Written in Partnership with Devan Leos
The bear market for crypto in 2022 is no fun for anyone. Amid the current environment, even a positive sector like NFTs took a hit. But that doesn’t mean there aren’t opportunities to innovate and test new waters during these conditions. As the saying goes, “when the world is coming to an end, that’s the best time to plant a tree,” or launch a web3 project and NFT! With all the doom and gloom around cryptocurrency, it can be easy to overlook some of its most promising use cases. Non-Fungible Token (NFT) marketplaces are one such example.
RGC Labs is currently working on launching an NFT marketplace driven by accessibility, interoperability, and community. Despite the blunder of bear market conditions, the Royal Goats Club NFT, which launched in July, has seen an overall increase in mint price despite the roadblocks of a bear market.
The Royal Goats Club plans to launch the secondary mint this month on October 29th, 2022 and is aiming to launch its NFT marketplace in early 2023. The reason RGC labs launched an NFT, to begin with, was to help fund their community-driven marketplace. “We are developing a marketplace tailored towards accessibility and community, so we felt it was important to fund it and build it with help from the community,” says RGC labs founder Shuja Pakhilwal. While the listings for Royal Goats Club NFTs have fluctuated, the floor price has stayed at around .6 Eth, which is 600% higher than the initial listing price of .1 Eth. Holders of the NFT will get exclusive access to various perks, such as special pricing on future NFTs, benefits on the marketplace, and invitations to holder-only events that will be taking place soon. The RGC team is firm on the fact that they are a long-term project with a multi-faceted roadmap that goes way beyond the Royal Goats Club NFT, and they invite anyone who enjoys NFT and blockchain culture to join their exclusive web3 community.
While the success of any project is guaranteed, according to RGC labs founder Shuja, some parts he believes have greatly helped them maintain project value during the current bear market. “We have heavily focused on quality rather than quantity, and almost everyone that is a holder is in the project as a long-term investment because they believe in what we are trying to accomplish together; it’s not just about making money.”
One of the main concerns currently surrounding the NFT community is project sustainability. As NFTs are gaining more popularity, and some people have identified NFT ‘projects’ as ‘pump-and-dump’ schemes, where tons of people have bought in, only to have the asset crash in value below what they paid for it.
According to one person who wished to remain anonymous, they gave some insight about what to watch out for based on their experience. “Back in 2021, I came across a project that seemed exciting, and although they did not have a plan or roadmap, tons of people, including myself, bought into it. However, soon after the mint, the project crashed in value, and the founders were nowhere to be found.”
When investing your time, energy, and resources into anything, it is essential to know everything about it. While there are great NFT projects with a roadmap and long-term vision, there are also projects whose goal is merely to make money. According to the RGC team, though, that has never been the case, and although some have sold their NFTs as the floor price rose, most holders have not and are motivated by the long-term vision and roadmap of the project.
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