The NFT universe is multi-dynamic and, unlike DeFi, provides a wider range of applications and use cases in which various levels of creativity and imagination can be birthed.
With over 500 active NFT projects listed, the decentralized market is currently worth more than $7 billion and is constantly rising. However, that’s not to say that every NFT project makes it to the spotlight, as many of them prove to barely be profitable.
Having said that, there might just be a new entrant in the market that stands out from the rest for classic reasons – being fashionable and intrinsic. ‘The Modz,’ a sensational fashion NFT project, is one of the fastest rising projects to be built on the Ethereum blockchain and, barely a month on from its launch, has quickly drawn enormous interest, including that of its community of more than 57k members.
Apart from the clear fashion-centric appearance of its website, another aspect that has drawn attention to the brand is the speed with which it has managed to achieve such enormous progress over the last couple of weeks. The NFT project, incredibly, completed both its presales and public sales in less than a week.
Speaking with DailyCoin, Boris Raw, and Daniel P., who respectively serve as the lead creator and community coordinator at the Modz, shared their insights on their journey into the virtual world, and how the project has managed to exceed their expectations.
Boris and Daniel share similar beginnings in that they merely stumbled onto the NFT path. Looking beyond where they started, they are now focused on making a significant impact in the field, which they are gradually doing.
“The Modz is Not Just Any NFT Project but a Brand”
Unlike what people may be more familiar with in the NFT space, Boris claims that the Modz is more than just a 3D avatar project, implying that it is a brand, and one whose primary aim is to showcase fashion and style.
For reference, the Modz offers a collection of 5,555 meta fashion avatars, all of which are based on the Ethereum blockchain. Each unique Modz, according to the official website, is randomly generated from a combination of over 200 individually drawn elements, including more than 100 different outfits.
In comparison, there has never been any NFT project that specifically targets the fashion universe, and even where that has been possible, none have executed a fashion showcase on as large a scale as the Modz.
“Commitment is Essential for the NFT Market”
According to Daniel and Boris, the NFT market is great for new projects, but only if they are ready to commit. Looking beyond the short term, Daniel claims that the requirements to sustain a great NFT project keeps increasing with each passing month, and so commitment is highly essential.
According to Daniel, people were not so intrigued during the release of the first collection (i.e, the first NFT drops), however, seeing how profitable it turned out, people are now more inquisitive.
“Maybe they didn't expect as much from an NFT project, but now people are seeing what the collections are capable of; they see the value that the token can bring. And I think that's something people should consider. Like, are you ready to create this type of collection, not just some drop that you abandon a few weeks in?”
The Effect of a Responsive Community
Another notable milestone for the Modz has been its growing user base, which swelled from 17K to over 50K in three weeks following the public sales of the Modz collection. According to Daniel, having a responsive community has also significantly contributed to the enormous success they have experienced so far.
Notably, the project completed its presales, which were due to be held from October 20th to 25th, in less than a day, selling about 1200 tokens, and tripling the price. Likewise, in the public sales which took place about three weeks after, the Modz entirely sold out its collection within 10 minutes of going public, implying massive anticipation from investors.
Floor Pricing for NFT Collections to be Determined by Project Improvement
With surging interest in the Modz, it is only right to ask technical questions such as consumer expectations about the project’s floor pricing. Responding to the question, Daniel started off by explaining that they had carried out research in their community, and had arrived at three main groups.
One of these groups is the newbies, people who, according to Daniel, leverage the Modz platform as a gateway to the NFT world. They are mostly first-timers in the virtual space and for the most part, have not invested in other projects, which further suggests in itself that they are alien to the mechanics of the space. According to Daniel, this group is the one that is most likely to be concerned about the floor price.
“So for newbies, I think, for people new to the market, the floor price is actually a great question, because they see that they minted for one price and now the floor price is a different value that might be lower than they expect. I think the solution to this is sort of a comparison to a share price of any, any public company,”
By comparing the floor price of the Modz to other public share prices, Daniel explained that there is no way to manipulate the floor price. Instead, by improving the project’s validity and scalability, the floor price grows proportionally.
“So imagine a situation where your share price is lower than you expect. You're not going to try to manipulate the share price, at least it's not going to be healthy in the long run. What you instead should try to do and what we aim to do is to basically improve the project, follow the trajectory that we have been given by the community and the trajectory that we see for the project”
Daniel explained further.
In general, the Modz is building for the long run, and as such has prioritized other factors ahead of the floor price which they believe will continue to improve itself over time.
On The Flipside
- The Modz might not be a profitable venture for short term investors.
- From the onset there is a limited Modz collection, which means that the number of participants is very limited from the start.
Why You Should Care?
The Modz’s approach to NFT is a unique one, and as such connects members to a new world of opportunity, as well as new dimensions of art. With growing interest, the Modz is striving to become the next big thing in the virtual world of fashion.
Watch the full interview: