As if following a checklist of what not to do in an NFT mint, Ether has finally launched its project, ticking off every box along the way: Pick a name that will never rank in search engines, check, launch amid market chaos, check, anonymous founders, check, overpriced NFT collection, check, panic and reduce supply, check, panic more and pause the drop, check….
Despite the catalogue of recent errors, trouble began to brew for Ether when it was announced in Autumn 2022. Back then, the project outlined a plan to launch 10,000 NFTs at the rather outlandish price of 1 ETH a-pop. Following its first round of backlash, however, the team then reduced this figure to the princely sum of 0.65 ETH.
Fast forward to June 30 and Ether decided to kick off its White List mint just as fellow anime NFTs, Azuki, imploded in spectacular fashion. Due to waning interest in the project however, Ether chose this moment to reduce its token supply from 10,000 to 5,555, further fuelling doubt in its ambitious NFT collection. Then, a week later on July 9, it opened up its remaining unsold 3678 NFTs to a public mint, which was ultimately met by a chorus of silence.
Eventually, with the mint only partially complete, and the OpenSea floor price sitting precariously below mint price, Ether then chose to pause the project, leaving those committed to the collection in an uneasy state of limbo.
So, @ether paused their Public Mint due to no demand.
As an NFT collector, I don't like this, and here is why!
🧵(1/8) pic.twitter.com/oomVdSBSOC
— Kouk 🖇️ (@kouk_web3) July 9, 2023
Ether Emerges in a Completely Different Landscape to when it Began
Back in the heady days of 2021, it was possible to launch any NFT project with little thought and planning, while still making bank due to the hedonistic vibe permeating the industry. Now however, as the market has evolved, and risks are ever more present, any mistakes become amplified, and projects can lose their momentum on the flip of a dime.
So, despite its stunning visuals and potential to cement a place in the annals of NFT history, Ether will now go down as a lesson in caution when venturing into the ever evolving realm of Web3.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
Decentralised human, Explorer, Adventurer.