Fundamentals of an NFT Business w/ MetaAngels NFT
There were loads of easy ways to make money during the dotcom bubble in the 90’s.
Folks were buying up domains with common words, slapping together a few pages on a deck about how they’re going to take ‘x’ industry and move it to the internet, and venture capitalists were screaming, “SHUT UP AND TAKE MY MONEY!”
Financial magazines and newspapers at the time were absolutely effusive about the potential, further inflating already incredible valuations. I can tell you from experience, nothing turns a venture capitalist from a skeptic into an expert like reading one Wall Street Journal article about it.
And what happened? Starting in 1999, many of these companies starting missing their growth projections, some that IPOed had their stock prices plummet, founders with poor business acumen were revealed, and the glory days of ‘free money’ started coming to an end.
But what came out of that boom? Those with strong businesses were able to weather the storm. Amazon went from book seller to juggernaut in the ecommerce business. As did eBay. And Shutterfly. And Priceline. So many names we still rely on today.
And how did this happen?
Simply: they were built to be sustainable businesses.
There are a lot of similarities to web3. Now that we’re seeing our first post-Crypto Winter NFT apocalypse, many projects have had to re-think their roadmap. Money isn’t as free anymore. And speculators are feeling less spendy.
The term ‘rug pull’, meaning an NFT project abandoning their roadmap after their mint, is now being attributed to plenty of projects that likely launched with good intentions.
So how do you as a collector, company, or creator do your best not to fall apart when the crypto market tanks?
MetaAngels NFT has done just that. I got a chance to chat with Alexandra Cavoulacos, CEO and co-founder of MetaAngels. Now this isn’t the kind of project you’re seeing all over the press, but they’ve melded the model of an incubator and a web3 community, backed by business professionals with a background running successful businesses. And Alex had incredible advice to share on how projects that are looking beyond the ‘cash grab’ can approach the market.
As always, this is not financial advice, buy any NFT at your own peril, and don’t gamble with money you aren’t ready to set on fire. Even if it’s digital money.
So let’s go to web3 business school with Alex.
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