Is this the best NFT project that never hit?
Quick take:
- WGM Interfaces could potentially have been one of the best NFT projects last year.
- The founders could have made roughly $5 million if they continued minting as planned.
- They changed their minds pre-mint citing a loss of passion for the project.
WGM Interfaces was a promising NFT project that never materialized. All this is because the creators lost their passion for the project. Launched in late 2021, the project was one of the most hyped at the time, with the collection’s official Twitter account reaching 150,000 followers by February.
According to web3 researcher WaleSwoosh, the project could have comfortably earned the founders a cool $5 million if it had gone into production as planned.
Compare the project with others that Hape Prime which was minted around the same time, the founders set the breaks at a time when the NFT market was booming. The planned supply was 10,000, but the founders chose to reserve 404, leaving 9,596 on offer for minting. “At a new price of 0.2 ETH, which was normal at the time, the primary sale alone will bring in more than 5 million USD,” WaleSwoosh wrote in a Twitter thread.
Interfaces explained the decision not to continue with embossing via a Medium post, writing: “Anyone who has followed our journey since the beginning will hopefully have seen the genuine energy, passion and integrity that we put into forming a community and creating artwork that resonates with all of you.”
“Unfortunately, it has spiraled into something that is so far removed from the original vision we had and where we wanted the project to be, that we are no longer comfortable with it being something we want to pursue.”
It sounds like one of the most responsible NFT creators ever. Having the honesty and courage to pull out of a project right before a big payday is not something you associate with many projects in the industry.
The carpet basket is filled to the brim, with a relatively smaller number of projects that remain faithful to their local communities. A popular LinkedIn post that did not provide a reliable source claims that “only 5%” of NFT projects are successful.
Interestingly, Interfaces also attributed the decision to cancel the project to the hype and speculation in the industry’s NFT industry at the time. “While the finish line was almost in sight, the speculation and hype of the past few months has really taken all the joy out of what we’ve been trying to do.” For some, this would be a perfect time to create.
In summary, this shows that while the NFT industry continues to be plagued by carpet pulling, there are those who are brave enough to admit when they no longer want to be in the game for long, and those who are honest enough to walk away without swindling millions from society.
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