Boki: How a Strong NFT Product Overcame Challenges
NFTs don’t always have the longest shelf life when they are released. Many projects see their floor price tank to near zero within weeks of release; and if their price hasn’t been completely dropped then the trading volume ceases instead.
This can be a huge concern for traders that see NFTs as an investment and not as a flipping hobby. For collectors who are interested in the tokens themselves and truly enjoy their utilities and features, hoping for long-term returns, it can be discouraging watching so many projects fail in the long run.
However, Boki has proven that this is not always the case with their strong art collection and dependable team.
What is Boki
Boki is a PFP project with pastel colors and childlike imagery. The artwork is well constructed and shows influences from other projects, including Starcatchers, Cool Cats NFT, and Doodles.
The roadmap (which they call a Dream Map), offers many promising features for the collections like airdrops, IRL events, merchandising, funding a community wallet, metaverse applications, and an evolving narrative.
The Boki collection comes with a massive amount of utilities promised on their roadmap at a time when Degen Season (the term used for the sudden popularity in poorly-developed NFTs) has taken over as the current market trend.
Challenges Facing Boki
Issues During Mint
The initial challenge for Boki came shortly after their whitelist mint. FUD began to swirl when the team had issues verifying their contract.
The team was able to fix this problem, but doubt surrounding the project began to swell, causing some to start claiming that the project had been hacked.
The team was quick to dispel these rumors, assuring their community that the tokens were safe to mint.
2. Issues During Public Sale
When it was time for the public sale to begin, more issues quickly appeared. The team was, once again, unable to provide access to the mints for their public sale and had to delay the event.
This further discouraged traders who were becoming frustrated with the repeated errors.
The Boki team then announced on their Discord that they would delay the public sale and provide “ample notice” for the public sale.
Due to the additional wait and the added build-up, activity during the public sale was intense. However, because there was so much congestion caused by multiple delays, only those who paid an exorbitant gas fee were able to mint the remaining tokens.
3. Issues with Reveal
After the dust had settled and all the tokens were minted out, trading on secondary markets had finally begun. The tokens were being exchanged at an average floor price of .12 Eth (they were minted at .06 Eth), so early buyers were able to make a profit.
However, when the time came for the reveal, issues arose again as the team had difficulties uploading the metadata to IPFS.
Again, another problem had hit Boki and people were beginning to lose their patience. Confidence in the token was at risk; but fortunately, after another delay, the team was able to properly upload their metadata and reveal the artwork to the community which received a lot of high praise for its style.
How did Boki Recover?
Following the reveal, the Boki collection took a small price dip (which is natural during a reveal) and stabilized at .18 Eth soon after. However, about a week later, sales from the tokens began to explode and the floor price went as high as 1.2 Eth.
So how did a project with so many issues reach such a high floor price? The answer to that question is the team behind Boki who never gave up on the project or their community.
Transparency
One of the keys to Boki’s success was how the team responded to their contract errors and technical difficulties. Every time something happened, the team addressed the situation with honesty and transparency.
They never tried to hide their problems. Instead, they updated everyone who was watching about their issues and reassured everyone that they were working on a solution.
2. Commitment
Instead of shying away from the problems, the team made it consistently clear that they were always working on the problems. While they could have spent all their time blaming others or pretending nothing was wrong, they took the decisions that held themselves accountable.
For traders, this work ethic builds a reputation that isn’t always required by a team to possess. By staying committed to their project, the team was able to work through the situation in a timely manner which allowed the tokens to ultimately be released in a stable state.
3. Community
Ultimately, the transparency and commitment from the team was able to reach the community. By being honest and forthcoming, the community was willing to stay patient in the team. They saw that the people behind Boki were serious about the NFTs they were building and the community accepted their mistakes without any major backlash.
In many cases, this type of positive response from a community doesn’t happen. But because the Boki team respected their community and let all of the issues be known, the tokens were able to survive after release and hit the 1 Eth mark when most other tokens lose nearly all of their value.
What makes a good NFT
A month after its release, and following Boki’s sudden rise in value, the tokens now sit at a comfortable .5 Eth floor price. While it may not be the most incredible floor price ever seen for an NFT, it does show that the project has its value and traders are aware of that.
Ultimately, through all of its ups and downs, the Boki collection is a quality product created by a quality team. With so much effort put in, and with an exciting roadmap of features still to come, it's no surprise that Boki was able to reach a 1 Eth floor price.
