Building a Community Around Your NFT Project is Critical

Ishan Pandey: Hi Mark, welcome to our series “Behind the Startup.” Please tell us about yourself and the story behind Chic-A-Dees?

Mark Savage: Sure thing, I am the founder of ADOR and a creative storyteller at my core.

I have been in the NFT space since 2017; creating digital art. Not many NFT gurus carry this OG status. I only say this to show my true dedicated intention to grow and improve the blockchain space.

I have always championed education and self-expression in the blockchain industry, and NFTs are the gateway!

Chic-A-Dees is a new IP that ADOR & Ownerfy teamed up to create, mid-2021. Nick, from Ownerfy, created one of the 1st mobile NFT minting platforms with 20k+ MAU; he reached out to me to launch a generative NFT experiment. Chic-A-Dees consists of 8888 digital chics and 2223 legendary chics, 11,111 total. We have had a great public response and a growing discord community! Since inception, all chic-a-dees can now lay (erc20) egg tokens. This is an NFT 1st! Yield bearing NFTs is a perfect utility for any community; it allows owners to passively collect eggs from their chic-a-dee NFTs. Even more, we have formed an EGG-DAO, EGG VAULT and EGG-ETH uniswap pair… This is just the beginning. All chic-a-dee holders will have 1st access to future releases and the ability to participate in EGG exclusive NFT drops. There are a few collections in the pipeline that you don’t want to miss out on.

Ishan Pandey: What are your views on NFT art and what will be its future according to you?

Mark Savage: NFT art is incredible, truly a paradigm shift for human history.

Most millennials do not have the space to collect many physical pieces of ART or collectibles. The immutable nature of blockchain and digital provenance allows any level of artist to offer their works globally and trade it for borderless currency. Many digital artists are thriving in the NFT space, mainly due to the nature of connecting technology with emotion. I also have to mention that the term NFT is a huge umbrella, which means NFT art can consist of many different genres. I encourage any creative to approach this medium with an open mind and patience. This industry is just getting started, so its best not to burn out in 6 months.

Ishan Pandey: Do you think more NFTs projects will shift from Ethereum to other blockchains due to gas wars?

Mark Savage: NFT projects are already shifting to other chains, but Ethereum is currently the industry leader. Most projects copy what Ethereum has already done or doing; the future will be multichain. We are all super early, so it’s best not to get hung up on which chain is the top currently.

Ishan Pandey: Community building is the most critical part of any NFT related project. According to you, what techniques and methods should entrepreneurs use for building a community around their NFT project?

Mark Savage: This is a critical area to shine a light on… Many great ideas are born and never see the light of day if a substantial community isn’t there to support it.

Growth hacking is an art that can tap into any subculture that exists. What I mean is, if there is a small niche or community that loves, “f” then as a creative, you may want to create or deliver a message that resonates with community “f”. If you want to tell a new and unique story, you will still have to connect with an audience. It is a good practice as a creator to place yourself in the “community shoes”... What do they want to feel, what do they hate, what wakes them up every day? Starting with a profile of the community you want to attract can be a great way to build organically. Other techniques like influencers collaborations, celebrity promos, PR releases and VIRAL TIKTOK marketing can get your name out there and attract the TRIBE you are looking for.

Ishan Pandey: Do you think that Ethereum high gas fees are proving to be a hurdle for the adoption of NFT projects on the Ethereum blockchain? Further, what can be its solution considering that other public blockchains are also coming up as competitors?

Mark Savage: Ethereum gas fees are the result of its success. You also pay for security. Ethereum is the most decentralized blockchain and people want the security that their investment will be around in 10 or 20 years.

That is what people are paying for. Some of the other blockchains are a great start, but most aren’t as developed as Ethereum. There is a lot of opportunity and potential for the other blockchains because of Ethereum’s high gas fees, but they will also be racing against the release of Ethereum 2.0 which is supposed to significantly reduce the Ethereum gas fees. Ultimately, there will be many winners, and many of Ehtereum’s ‘competitors’ will also be successful.

Ishan Pandey: China recently intensified their stance on cryptocurrencies by imposing a blanket ban on all crypto transactions and mining, putting immense pressure on bitcoin and other prominent coins as well as crypto and blockchain-related companies. What will be the global implication of this nationwide ban?

Mark Savage: We all know China has banned cryptocurrency many times before in the past and it’s always had a passing effect on the industry and the market. It appears this time will be no different.

Many people use a cryptocurrency and some of the largest blockchain companies are based in China and the latest policy has had very little effect so far. This is probably because it’s challenging to enforce the ban, and so many people in CHINA benefit from cryptocurrency; there is very little support from the business sector. China ultimately is trying to send a message. If the message aligns with industry standards and regulations then this can be a good thing for them. Tons of scams and lures are easily tempting many with major FOMO. Time will tell CHINA’s true intentions if they are for this technology and the advancement of their economy.

Ishan Pandey: According to you, how should NFT projects marketing their product and build an audience for their product? (Similar to community building, but please focus here on marketing channels and do’s and don’t).

Mark Savage: Specifically for marketing, hiring a firm and a few ambassadors can get the job done. A healthy budget of 10k-50k is a reasonable goal.

If you do not have this type of budget, you will have to use alternative methods like viral marketing to get your brand awareness. Bitcoin and many other projects do not have a marketing budget, but they have a die-hard community and they are making history. The people are the power; this is why you must resonate with your target audience. Top companies spend billions on marketing their brand. This old model is now outdated; the new way to connect is with authentic storytelling and micro influencing. Small sparks can ultimately create a huge viral effect for your brand when you have the story and the emotion just right.

Ishan Pandey: What are your views on the fractionalization of NFTs? Should fractionalized NFTs be treated as securities?

Mark Savage: Regulation is supposed to be in place to protect investors. If the investors are happy, then I do not see a need for regulation. There is no dust bowl. No one is jumping off bridges; some are getting burned from moving too fast, but this is a life lesson to learn.

Some companies offer traditional products that mirror traditional investments, like investing in the company, but it is truly up to the person to decide the amount of RISK they want to manage. I believe other more exotic fractionalized assets are too new to regulate right now. Early regulation or misguided regulation could set the industry back before it has time to blossom. It is probably a good idea to let things play out and discover what issues investors have that could benefit from regulation.I do not think it is ever a good idea to try to protect people who are not asking for protection. The end goal should be to grow the economy, not get in the way of it.

Disclaimer: The purpose of this article is to remove informational asymmetry existing today in our digital markets by performing due diligence by asking the right questions and equipping readers with better opinions to make informed decisions.

The material does not constitute any investment, financial, or legal advice. Please do your research before investing in any digital assets or tokens, etc. The writer does not have any vested interest in the company.