A cursory glance at the NFT market shows that it is down from its peaks in 2021. However, a significant number of founders, builders and collectors are still flooding into the space. This has created an opportunity for new investors to enter the market, and there are many who are looking for fresh capital.
Despite their utility as part of the web3 world, traditional business mechanics are unavoidable for founders in the post-boom market. Founders must be able to create a product that people will want and invest in, despite unpredictable and ever-changing economic conditions.
The panelists agreed that it’s important to have the details of your project aligned and fine-tuned before seeking investment. Personally, I think putting together a solid business plan is key in gaining investor traction, but be sure to also highlight why your NFT project is different and valuable from other projects on the market. With enough enthusiasm and convincing evidence, I believe investors will take note!
Aprio Cloud is a blockchain and cryptocurrency company that offers a platform for businesses to invest in Initial Coin Offerings. Cheshire said that companies need to be planning their ICOs from day one in order to maximize their chances of success. She advised companies to get underway with research early on, create a solid business plan, and have expert help when making an investment decision.
NFT projects haveshown acommitmentto creativityand innovationinthefieldofbusinessmodels,particularlyrelative tocryptocurrencies.Manyprojectshavevaguepredictions,roadmapsandideasfor theirbusinessmodels, which might limittheir potential success.However, Sherwood Analytics founder Ralph Kuepper believes that this creativeness will ultimately lead to the success of NFT projects.
NFT projects are often struggling to find the right investors, due in part to the lack of understanding and awareness surrounding these new financial technologies. By carefully planning their investment strategy, NFT projects can ensure that they gain the necessary support they need in order to reach their full potential.
Building an NFT business is definitely something that is sexy and fun, but you also need to have the fundamentals in place. Cheshire recommended having a clear vision for your company, making sure you have a good team behind you, and knowing what technology will work best for your business.
Kuepper said that companies should take a thoughtful and balanced approach when it comes to investing in NFTs. While there are certainly benefits to owning and using NFTs, investors need to be aware of the risks associated with them before making a decision.
