Non-fungible tokens (NFTs) have become a popular topic in cryptocurrency and digital art. However, misconceptions about the values and principles underpin the NFT market exists. In this article, we'll delve into three principles and consider whether they will continue to be relevant as the NFT market evolves.

  1. Do Your Research (DYOR)

DYOR is a common refrain in cryptocurrency, and it refers to the importance of conducting thorough research before investing in a project. This can involve vetting the team behind the project, examining the technology, and considering the potential risks and rewards. In the context of NFTs, DYOR is crucial for avoiding accountability and making informed decisions about which NFTs to purchase.

However, the need for DYOR may change as the NFT market becomes more mainstream. For instance, NFTs not being marketed as investments may not require a disclaimer for recommendations. Additionally, as web3 content becomes more personalized, users may be shown NFTs relevant to their interests rather than having to search for them. Finally, NFTs may be issued by trusted parties, making them less risky transactions overall.

  1. Hold On for Dear Life (HODL)

HODL is another principle that has its roots in the world of cryptocurrency, and it refers to the practice of holding onto your assets even when the market is experiencing a dip. This is seen as a way of demonstrating brand loyalty and believing in the long-term plan of a project. In the context of NFTs, HODL can also involve delisting NFTs to keep the floor price high.

However, it's essential to consider whether this is the best approach for NFT holders. Rather than basing their value on market status or promises, NFT holders should be able to get discounts from their holdings as long as they are holders. Also, floor prices should not be considered the sole indicator of an NFT project's success.

  1. Community First

Finally, putting the community first is a standard marketing tactic in the NFT market. This can involve decentralized decision-making, using NFT holders as brand ambassadors, and communicating with holders through a community forum or social media.

However, not every NFT project will necessarily need a strong community presence. For instance, as web3 paid ads and user acquisition solutions become more prevalent, NFT projects may be able to rely on these tools to attract new users. Additionally, early-stage startups may not have the resources to rely on outside input for decision-making. Ultimately, NFT projects that offer real value and utility can stand independently, regardless of their community size.

In conclusion, the NFT market is built on several fundamental principles, including DYOR, HODL, and putting the community first. While these principles have helped shape the market as we know it, it's essential to consider whether they will continue to be relevant as the market evolves. As NFTs become more mainstream, some of these principles may change or become less important, while others may remain crucial to the market's success.

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