There are countless examples of huge sums of money exchanging hands when it comes to all things NFT, Crypto, and Metaverse projects. It’s possible to make millions of dollars, and many people are, but we have to be careful. What we first need to do as a community, is to segregate what elements of this economy are good, healthy, value driven concepts far away from the many rug pulls, scams, and short-sighted money grabs that unfortunately are common as this space develops.
The fact is this question is answered by switching the frame. It’s about how much value you can give, as opposed to how much you can take.
Let me unpack… If you’re a personal brand or business, it’s likely that presence on a platform is a good thing for visibility, learning new technology, and expanding the horizons of your brand and reach. But just because you can be on a platform, doesn’t mean you should. Whether or not you want to is key of course, because it’s not a small undertaking, but more importantly is whether you can bring value to a community or fan base.
If you have a large fan or customer base, it’s easy to monetise by convincing them to buy into your next NFT project, DAO or token, but the short term strategy is not one to follow in this new world. Everything you or your company does, as a brand or personal identitiy, will be recorded, forever, irrevocably, on the blockhain. So there’s never been a truer time for the statement that ‘reputation matters’. It seriously matters in this new world, perhaps it’s the single most important thing about the question of this article.
Should you be in the metaverse? If you have huge value propositions to bring, real-world activations, exclusive experiences, amazing opportunities for your collectors in whichever guise they take, a 5 to 10 year plan (or ideally more!) of how you’re going to deliver real value year on year to your digital community – The answer is yes!
This is a big decision to make and won’t be without some serious work, but it’s one of the most exciting, fulfilling and awesome developments of our time.
If you’re looking to make some quick cash, or you’re not prepared to undertake the work required to deliver real value – the answer is most likely no! Tread carefully as it might not be the best move long term for your brand or business and can pose more risk than reward despite a short term cash-grab.
If you have any questions about this, it’s likely that others do too, comment below and our active community will help answer as best we can.