Greetings Chiefs!
After some of my last write-ups you must be thinking that even though Solana is down more than 80% from its ATH, some Solana NFTs are on a different steroid lately.
Well, that’s how it is, even though the winter has arrived for most of our crypto portfolio, the so-called “Solana Summer” has shown its presence in the community.
In this article, we will talk about yet another project with some crazy numbers in terms of its Twitter followers, its Discord members and the euphoria that it has built in the mind of the average Solana NFT Investor.
Following the recent meta of brand focussed projects, Great Goats are going for a mint on the 5th of June 2022.
In their words, they will bring a lifestyle branding approach to web3, more so a label for the community. There are some great things and some bad things about them that we will look into in this article.
Before we do that, let me share the mint information about the project
Supply: 11,111
Cost: 2.75 $SOL
Launchpad: Magic Eden
ROADMAP
There aren't a lot of things which have been mentioned by the teams, regarding what their plans are for the future. However, they have shared a financial breakdown of their mint funds which shows that one of the sectors which will receive the second most funding is going to be merchandise with (24% of the mint funds) second to only team expensed which will take (25% of the mint funds).
The team has announced that the staking will get live on the day of the mint itself with them outsourcing the devs of Xin Dragons who will build the staking site for the project, and the stakers will be able to earn $GOAT from the first day itself.
Utilities of the token have not been mentioned yet.
Apart from this, the team have plans of airdropping one random piece of merch to its holders once every 2 months.
ART
Talking about the art of the NFTs, from the first look of it, the art is almost identical to the art of Okay Bears with a lot of traits matching as well. The only thing that is changed in some cases is the animal that the team has chosen. However, I liked the art and I found them very clean with a great pfp potential.
However, when we talk about the website, that is where I feel disappointed. The team is going to take 30,555 $SOL (USD 1.16 Million) from the ecosystem and their website is a rip off from another project which also took the idea from a different project. There is nothing unique and if they are showcasing themselves as a lifestyle brand coming to WEB3, the least they could do is to design an original website.
ENGAGEMENT
In terms of Twitter followers, the project has now overtaken Trippin Ape Tribe which was the most followed NFT Account in the Solana NFT Space at the time of their mint. Great Goats is currently sitting at over 425,000 Twitter followers with 42 tweets from the account
They are clocking an average engagement of over 30,000 likes on their Twitter giveaways which mostly is botted like any other project. On their normal tweets which are hardly one or two, they are clocking an average engagement of around 2500 likes.
The Discord is also showing a similar picture in numbers with well over 200,000 members on the server and around 400 people boosting the server. To put it into perspective, Trippin Ape Tribe closer to their mint had over 330,000 members and around 1200 people boosting their server.
In terms of engagement in their discord, they are getting an average engagement of well over 3000 likes.
If I have to compare the engagement between the two most followed projects in the space, Trippin Ape Discord was a lot more active in terms of members being in the voice chats all day or in terms of active members in the server.
To conclude, I would say that the project was the most anticipated mint in June and everyone was pretty excited for the mint day, with the whitelist sales breaking a new mark every day.
However, the sentiment took a U-Turn when the project announced that they are going to increase both the supply and the mint cost of the project by around 11.11% and 37.5% respectively. When asked for a reason for the same, the team didn’t give a satisfactory answer according to most of the big players in the space apart from the fact that their plans are big and they do not want to compromise on those plans because of a lower budget.
After increasing both the supply and the mint cost the team has also put the secondary royalties at 8% which again is a very high number after they are almost getting 1.5x of their previously decided mint funds.
From where I see as an investor, the project has done nothing which can be taken as a benchmark of what work they are going to put in the future.
They don't even have an original art or an original website or an in house team of dev and yet they are about to raise a funding of over a million dollars.
The sentiment towards them is very negative now and I don't see them holding the floor that strong. A lot of people are going to mint the project for a quick flip as what people did with the previous drops of high following projects. Also, there are going to be mints of fairly better projects in the coming days which again will make a lot of people to take profits.
I would not recommend anyone buying a WL before minting, as that will only increase the chance of you getting rekt.
As always DYOR
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