NFT’s multi-dynamic universe allows for creativity and imagination to be born.

Over 500 NFT projects are currently listed. The market for decentralized technology is valued at more than $7B and growing. However, that’s not to say that every NFT project makes it to the spotlight, as many of them prove to barely be profitable.

Having said that, there might just be a new entrant in the market that stands out from the rest for classic reasons – being fashionable and intrinsic. ‘The Modz,’ a sensational fashion NFT project, is one of the fastest rising projects to be built on the blockchain and, barely a month on from its launch, has quickly drawn enormous interest, including that of its community of more than 57k members.

The brand’s website is clearly fashion-focused. However, it also has a speedy progress record that draws attention to other aspects. Amazingly, the presales as well as public sales were completed by NFT in less than one week.

DailyCoin’s lead creator, Boris Raw and Daniel P. shared their thoughts on the journey to the virtual world and the way the project exceeded their expectations.

Boris, Daniel and their similar start are that they both stumbled upon the NFT pathway. Their goal is to have a positive impact on the field and look beyond their initial steps.

“The Modz is Not Just Any NFT Project but a Brand”

Boris asserts that Modz is not just an avatar project. This is in contrast to what many may associate with the NFT industry. It is also a brand and has the primary goal of displaying fashion and style.

Modz has a number of meta fashion avatars that are all based on Ethereum. According to the official website each Modz is generated randomly from over 200 elements. This includes more than 100 outfits.

Contrary to this, NFT has not launched a project specifically targeting fashion, and even if they have, no one has executed a showcase of fashion on a comparable scale as Modz.

“Commitment is Essential for the NFT Market”

Boris and Daniel agree that the NFT market can be a great place to start new projects. However, they need to be willing to make a commitment. Daniel says that commitment is essential to ensure a successful NFT project in the long-term.

Daniel says that people weren’t as interested in the first collection, i.e. the first NFT drops, but now they are more curious, due to the fact it was so profitable.

“Maybe they didn’t expect as much from an NFT project, but now people are seeing what the collections are capable of; they see the value that the token can bring. This is something I believe everyone should think about. Like, are you ready to create this type of collection, not just some drop that you abandon a few weeks in?”
Daniel explained.

An Effective Responsive Community: The Impact

Modz’s growing user base is another notable achievement. It grew from 17K users to more than 50K within three weeks of Modz’s public sale. Daniel claims that the Modz have had a great community, which has contributed significantly to their success so far.

The presales were scheduled to take place from October 20th through 25th. They concluded in less than one day. Modz sold approximately 1200 tokens and tripled the price. This was also true in the Modz public sale, which occurred approximately three weeks later. The Modz sold all its tokens within 10 minutes after it went public. Its success reflected the high anticipation among investors.

Project Improvement will determine the floor pricing for NFT Collections

With surging interest in the Modz, it is only right to ask technical questions such as consumer expectations about the project’s floor pricing. Daniel answered the question by explaining their research and the three groups they found.

The newbies are one group. According to Daniel they use Modz to access the NFT world. Most of them are first-timers to virtual space. They have not yet invested in other projects which suggests that they do not know the intricacies of the space. Daniel claims that these people are most worried about the floor price.

“So for newbies, I think, for people new to the market, the floor price is actually a great question, because they see that they minted for one price and now the floor price is a different value that might be lower than they expect. I think the solution to this is sort of a comparison to a share price of any, any public company,”
Daniel noted.

Daniel illustrated the fact that Modz’s floor price is not comparable to the prices of other shares by comparing it to other stock market prices. Instead, by improving the project’s validity and scalability, the floor price grows proportionally.

“So imagine a situation where your share price is lower than you expect. Although you won’t try to manipulate share prices, it is unlikely that the shares will be sustainable in the long-term.

What you instead should try to do and what we aim to do is to basically improve the project, follow the trajectory that we have been given by the community and the trajectory that we see for the project”
Daniel explained more.

The Modz are building in the long-term. They have prioritized other aspects over the floor price, which they feel will rise.

To The Flipside

• Modz may not prove to be profitable for investors who are looking for long-term returns.
• There is only a small Modz collection at the beginning, meaning that there are very few participants.

Why you should care

The Modz’s approach to NFT is a unique one, and as such connects members to a new world of opportunity, as well as new dimensions of art. The Modz has been gaining increasing interest and is striving for the title of the next great thing in virtual fashion.

View the complete interview

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