Web3Hustle

Web3Hustle

A hobbyist project made up of a group of enthusiasts on the NFT carried out at the height of the popularity of NFT.

Web3

NFT

3D Art

Visual design

UI

Blockchain

Landing page

Duration

From 2021 - mid 2022

Team

3D Artist
PM
Blockchain developer
Me - Product designer

Project plan

Project plan

1

1

Research, ideation & Conceptualization

Research, ideation & Conceptualization

Conducted market research to understand popular themes and trends in the NFT space. Brainstormed unique concepts

Conducted market research to understand popular themes and trends in the NFT space. Brainstormed unique concepts

2

2

Designing 3D Models

Designing 3D Models

Refining and improved designs working closely with 3D Artist. Ensuring the models were optimized for digital viewing and could be easily transferred into NFT-compatible formats.

Refining and improved designs working closely with 3D Artist. Ensuring the models were optimized for digital viewing and could be easily transferred into NFT-compatible formats.

3

3

Blockchain and Smart Contract

Blockchain and Smart Contract

Selected a suitable blockchain platform, working with developer to create and deployed smart contract

Selected a suitable blockchain platform, working with developer to create and deployed smart contract

4

4

Setting up a Community

Setting up a Community

Establishing a vibrant community platform, fostering collaboration and knowledge sharing, creating a space for meaningful connections and collective growth.

Establishing a vibrant community platform, fostering collaboration and knowledge sharing, creating a space for meaningful connections and collective growth.

5

5

Marketing and Promotion

Marketing and Promotion

Strategically promote the project, leveraging targeted marketing channels to build awareness, engage the audience, and drive adoption for maximum impact

Strategically promote the project, leveraging targeted marketing channels to build awareness, engage the audience, and drive adoption for maximum impact

6

6

Launch

Launch

Confirmation of values at a quantitative level through implemented tracking. Monitoring of parameters agreed with analysts

Execute a successful project launch accessible to the intended audience for optimal engagement

Research

Research

Who are NFT Buyers?

Who are NFT Buyers?

61% of the respondents were millennials or younger (born after 1980), while 32% were GenX or older (born before 1981). The classification for Millennials / GenX is obtained from this article by the Pew Research Center.

Data showed that 88% of the respondents were male and only 10% were female.

Overall, 52% of the respondents had bachelor’s degrees or higher.

61% of the respondents were millennials or younger (born after 1980), while 32% were GenX or older (born before 1981). The classification for Millennials / GenX is obtained from this article by the Pew Research Center.

Data showed that 88% of the respondents were male and only 10% were female.

Overall, 52% of the respondents had bachelor’s degrees or higher.

What Motivates People to Buy NFT

What Motivates People to Buy NFT

The NFT flipper is motivated to buy low and sell high. Getting their hands on a highly sought-after NFT and turning it around to sell for a profit is all a part of their strategy and they will be the early bird every time.

Profit is not always the motivator of an NFT purchase. Collectors want a coveted historical piece. This NFT buyer loves everything cool, novel or interesting.

Early mainstream buyers saw a benefit in purchasing NFTs and rushed to cash in on the spoils. This is when the NFT audience took a significant turn from grassroots effort to new entrants interested in music, sports, and collecting fine contemporary art.

Big brands and celebrities entering the NFT space are going to bring another new wave of buyers.

The NFT flipper is motivated to buy low and sell high. Getting their hands on a highly sought-after NFT and turning it around to sell for a profit is all a part of their strategy and they will be the early bird every time.

Profit is not always the motivator of an NFT purchase. Collectors want a coveted historical piece. This NFT buyer loves everything cool, novel or interesting.

Early mainstream buyers saw a benefit in purchasing NFTs and rushed to cash in on the spoils. This is when the NFT audience took a significant turn from grassroots effort to new entrants interested in music, sports, and collecting fine contemporary art.

Big brands and celebrities entering the NFT space are going to bring another new wave of buyers.

Additional details

Additional details

The collectibles (47%) and gaming (33%) are the most commonly used NFT types for our respondents. Nearly half (49%) of the respondents sought financial gain by investing in NFT

OpenSea (54%) was the most popular marketplace among the respondents

The data showed that among the respondents who had heard of NFT, a majority of them (74%) also used DeFi

48% of respondents indicated that real-world non-fungible assets tokenization would be the most beneficial aspect for NFT

Collectibles (47%) and gaming (33%) were the most commonly used NFT types for our respondents. While event ticketing and identity were the least used (both are 6%).

