Discover more from Founders’s Substack
Since its inception as a digital store of value, Bitcoin has undergone a truly transformative journey. Now, as we observe the growing integration of digital arts into the Bitcoin ecosystem, it becomes clear that this currency isn't solely focused on transactions.
These Non-Fungible Tokens (NFTs) introduce a fresh layer of utility to Bitcoin. Beyond their visual appeal, they reinforce Bitcoin's enduring principles of transparency, security, and decentralization.
This evolution paints a promising picture of Bitcoin's potential to combine finance and art, all while remaining faithful to its foundational principles.
This is the reason I extended an invitation to King Bootoshi, the Founder of BitcoinBoos(a top ranking ordinal project), who has been actively trading NFTs for over three years. The purpose of the interview was to discuss the Bitcoin ecosystem and Bitcoin NFTs in general, as well as to determine which holds greater importance: trading volume, floor price, or the community. Now, let's hear his perspective.
Is Bitcoin NFTs different when compared to NFTs on alternative blockchains?
I would emphatically state that Bitcoin NFTs are markedly distinct from Solana and Ethereum. This differentiation is more noticeable because it's still in its early stages, but it radiates a strong sense of collaboration. In the current ecosystem, there's a widespread understanding that working together is the key to success. Supporting each other and holding grifters and scammers accountable, which we've been doing, brings immense satisfaction. I genuinely dislike grifters.
Moreover, it feels genuine. Attending in-person events, I've had the privilege to meet incredibly hardworking individuals, all driven by immense passion. These are some of the brightest minds I've ever encountered, contributing significantly to this space. Personally, I feel intellectually enriched through enlightening conversations and continuous learning. This is one of the reasons I'm optimistic – I know the dedicated people in this space and their contributions, making it apparent from a more behind-the-scenes perspective. So, in terms of differentiation from other ecosystems, it feels more authentic
Challenges faced by Bitcoin Ecosystem/Nfts?
Honestly, one of the biggest challenges I've faced is the fact that I've been involved in this space since February. Most of the trading volume for my collection occurred within the first month using spreadsheets, which amounted to approximately $500,000 worth of trading volume. This period covered eight and a half to nearly nine months, though not officially nine months yet. The major challenge during this time has been to persevere, considering that we initially lacked the necessary infrastructure. We wondered how to attract people to our project when we didn't even have Chrome extension wallets. However, today, we've made significant progress with the availability of wallets, Ledger support, and various marketplaces. It's almost like we have a fully developed ecosystem now.
Consequently, the primary challenge has shifted towards growing the project and gaining more recognition, especially given that all of this has transpired in a bear market. It's been challenging, a bit like working hard while facing setbacks. But in terms of managing the project and community, it's primarily about passion, consistency, and dedication. I wouldn't say there have been many obstacles; it's been quite enjoyable, especially when attending events. In such gatherings, people tend to respect those who trade Bitcoin more than those trading SOL (Solana). SOL is perceived as more volatile compared to Bitcoin. I'm aware of their reputation. There was an interesting mix of people when the first round of ordinals launched. It attracted individuals from Ethereum, Solana, and even Bitcoin enthusiasts who had never ventured into Ethereum or Solana. This diverse mix of people and projects created an exciting blend. I remember there was a project that sparked a sort of 'war' between Ethereum and Solana supporters, with Ethereum enthusiasts urging Solana investors not to sell their holdings, emphasizing the value of Bitcoin.
Community, Volume or Floor Price?
In my opinion, all these elements are important in their own right. However, as a founder, your primary concern should not be your project's floor price or trading volume. When you're doing things correctly, both floor price and volume tend to rise naturally as your project grows. What you should be most concerned about is building and nurturing your community because, without a dedicated community, your project's success is at risk. People need a reason to buy into your project, and a strong, engaged community provides that reason.
Many people who invest in a project and become a part of its Discord or community view it as more than an investment. It becomes a digital home, a place where they connect with like-minded individuals who share their passions and interests.
Regarding volume and sales, they are indeed important. A high trading volume and a healthy floor price can enhance your project's status and reputation. Investors are more likely to pay attention to and trust projects that are performing well. Personally, I adopt a somewhat hands-on approach, securing many sales in person. I engage with potential buyers, discussing my project, my vision, and so on, and they often become bullish on the project. These in-person interactions have been a significant factor in my recent sales.
Nonetheless, I want to emphasize that your community is paramount. Without a supportive community, your project's success is at risk, and your reputation as a founder may suffer. So, always remember to treat your fans well and foster a strong sense of community.
How does the BTC NFT community contribute to the value and demand for these nfts?
I believe that communities play a significant role in the cryptocurrency space. I once made a tweet while flying to Amsterdam, feeling extremely bullish about Bitcoin. In that tweet, I mentioned that whether you're a builder, founder, developer, or a community member, everyone has a crucial role to play. Communities, in particular, have a major impact by being actively engaged and welcoming.
When someone new enters the space and finds a vibrant, friendly community, it creates a sense of belonging and comfort. It's like finding your tribe in the vast landscape of the crypto world. The active community members make newcomers feel welcome, which encourages them to stay.
Moreover, each individual can contribute to the growth of the community. It's a bit like an MLM scheme, where one person refers another, and it keeps growing. Personally, I've introduced Ordinal to my friends from Ethereum communities and my old flipper Alpha groups. Also, community members who have a Twitter presence can tweet about Ordinals, which spreads the word. These actions may seem small on an individual level, but when many people participate, they create a significant impact.
In this collaborative space, everyone has a vital role to play because it's still relatively new and not as crowded as Ethereum. Actions by individual community members can create a ripple effect. So, community involvement and the people in this space are the most crucial elements. It's all about teamwork, and I don't think there's much room for competition, except for new projects competing against each other. Established projects work together, and community members are at the core of this collaborative effort.
King Bootoshi is launching a new bootallion collection. Make sure you check the Discord so you don't miss out Join Discord and also check out the collection on Magiceden Buy here. You can never go wrong with the BOOS!!!
In conclusion, I hope this article has provided you with valuable insights and perspectives on the importance of community in web 3.0. Your support and engagement mean the world to me, and I'm grateful for the opportunity to share my thoughts and knowledge with you. As always, I welcome your feedback, questions, and ideas for future articles. Together, we can continue exploring and learning in this web 3.0 space. Thank you for being a part of this journey, and I look forward to our continued exploration in the next article. Stay curious, stay inspired, and stay engaged!
Well detailed and educative thread ❤️❤️
super educative article, and big ups on explaining on the importance of community. nice one.