In the Igbo Nation, when a person dreams of going to fetch water, that person is dreaming of life, and plenty, because the road to the stream is never covered by weeds since in seasons and out of seasons, humans need water. But when someone dreams of fetching firewood, it is a bad dream since the road to fetch firewood is always abandoned when the firewood has been harvested!
That takes me to the business of NFT (non fungible tokens) which exploded recently. You buy a virtual dog, a virtual meat, a virtual school, a virtual river, etc – and you feel happy.
Not sure about that happiness. What is happening is that you have excess money and are just entertaining yourself as you spend it. But when the cheap money is out, we can see the dance steps clearer.
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People, the NFT market is dying: “OpenSea, the world’s largest nonfungible token (NFT) marketplace, has witnessed a substantial drop in its daily trading volumes. Data from DappRadar revealed that the marketplace processed nearly $5 million worth of NFT transactions on August 28, approximately 99% lower than its record high of $405.75 million on the 1st of May.”
In other words, OpenSea trading volume plunged by 99% in just weeks, and that is to say that there are many ephemeral business models in this world. Your model must focus on how to get to the stream to fetch water and not going to the farm for firewood!
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Ndubuisi Ekekwe, PhD, Chairman of FASMICRO Group, is the Lead Faculty in Tekedia Mini-MBA. He writes regularly in the Harvard Business Review. Email: [email protected]
I think the misunderstanding comes from viewing every business model out there through the long-term lenses, some might be built with 12 months lifespan in mind, after which the decline begins.
The only unfortunate people are those who join the train on the 11th month, the miseries start from there…
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