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Earn 7.0% APY staking with Solana Compass
Help decentralize and secure the Solana network delegating your stake to us and earn an impressive 7.0% APY yield on your SOL, while supporting us to create new guides and tools.
Breakpoint 2023: The Evolution of The Solana Community
An insightful discussion on the growth and future of Solana's NFT community featuring industry experts.
During the Breakpoint 2023 event, a panel featuring prominent figures from the Solana ecosystem gathered to discuss the progression and transformation of the Solana NFT community. The panelists, Walker Guffey, Amy Street, Easy, and Frisk, brought diverse experiences and perspectives to the table, from founding infrastructure companies and developing protocols to content creation and consultancy. They touched on themes including the intrinsic human desire for community, the shift from hype to substance within the Solana community, the broader implications for business models within Web3, and how Solana's NFT ecosystem can continue to evolve and integrate with mainstream culture.
The Importance of Community in NFT Projects
The panel opened by highlighting the paramount importance of community for NFT projects, aligning with basic human needs for social inclusion. This discussion showcased how Solana's infrastructure supports projects in building robust communities. The panelists shared personal experiences of becoming influential within the community, often serendipitously, emphasizing the organic growth and democratic nature of engagement within the Solana space.
Evolving Business Models and Broadening Use Cases
The discussion moved towards the maturation of business models surrounding NFTs. While earlier NFT projects focused mainly on digital art and collectibles, the use case has expanded to include ticketing, access management, and digital ownership across various sectors. The speakers reflected on learning from previous activities and the importance of sustainable practices beyond the initial minting process.
Challenges and Growth of the Solana NFT Community
One key point addressed was the challenge of projects operating in silos and the need for increased collaboration within the ecosystem to amplify growth and innovation. This could potentially lead to the creation of richer, more interconnected experiences that align with broader community and business goals. The panelists envisaged a future where there are broader mass-market approaches, crossing over from the digital realm to tangible experiences and products.
Facts + Figures
- Solana NFT projects are primarily built atop Hello Moon's blockchain infrastructure.
- Amy Street noted the journey from hype-driven projects to those based on conviction and realism in the bear market.
- There was agreement that NFT projects are essentially new business models still finding their footing post-mint life cycle.
- The NFT utility meta has ranged from simple project inclusion to specific applications like gaming.
- Projects leveraging Solana NFTs for non-PFP (profile picture) use cases are of growing interest, expanding into ticketing and rewards systems.
- Community aggregation is challenging; what worked previously may not work today and vice versa.
- "Community is the highest calling that an NFT project can achieve."
- "I got my start on crypto Twitter by complete accident."
- "People are making plays based on conviction and not speculation."
- "NFT projects are a brand new business model."
- "Your community is your biggest critic and your biggest advocate."
- "There's a challenge [in web3], right, but that's what makes it fun."
- "NFTs have given that opportunity to not only find a belonging but make a name for yourself as well too."
- "SoundCloud did not exist when I was in high school, but it did have MySpace."
How has the Solana NFT community evolved?
The Solana NFT community has transitioned from a focus on just art and being part of discord servers to a more mature understanding of NFTs as business models and community drivers. There's a shift from purely wanting to profit from NFTs towards supporting projects with a long-term vision and realizing utility within the digital space.
Why is community important for NFT projects?
Community is vital as it aligns with the human need for social inclusion, acting as a catalyst for project success. A strong community not only endorses the project but can become its most prominent advocate, significantly aiding in its growth and sustainability.
What business models are emerging around NFTs?
Emerging business models include creating brands, integrating NFTs within the media world, and utilizing them in various sectors beyond art, such as event ticketing systems and rewards protocols. As the understanding of running businesses with NFTs matures, sustainable strategies for post-mint life are evolving.
What challenges does the Solana community face?
The community can sometimes work in silos with multiple unique developments that may benefit from collaboration. There is a need for harnessing the ecosystem's collective expertise to maximize benefit from synergies across projects.
What future developments can be expected from Solana NFTs?
Future developments may likely include broader NFT distribution models, potentially involving brands creating large-scale, possibly non-limited supply reward campaigns or unique small collection strategies, leading to exclusivity and high demand. Integrating NFTs with familiar and relatable mainstream products, in both digital and physical forms, is also anticipated.
- Key Points:
- Facts + Figures
- Top quotes
- Questions Answered