Research Summary
Ether is an anime-themed project built on the Ethereum blockchain, aiming to become one of the first luxury brands to use blockchain technology to create high-quality clothing and collectibles. The project consists of 5555 characters within its universe. Ether’s journey has been marked by several pivots, including changes in mint price, supply reduction, and a shift to a Dutch auction. Despite the challenges and market changes, Ether managed to raise about 1,000 ETH ($1.87m) from the mint, which is considered a success in the current market. However, the project’s future direction remains uncertain as they have fewer funds than planned and will likely need to make significant pivots in their business strategy.
Actionable Insights
- Understanding the Market: Ether’s journey highlights the importance of understanding and adapting to market changes. The project had to make several adjustments to their initial plans due to shifts in the NFT market.
- Importance of Transparency: Ether faced criticism for its lack of transparency, particularly regarding the use of funds raised from the mint. Future projects should prioritize transparency to gain market trust.
- Need for Contingency Plans: Ether’s experience underscores the need for having contingency plans. The unpredictable nature of the NFT market requires projects to be prepared for various scenarios.
- Art Quality: Ether’s art is considered high quality, although some believe it may not be ideal for use as a PFP due to its complexity.
