How Do You Build a Successful NFT Project? -- Ask the The Stoned Ape Crew

I must admit that I got lucky when I minted NFTs from Stoned Ape Crew. I saw the Stoned Ape Crew on a Discord discussion a few hours before the project minted. I had only recently gotten into NFTs with the Bad Bromatos project and after its value went up 10x in the matter of a few days I thought I could do no wrong, so why not jump in? 

Mint was smooth and uneventful -- which I later found out wasn't commonplace -- costing just 0.69 SOL for a Stoned Ape. I minted four and soon purchased another on the secondary market for about 3 SOL. Little did I know the value of my apes would rise to over 250 SOL and this would become the blueprint I now compare all NFT projects to. Here's a little about why this project is successful and the frame with which I look at all NFTs today. 

1. Ask yourself: Why are we here?

This seems like a simple question, but in the NFT space it's profound. NFT project developers often see quick profits for relatively little work (see any number of "rugs" or scams) without the forethought to build a lasting project or community. From the beginning, the Stoned Ape Crew was different. 

I'll admit that I'm not a marijuana smoker, but I've been immersed in that community in the past. Thinking of what an NFT community should feel and interact immediately made me think of how marijuana users spoke and interacted.

"Do you smoke?" wasn't just a question about whether you smoked. It's asking if we have something in common. It's asking if we speak a similar language. It's asking if we can be friends, or at least acquaintances, simply because we have this common interest. It's the answer to why we are here and that's a great starting point for NFTs. 

In time, I would learn that the team behind the Stoned Ape Crew actually cared about why we were there too. Most of the crew hails from Austria and Germany, where pot isn't viewed in as kind a terms as in many parts of the U.S., where I live. They want to teach about and normalize marijuana use. That's why they're there and it's what keeps them building, as you can see in the roadmap below. 

2. Is the team meeting or exceeding expectations?

Another thing I've learned about NFTs is that teams can get complacent when the biggest payout they get comes from a project's mint. The Stoned Ape Crew had a successful mint, but kept building in the days and weeks after and continues to do so.

Here are just a few accomplishments in less than 2 months since mint: 

1. Launched the $PUFF token almost immediately after mint, airdropping every holder 100 $PUFF to get them started.

2. Staking NFTs was available soon after launch, allowing more $PUFF to be earned.

3. Partnerships with IRL dispensaries have been launched and expanded and some will accept $PUFF for their product.

4. Team has actively engaged the community in games.

5. Evolution has launched, allowing holders to upgrade "chimions" to "roles".

6. Apparel and a raffle project were just announced and will soon be released to Stoned Ape Crew NFT holders.

Teams that built value long-term in the NFT space continue to build. There's always a way to enhance the community or improve game play or partner with other projects. And, of course, there's delivering on the roadmap, which is a baseline any team should meet. If the roadmap can't be met, any project is in trouble and the Stoned Ape Crew has already delivered on Roadmap 1.0 and has launched 2.0. 

3. Build for the future and expand the community

One mint and a limited number of NFT can limit a project's potential The first extension of the Stoned Ape Crew universe is the upcoming Nuked Ape NFT. This won't be a traditional mint, but rather two apes can be sent on a "mission" to rescue a Nuked Ape. These apes won't generate $PUFF like the genesis collection, so they will likely be less valuable, but this will give immediate value to current holders. 

Cannabis partnerships are also in the works with companies reaching out to the Stoned Ape Crew to be branding partners. The Bored Ape Yacht Club and Adidas made sense in traditional branding, but the Stoned Ape Crew and a cannabis company are a match made in heaven. 

The team is also building an NFT incubator and software as a service. After all, they built custom software for staking, evolution, and more and might as well sell this to other Solana NFT projects. In some projects, these partnerships have been tied to pre-mint benefits for NFT holders as well, like discounts or white list spots, which could be possible depending on what the incubator looks like. 

Sometimes I need to remind myself that the Stoned Ape Crew mint was only two months ago. The team has accomplished a lot in a short time. 

A simple analysis of NFT projects

Before a project mints, buyers can ask themselves these two simple questions: 

1. Why are we here?

2. Is the team building something valuable and can they deliver?

This sounds simple, but a lot of teams can't answer those two simple questions. After mint, it's actually much easier to answer more questions: 

1. Why are we here?

2. Is the team delivering what they promised?

3. Is the vision growing and adding value to everyone?

If anything about the project seems to be faltering or if the team isn't delivering, it's time to jump ship.

I've made more than 100x my initial investment on Stoned Ape Crew NFTs and with Nuked Apes on the horizon and more use cases for $PUFF popping up I'm not about to sell my remaining four apes. As long as the team keeps building, I'll keep holding. Seems simple, but that's a mantra to live by in the world of NFTs. 

Disclaimer: Travis Hoium owns Stone Ape Club NFTs and $PUFF and has not been compensated for this post. The NFT Project DOES NOT provide financial advice. All content is for informational purposes only. The NFT Project is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses. DO YOUR OWN RESEARCH