on it. And secondly, because we have a very large community and our overall commitment members are over 1000,000, so we are trying to make sure the NEST contributors can have this NFT, and we will add more utility to it. Therefore, the price is about 10 USD on the BSC chain, which is cheap and affordable. I really hope the spirit could be conveyed to the community. The cyber ink is a combination of Asian history and western culture, we hope real NEST fans could really like it and hold it.