By ExecEdge Editorial Staff
Of the community and by the community, that is the recently minted creed of the 4k NFT collection Crypto Bull Society, which recently announced its new community-based leadership team. Comprised of over 228,000 members worldwide, Crypto Bull Society (CBS) is a private collection of thousands of digital bulls and bears hand-drawn by 3D artist Gal Yosef.
First launched in October 2021, CBS quickly found an online following and garnered more than 70,000 members within the first month. After its initial release, however, community growth started to flounder – an all too common occurrence for many NFT projects, says Floki, one of the new leaders of CBS.
According to the blockchain analysis firm Nansen, approximately one in three NFT projects fail, with little to no trading activity. He goes on to say that there’s more to having a successful NFT project than just pretty pictures.
“Having beautiful art is only one piece of the puzzle. Creating a successful NFT project depends on many variables,” adds Floki. “You need to be able to consistently deliver things like events, merchandise, and other digital goods. Most importantly, you need a passionate community behind you. Unfortunately, many NFT projects miss one or all these points and ultimately end up failing.”
As of May, NFT sales surpassed $37 billion in total sales. NFT sales could reach nearly as high as $90 billion by the end of the year, more than twice what was sold in 2021 ($40 billion). However, despite record numbers, month-to-month sales have been dropping since February as inflation brought on by the war in Ukraine has strained global markets.
Though inflation and war have put pressure on capital markets, enthusiasm for NFT has not precisely cooled. Recently the music legend Madonna announced her entry into the market. So has the coffee giant Starbucks, touting that their digital collectibles will grant access to exclusive content experiences and other benefits.
To survive the short-term crunch brought on by global events, some NFT collections have taken unique steps to continue growing. In the case of Crypto Bull Society, the answer was turning to the community itself for support.
As CBS’s founders turned over control of the project, some of the community’s keystone members stepped into the role of leadership. Those members included Floki, the Founder and Architect of CBS Partner The Prime Cuts; DocDollas, a cannabis industry leader who serves as the Director of Cultivation and Innovation for Praetorian Global; Drover, a real estate veteran with nearly three decades of experience; and Chris, an accomplished business strategist with a successful track record in scaling Fortune 100 companies.
“Through ups and downs in the project’s lifecycle, things have changed, but one thing that has stood strong and prevailed for the better in the community, which has become more of a family than anything else,” says Drover.
Under its new leadership, Crypto Bull Society is an NFT project that strives to create what it calls a “recognizable decentralized brand that transcends the boundaries of web 3.0.” Part of that new decentralized brand involves creating new ways for the community to increase its value.
One of the ways they accomplished this was by offering members the option to claim a free NFT (a Crypto Bear) or forgo that free gift to see an increase in value. Most users decided to keep their holdings instead of claiming the gift, which Chris says testifies to the strength of belief the community has in CBS.
“We have one of the most incredible communities in the NFT market,” adds Chris. “Not only are we passionate about the project, but we put our money where our mouth is.”
As one of their first initiatives, the new team behind Crypto Bull Society has unveiled a road map that they believe will help drive community engagement and growth. Seen as a living document, the roadmap is intended to set forth a series of key deliverables that will provide continued value to the community.
To meet these deliverables, the CBS team has also announced a series of strategic partnerships and collaborations. CBS has tapped the leading creative agency Lunch Money LA to help develop cross-cultural strategies.
Crypto Bull Society has also joined the likes of Bored Ape Yacht Club and Cool Cats by partnering with Nametag, an ERC-721 project that allows its users to store and trade their NFTs among a single universal username. According to Chris, not only will this allow its users to bring their NFTs to life on Twitter, but it will also enable CBS to reach a wider audience and grow its community’s value.
“Crypto Bull Society is one of a kind,” says Chris. “Fewer than one percent of all NFT projects are controlled by the community itself. This is one club that we are truly proud to be part of.”
More information can be found on the Society’s website here: cryptobullsociety.com