Why do bad things happen to good NFT projects?

Why hath thou forsaken Gawds?

By Joseph Flaherty

The problem of evil — Why do bad things happen to good people?

This conundrum has plagued philosophers and theologians since time immemorial.

Today, I wonder why some NFT projects fail to win the mandate of heaven?

For instance, @cryptogawds.

I’m but a noob to the world of digital art collecting, but still, I have a hard time understanding why this project hasn’t fully minted in a world where seemingly lesser collections sell out in a matter of minutes?

The art is slick. The team seems legit. The roadmap is interesting.

What went wrong?

Sadly, great pieces from this collection are going for half the mint price on OpenSea.

Only 40% of the project has been claimed after nearly a month.

These new gods ask a low tithe — a mere 0.08 ETH.

Why is Gawds struggling to attract a congregation?

Of course, there are NFT doubters who will point out the inherent silliness of “colLeCtInG jPeGs” (of any denomination).

I’m not interested in converting these heathens or debating digital Richard Dawkins’.

My question is — “why have the faithful forsaken this community?”

Is it aesthetics?

As an art school grad, I know attempting to discuss art in objective terms is pointless.

The dominant cultural commissars have decreed that all art is subjective — Banksy, Bored Apes, and Bruegel are of equal artistic importance.

But are aesthetics the reason so few disciples have declared themselves for Gawds?

There’s an argument that the visual style is too polished and an overly modern match for a theme that is meant to be transcendent and numinous.

Perhaps it’s the subject matter? Pyramids are holy to worshipers of Osiris and Thoth — both low in followers at the moment.

Or maybe it’s the volume? 10,000 Supreme beings would stretch even the most syncretic mind.

Even if you find these images to be soulless, this pantheon is formally interesting in that each NFT in this series has been designed to render holographically via artistic trickery.

It’s a legitimately novel innovation in the NFT space and worthy of appreciation, if not adoration. Seriously, check out this animation:

There’s a chance people who will spend hundreds of dollars on a PFP want something a bit more anthropomorphic than a floating pyramid — the Illuminati excepted.

Even still, the aesthetics don’t feel like the cause of apostasy in this case.

Is it a lack of popular appeal?

Just as the imprimatur of Constantine made Christianity the state religion of Rome, crypto projects need potent evangelists. Being consecrated by Coinbase might be the ultimate blessing, but @cryptogawds has benefitted from other good omens.

The founders of this new religion have built startups and served in leadership roles at influential companies.

Crypto influencers @boop @Shpigford @jstn and @alexisohanian have sung the praises of the Gawds.

Cryptogawds seems like a textbook example of how a PFP NFT project should be built.

It’s a union of inspiring art and impressive people.

So why does this project languish in purgatory while others pop off and Moon almost immediately? More importantly, how should investors and collectors evaluate projects? I could honestly use some remedial catechesis in this area.

Are there fundamentals underlying this market, or is it just a matter of staring into the abyss of cosmic indifference?

I don’t mean to make a martyr of this project. All it takes are a few committed members of a cult to evangelize, and the good news can spread at a geometric rate. I may not yet own a Gawd, but I have faith the project is gmi in the end.

Godspeed Gawds.




Our mission is to be the most aligned VC for founders at seed. #ProudInvestor in @Uber @TheTradeDeskinc @Buzzfeed @Cruise @Diaandco @PillPack @SeatGeek & more.

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