Following the FTX crash, the Solana NFT Ecosystem underwent significant changes, changes in terms of no. of users, volumes and how the community sees Solana as a chain. However, despite the impact, it doesn't lead to an end of promising projects paving the way to launch their projects in this ecosystem. For instance, we witnessed a significant increase in volume following the $BONK airdrop, which undoubtedly pleased many individuals.
Nonetheless, the number of quality projects launched declined, and since November of last year, only a few projects were noteworthy. Furthermore, only a handful of these projects remain relevant today.
The most promising of them all launched in April with the name “Madlads” and it brought the much-awaited eyes back into the Solana NFT Space and we saw volume levels that reminded us of the “GREAT NFT BULA OF 2022”.
Well with the great volume, we get huge FOMO and a lot of liquidity-draining projects that seem good at first look but aren't when you dig deep.
One such project is getting lots of air these days with the name “Hoopas”
Hoopas as they like to call themselves, a project which aims to do things a little differently (with some other similar shiny sentences….)
The first thought I got after going through their website is the fact that they have spent all their money in making sure the website looks good and engaging doesn't matter what level of dog***t is written there.
In my 5 minutes of reading whatever was provided on their website, I couldn't find anything legit or something that caught my attention. The one thing I did come through is that they have paid their whitepaper writer a total of 10 bucks because all you can read is the same adjectives in different words like “breaking boundaries”, “redefining limits”.
They have also used all sorts of the classic “to the moon” messages of a telegram shitcoin community in their whitepaper without actually defining one bit of their plans which makes me wonder which team member finalised this draft of their whitepaper.
Don’t take my word for it and read this part of the whitepaper and do let me know if any of this makes any sense to you.
Another thing that I found missing from their website is the details about the past experience of their team members. They have talked about their studio which was formed a year ago, however, no major details about the founding members are provided for us to see how many feathers they have in their caps.
Now we won't be talking just about the red flags I found in the project but also some of the things that they have executed in a good manner.
The best thing about the project in my opinion is their website. It is clean, smooth and easy to navigate. Probably the best website I have come across in this space.
Everyone can have different opinions on this aspect and I liked the art personally. I liked the fact that they have chosen 6 different factions to represent their art. However, I don't believe it will look good as a PFP.
This part of the website also looks great to me. They have built something to make sure their community doesn't stop engaging with the project till the mint and gets rewarded for the same.
To conclude, I would say that the project is nowhere close to its main competitors in terms of vision and overall structure.
If you compare the project with Claynosaurz (which is actually doing great since launch) you will find nothing in common and everything opposite to what a successful project might look like.
If we talk about the team, the website designer and the marketing manager are the ones working extra hard to compensate for the lapses of their CEO.
The thing going about Hoopas is the fact that Madlads volume leads a lot of people into FOMO and they want to go all-in in the next shiny thing doesn’t matter how bad it is. The evidence of it is the volume their banana collection is clocking on ME.
From my first look at the project, it looks like a cash grab to me which will drain the liquidity from the ecosystem once again. However, I won't mind being proved wrong by the team and their efforts.
I won’t recommend anyone going near the secondary listing unless something changes which I will update you guys about via my Twitter.
As always DYOR.
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