In July 2022, Chris Brown – 123 MILLION followers on Instagram – launched his NFT collection, called Breezyverse.
10,000 (oh really?) NFTs were available at an approximate price of $440.
In an eventual sold out, the collection would have raised $4,400,000.
That is not what happened.
After a few weeks, only 3% of the collection – 297 items – were minted. Today, the volume is practically 0.
Chris Brown’s millions and millions of followers didn’t seem all that interested in buying the NFTs, although the collection promised great utilities like VIP tickets.
What went wrong?
Of course, nothing is that simple, and there are many variables involved, but we can dare to say that a Go-To-Market strategy was clearly lacking. It lacked:
– Audience education
– Clear communication
– Focus on a specific cohort of users
We’ve seen several celebrities with catastrophic NFT launches, such as Chris Brown, John Wall, and Lana Rhoades.
This lack of Go-To-Market doesn’t just happen with celebrities entering the world of NFTs. It also happens to native Web3 companies as well as established companies that are venturing into Web3. Launching a collection is just one of the possible strategies – and this is something that few companies realize.
Web3 is still a new space and it may take some time to consolidate. Go-To-Market will continue to be a big challenge for a long time and professionals and companies that master this aspect will have a great differential for others.
It’s common for very technical founders to build great products but not have a Go-To-Market strategy. They end up building amazing products… that no one uses.