Nearly half (49%) of respondents sought financial gain by investing in NFT, followed by Interest in the technology (45%).

The collectibles (47%) and gaming (33%) are the most commonly used NFT types for our respondents. Nearly half (49%) of the respondents sought financial gain by investing in NFT

OpenSea (54%) was the most popular marketplace among the respondents

The data showed that among the respondents who had heard of NFT, a majority of them (74%) also used DeFi

48% of respondents indicated that real-world non-fungible assets tokenization would be the most beneficial aspect for NFT

Collectibles (47%) and gaming (33%) were the most commonly used NFT types for our respondents. While event ticketing and identity were the least used (both are 6%).

Nearly half (49%) of respondents sought financial gain by investing in NFT, followed by Interest in the technology (45%).

Conceptualization

Conceptualization

Designing 3D Models

Designing 3D Models

We deciding to create 3D NFT models can offer several advantages:

We deciding to create 3D NFT models can offer several advantages:

Versatility

Versatility

3D models can be easily adapted and repurposed for various platforms and applications. They can be used in virtual reality (VR), augmented reality (AR), and other emerging technologies, expanding the possibilities for the use of the NFT.

3D models can be easily adapted and repurposed for various platforms and applications. They can be used in virtual reality (VR), augmented reality (AR), and other emerging technologies, expanding the possibilities for the use of the NFT.

Gamification

Gamification

3D models can be integrated into gaming environments or gamified experiences, creating additional layers of engagement for users.

3D models can be integrated into gaming environments or gamified experiences, creating additional layers of engagement for users.

Dynamic Content

Dynamic Content

3D models can include animations, dynamic textures, and other interactive elements that add a layer of dynamism to the NFT. This can enhance the visual appeal and uniqueness of the digital asset.

3D models can include animations, dynamic textures, and other interactive elements that add a layer of dynamism to the NFT. This can enhance the visual appeal and uniqueness of the digital asset.

Initial release and why it failed

Initial release and why it failed

The initial release of the project began in mid-2022 around June. However, it cannot be called a success.

We encountered several problems through which we postponed the project and decided on next redevelopment

The initial release of the project began in mid-2022 around June. However, it cannot be called a success.

We encountered several problems through which we postponed the project and decided on next redevelopment

Flood of Bots and Scams

Flood of Bots and Scams

We miscalculated the number of people interested in the project by the flood of bots that joined mainly for the giveaway. It has become difficult to track the community in general by the number of fake accounts and bots

We miscalculated the number of people interested in the project by the flood of bots that joined mainly for the giveaway. It has become difficult to track the community in general by the number of fake accounts and bots

Low marketing budget and measuring difficulties

Low marketing budget and measuring difficulties

Despite our $3000 marketing budget, challenges arose as Twitter banned our campaign, limiting our outreach. The absence of suitable platforms compounded our struggle for visibility. Additionally, fake accounts complicated success metrics, hindering our ability to gauge the impact of our spending on campaign efficacy.

Despite our $3000 marketing budget, challenges arose as Twitter banned our campaign, limiting our outreach. The absence of suitable platforms compounded our struggle for visibility. Additionally, fake accounts complicated success metrics, hindering our ability to gauge the impact of our spending on campaign efficacy.

Strong Market Saturation

Strong Market Saturation

We did not expect such a flooding of the market with projects often of very low quality which for a normal user are no longer possible to follow by their quantity

We did not expect such a flooding of the market with projects often of very low quality which for a normal user are no longer possible to follow by their quantity

Directing Marketing Budget Ineffectively

Directing Marketing Budget Ineffectively

We ineffectively allocate the marketing budget, relying heavily on giveaways as a strategy, which hampers our project's growth. This approach attracts individuals seeking freebies, hindering genuine community engagement and failing to yield sustained value from the allocated resources.

We ineffectively allocate the marketing budget, relying heavily on giveaways as a strategy, which hampers our project's growth. This approach attracts individuals seeking freebies, hindering genuine community engagement and failing to yield sustained value from the allocated resources.

Landing page

Landing page