NFT collection enrages Web3 community on Twitter
This Tai Lopez NFT story is interesting, but why is no one talking about how badly it’s going for him.
Who is Tai Lopez?
Tai Lopez has 2.9 million followers on Instagram, 6.2 million fans on Facebook, 1m subscribers on YouTube, and 1.2m followers on Twitter.
He is an investor, partner, and advisor to over 20 multi-million dollar businesses. Through his popular book club and podcasts The Tai Lopez Show shares advice on how to achieve health, wealth, love, and happiness with 1.4 million people in 40 countries. The Tai Lopez Show, gets around 800,000 downloads per month.
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from Tai Lopez
What was his NFT collection about?
A series of NFTs to provide exclusive access. But what?
How much of it actually got sold?
There was a total supply of 18,300 NFTs to be sold, of them, only 2,000 actually got minted!
That’s barely 10%, and only 1 of the black cards was minted (1 on 1 facetime).
According to etherscan, $1.3 mil was raised, which sounds like a lot until you realize Tai has promised to BUY a HOTEL, NIGHTCLUB, and RESTAURANT that is exclusively for NFT holders.
The economics here make 0 sense, and Tai is going to have to literally run a hotel, restaurant and nightclub for 560 people, TOTAL.
Lessons to take away
- At the best case, where Tai Lopez doesn’t just run away with the money, he’s going to have to take a big L on 3 businesses which will be dead most of the year, because the customer base is so small.
- Never overpromise on your NFT roadmap.
- Build trust and make early connections with the right people to avoid backlash on your launch.
- Ask your community what they want and provide that and more — don’t assume you know what they want.
- Think of NFTs as a lego or a piece of puzzle in the vaster Web3 movement — think of it as a brand and something that will last, not a quick cash grab.
- Learn about NFT marketing and the right strategies as its different from Web2. Here is a guide to help you with that (use “mediumfam” for 50% off)
Web3 community reactions
Conclusion
In summary, what was a huge cash grab attempt by Tai has turned into a waking nightmare, because the NFT community rightfully ignored this mint. Tai is left serving a hopelessly small customer base.
It saddens me that we have to experience all this but it is necessary to bring NFTs to the larger population. And hopefully, learn more about NFT education in the process.
👇Comment what other mistake did Tai Lopez make with his NFT launch.
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