While that’s true, you may now think that the project is bullish due to the hype it’s receiving.
But despite the slick artwork and dope animations, the results didn’t actually bloom into fruition.
So, what really happened to Ether? Let’s delve down to learn more!
Following the project’s weak allowlist opening last week, the team behind Ether suddenly paused their Public Mint due to having the same fate – low demand.
Because of this, it led many degens to speculate that the project was only in it for the money, not the Web3 contribution.
And now that they paused the Public Mint, many were left disappointed with the project’s progress.
Ether currently has 5,555 NFTs; 3,678 for public allocation, 1,627 from the allowlist mint phase, and 250 kept in treasury.
What is Ether NFT?
For those who are new, Ether NFT is an immersive project that fuses anime, innovation, and fashion in one single platform.
The project functions under the Ethereum blockchain and sets to introduce a virtual universe intended for holders to interact with.
Some would say it can become Azuki’s rival, as it comprises almost the exact roadmap as the blue-chip anime project.
Moreover, the team seeks to pioneer blockchain usage in luxury branding through high-quality apparel and collectibles as part of the project’s purpose of delivering its next-gen ideas to reality.
What caused Ether’s downfall?
Let’s dive down memory lane and head to their first controversy in 2022, which was the project’s sneak peek announcement.
Ether NFT originally had a supply of 10,000 NFTs for users to mint.
During that time, the project received tons of backlash because the mint price was costly, amounting to 1 ETH per NFT.
Several investors see this as an excessively high price for a new NFT, considering that other popular collections only cost as low as 0.25 ETH.
Therefore, the team lowered the mint price to 0.65 ETH while keeping some of its supply for whitelist users.
Since then, some were beginning to doubt the project, questioning why the mint price was too high.
Kinda feel the market has spoken.
It’s a pricing issue with respects to @ether.
My unsolicited suggestions would be:
1. Cut public mint price
2. Retain 10k supply
Let the art flourish and make it the people’s choice.
If you win trust in a bear, you will rocket in a bull. pic.twitter.com/H1cy0ka4FN
— maverick 🦍⛩️ (@maverick23NFT) July 9, 2023
What happened next?
Now, fast forward to last week, the project’s whitelist mint resulted negatively and indicated a lower demand than expected.
As a last-minute ditch to cope with the outcome, Ether surprisingly announced that the team would reduce their supply.
So instead of the original 10,000, they cut it into 5,555 NFTs, which is why the Public Mint only comprises a number equating to the latter.
However, despite the decision, Ether NFT’s Public Mint suffered the same fate, leading the team to pause the mint.
And because of this, almost all NFT enthusiasts now see the project as a red flag because of its weak actions.
There will be a change to the Ether mint structure.
The remaining supply will go towards the public sale, which will occur a week after the WL phase.
The WL phase will end 2nd July, 8AM PST
Continue reading below. pic.twitter.com/d7p4T56ww4
— ETHER (@ether) July 2, 2023
Sentiments from Degens towards Ether
Many degens got extremely disappointed with how the team handled a potential blue-chip project.
Some would say that the lack of activeness and marketing were the leading causes of the project’s downfall.
one thing that no-one seems to be mentioning is the lack of marketing. 12 tweets in 1 year, this isn't a sufficient marketing campaign
there was a severe overestimate on the reliance of the founders public perception to sell this as opposed to selling the project itself
— dingding.eth🧃 (@dingdingETH) July 9, 2023
Yet, although the project now seems in a bearish trend, others still appreciate the project’s artwork.
This signals that the project may have gone the other way if the right team had properly managed it.
As we’ve said before, and we’ll say it again, Web3 is about contributing to the future of the space, not money.
Although money is a driving factor to do more, once you’ve made your contributions, money comes along unexpectedly.
So, if you’re planning to build a project in the space, ensure it helps the community and sets its goals straight.
This way, it would not cause FUD to potential investors, leading to more trust and reliance from the public.