- The Ground Floor
- The Perfect Playbook For Digital Artwork
The Perfect Playbook For Digital Artwork
Breaking down a playbook gaining popularity in NFTs...
In today’s edition of The Ground Floor we are breaking down a playbook that continues to gain momentum in NFTs…
Web3 projects love to follow a proven playbook
As Cryptopunks successfully demonstrated the potential of a 10,000 profile picture collection, many more projects such as BAYC followed this playbook.
In turn, as Bored Ape Yacht Club successfully airdropped their collectors new follow on collections such as MAYC & BAKC ~ many more projects followed in their footsteps by creating new collections for their token holders ✔
While this playbook worked wonders for BAYC, solidifying their position as one of the most successful NFT projects, the adoption of this playbook by other projects left a lot to be desired.
A New Playbook?
The market for digital collectibles has significantly shifted in 2023.
In 2022, the focus point of the market was PFP collections.
In 2023, digital art collections have become the focus point of many collectors.
Examining two of the breakout projects of the year, Checks and Opepen, in addition to the momentum projects such as Keys by Batz, and The Cameras by 0XDGB are gaining, it’s clear a new playbook is working well in Web3 today.
This playbook is by no means a formula for overnight success in Web3, rather it requires a longer timeline to allow digital artists to reach the right collectors.
The Cold Start
The most difficult aspect of implementing this playbook is the cold start problem digital artists face whereby they have the tall task of getting their creations in front of the right collectors.
Nonetheless, as more and more collectors continue to focus on collecting digital artwork ~ the opportunity for digital artists to reach the right collectors has never been more obtainable.
Commonly, to overcome this cold start problem digital creators will build a body of work that captures their unique approach to digital artwork.
Digital artists such Amber Victoria, Jack Butcher, Batz & Vinnie Hager have all successfully established a unique style with their artwork ~ using Twitter to share their creations with digital art collectors.
2) Expand The Network
One of the most successful strategies of 2023 has been low priced open edition mints that enable a large number of collectors to participate.
When a digital artist sells a 1/1 piece, one new collector can be added to the network of collectors who own their artwork vs a low priced open edition mint allows digital artists to add thousands of new collectors to this network.
At a time whereby Twitter remains the most relevant platform for digital artists to connect with digital art collectors, it’s hard to overstate the value of digital artists having a large network of collectors who owns their artwork.
3) Introduce Gamification
VV Checks allows collectors to create new on chain artwork, Opepen allows collectors to vote on which set of artwork they would like to opt into revealing, Cameras by 0xdgb allows collectors to personalize the artwork they reveal.
At its best, this gamification of digital artwork allows collectors to engage with this on chain artwork, with this personalization blurring the lines between collectors and creators.
A great deal of attention is given to the potential of Web3 gaming, not enough attention is given to the successful gamification of digital art.
It’s possible we will see a world in which Web3 gaming becomes a norm, a standard, however, that’s not the world we live in today.
Today, digital artwork is in demand, and digital artwork that incorporates gamification to engage collectors continues to increase in popularity as more and more digital artists are exploring unique ways to engage with their collectors.
💡 Web3 Roundup
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See you next time! — Matt O’Brien 👋
This newsletter is for informational purposes only and does not constitute financial or business advice to any person or entityect