NFT startups talk about the bitterness of entrepreneurship: Most projects struggle to raise funds, market preferences are unpredictable, requiring PR experts rather than consultants

The NFT market has seen remarkable growth in the past year, with an influx of hot money attracting many projects eager to launch, resulting in low-quality offerings and even projects with the intention of Rug Pull. However, for development teams serious about doing things the "right way" when issuing NFTs, the path seems to be fraught with challenges.

Papa Paul NFT founder kingpickle.eth shared the bitter experience of starting a business in the NFT field and launching projects on Twitter.

Original link: https://twitter.com/kingpickie/status/1522285776179916800

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In January, I launched an NFT project, thinking I was ready, but I was wrong. Here are the challenges and secrets that many project founders face.

Time

For some reason, I thought I could continue trading and being active in Web3 while having a full-time job, so I figured I could also work on a project in my spare time.

But no, less than a month later, I had to quit my job and fully commit to the project. I now work over 12 hours a day, with little progress almost every day.

Funding

Very few projects receive venture capital funding, and most projects, like mine, are bootstrapped, which means we not only have to wait to mint NFTs to make money but also have significant expenses like contract development, marketing, mods, etc., making finances very tight.

Buying Followers

Any founder who claims they've never discussed buying followers on social media is lying. There's a weird cycle where you need your followers to help promote in private top groups, and your project needs this to gain real followers and continue growing.

Market

No one knows how the market sentiment will be next week, from canceling Dutch auctions to changing minting prices, we've had to adjust over a dozen times, and what people like or dislike changes every week, making it unpredictable and hard to plan ahead.

Mission and Values

We advocate helping solve global hunger and saving lives as compelling reasons for people to buy our NFTs.

Again, not really. What people want is value, which often means money or material things. It's sad but true; value doesn't always equate to doing good.

Team Conflict

Any healthy collaboration or peer relationship will have its ups and downs. Many times, conflicts arose when discussing NFT features or minting prices with partners, and learning to resolve them in a healthy way is something I need to work on.

Art

No matter how much you understand "generative art," problems will still arise. Trust me, it takes checking many feature sets, a lot. There will always be debates on what features look great or what can attract a large user base, and no one truly knows the answer.

Contract Development

We've received contract writing quotes from developers ranging from $500 to $65,000. I'm not a developer, so how do I know who to trust? This isn't something you can skimp on, but there are high-profile individuals claiming we're overpaying, and developers also ask for extensive mint lists.

Advisors

We've negotiated with over 40 NFT "advisors," and ninety percent of them are really... They actually advise Web2 brands looking to enter the Web3 space without much knowledge, not suitable for crypto veterans looking to develop projects.

What a project founder "truly" needs is a PR wizard who can help connect with major projects, promote your NFT on Twitter and various platforms, but everyone talks as if what they need are "advisors."

Damn FUD

Now, just a KOL stepping in or a viral marketing tweet can severely impact a project, and founders often feel like they're walking on eggshells, which is really terrible.

Mental Health

Working so hard in this process to please so many people has a serious impact on mental health. I sleep less, worry more, and although I'm busy, I'm being drained.

What's worse is that if a founder openly discusses these issues, they may be seen as a symbol of weakness, but these are all honest truths.

Legal Issues

Fortunately, we have an excellent legal advisor, as there are many intricate details we didn't consider in issuing NFTs "correctly," such as internationally recognized contracts, proper company registrations, taxes, etc. Don't mess it up, protect yourself well.

The above is just a small part of our unplanned journey; we haven't even reached the minting stage yet, but we refuse to give up. We will keep moving forward, praying someone notices our hard work and hoping our mission resonates.