What’s the usecase?

Everyone wants to know the reason why they should invest in a project. Be it Token or NFT. This has prompted the constant question of “What’s the use case?”. This is the first question most people ask after joining a telegram or discord group of a new project about to be launched. The token/NFT dev answers different questions and amid these, he is also trying to stay polite as much as possible. It is common to see some flare up once in a while but they quickly apologise or buy their way out.

To solve this constant issue, the first idea people now sell is “the use case”, I mean -the project dev now provide the use case even before the public ask for it. They make ridiculous causes and promises. The public gets excited and buys into the idea, go into it with full force in anticipation of the proposed usecase which may never come. They realize these late and start liquidating their assets before it hit cold bottom zero. These has been a common scenario in recent times and the bitter part is, when such strategy is used again, people still fall for it. It’s like a circle, a never-ending circle!

However, the disappointment can be averted if we can be logical with our thinking and expectation. Though sometimes some projects defer logic and do the unexpected but the percentage is very low. The question we need to ask ourselves when someone come out to sell a usecase or road map to us is “Are all these possible?. What's the probability of these being fulfilled?. Does it sound like a Ponzi scheme or a well-planned decoy?"

Not to confuse you, I need to ask another question -"Must all NFT/tokens have a usecase?” A Bitcoin loyalist will surely answer “NO”, but a Bitcoincash lover won’t say so, since the foundation of BCH is based on its usecase. This standard has been passed on to SmartBCH, we believe every token or NFT must have a purpose. Need I say staking and gambling are not the sole usage/usecase of Nft. NFTs are sometimes used for gaming, as tickets to stadiums and restaurants, as souvenirs, a gift and so on. In essence, it’s can serve any purpose and can be used as a form of identity.

Until people realize this, we will continue to dwell in the hype market and the floor price of different NFTs will keep on reducing, some might have a temporary rise but in the long run, start dipping. What do I mean  by “hype market”?” A new NFT comes out and everyone hops on it, the market price rises within a few hours and then fall before maintaining a steady flow until a new NFT comes out and confirm the demise of the previous.

What can we do?

Gradually, we are running out of excuses, SmartBCH will be a year very soon and by now we should be seeing great projects on this chain. The NFT market has been doing great so far but we need to step up the game. Law Punk is doing so great with the staking and dungeon, the record-breaking minting time of apes NFT is still spoken of today, the beauty of the thrones NFT is mind-blowing but I believe more can still be done.

Comparing the floor price of various NFTs on opensea to that of Oasis, there’s a huge gap. Though the use of bot in minting NFTs within seconds on the Ethereum chain adds to the reason for the high floor price, I believe we also have the potential to have a huge market like that. We need to ask for more, not just a marketplace, Oasis provides that with a reasonable fee on sale. If any NFT will be releasing her own Marketplace, it should have a unique feature. Something that makes it different from Oasis, something that can help in boosting sales, something that will attract outsiders- not only those into SmartBCH already. I also believe oasis can provide the trait list or rarity list which the native sites of these NFTs provide, whatsoever the native marketplace has can be integrated on oasis, the time spent on that should be channelled towards other stuff. Instead of taking the release of a marketplace as a usecase, we need to start questioning them more on more important issues.

Thanks for reading!🤗💚👍

Disclaimer: Everything written in this article is borne out of experience on different projects and not an attack on any particular project. Feel free to add, disagree or correct me. All observations and corrections are welcomed.