BAD NFTs: Watching the NFT industry self-implode with and endless stream of pop up companies dumping low quality NFTs into the marketplace.
One of our readers submitted this NFT to us for review, FierceStudiosNFT, from the moment we checked out the website, to their twitter and instagram, there’s one word to describe this company, and that’s bad, bad bad, real bad. Avoid this!
The promise is that: “The models receive a % of mint (first sale) and then a % every single time the NFT is resold on the secondary market… directly and forever.”
But what happens when the designs of the NFTs are so bad that you can never actually get to that second sale and are stuck with a potentially bad asset forever?
Welcome to FierceStudiosNFT.
Their squarespace built website makes it apparent that their core focus is brand partnerships and entertainment deals, there’s no mention of them having graphic designer on their staff.
Two of the three employees are linking directly to their linkedin profiles. This gives you the overall impression they are more focused on self promotion and less on crafting an actual legacy of a long standing company.
NFTs meet Microsoft Paint
Looking back at the actual NFT designs, they are loaded with quick looking graphics and designs. Thrown into an image randomizer to just throw random art into random shapes x 10,000. Look at that drop shadow, I’m pretty sure that’s the default setting in Photoshop.
You’re charging $300 per NFT x 10,000 of them, and you couldn’t hire anyone to actually design something nice assets?
Hire a graphic designer.
It’s depressing to see companies like this pop up out of nowhere, purely to take advantage of the NFT market. They are following the hype, even going so far to sell a $300, “How to buy an NFT course“.
If you have to sell a $300 course on buying an NFT, maybe the problem is the NFT world itself.
There’s a lot of parallels to a street busker shouting “Step right up, step right up, I’m going to blow your mind for the low low price of $300.” Weird that the price of their course with a free NFT costs the same amount as the actual NFT.
This company is an example of what you should warn your friends and family about.
Looking at the secondary market at opensea, you can see that they are not selling. And looks like everyone is dumping this asset faster than they can buy them.
As of this writing, 0 of their NFTs have any offers.
Then there’s the suggestive marketing, look at this tweet that you’ll be able to use this as a way to pay off debt with their story of a model with 150K in debt by the age of 22, talking about how “tokenization can help solve this problem”.
Remember it’s illegal for a security to make any promises of gains.
Our goal is to someday empower young models to build a healthy financial future using tools built right into their token's #SmartContract
To begin, all 10 models in our genesis #NFT collection (presale today) receive a % of sales. Forever. Instantly & directly. pic.twitter.com/xOirSDBA46
— Fierce Studios | Minting Now (@FierceStudioNFT) December 13, 2021
This is a warning to everyone to do their research before investing any amount of money with an NFT/Security in this new crypto craze.