3 Reasons Why Chris Brown's NFT Project Flopped 🥴

You’re probably reading this and thinking, “Wait… Chris Brown dropped an NFT project?” Well…yeah. He did. And he’s sold 740 NFTs of the 10,000 available in the collection since launching on July 1st. That’s only 7.4%. Yikes.

To be clear, I don’t actually think this is a failure on Chris Brown’s part. It’s really a lesson on timing and adoption that I think that he and all his industry friends (and foes) can learn from. Before we get into the 3 reasons the project failed, let’s talk about what it’s supposed to be in the first place.

What is the project?

“THE BREEZYVERSE” NFT project is a collection of 10,000 3D animated NFTs with sound and visual effects curated by Chris Brown himself. The dedicated website lists free VIP concert tickets, meet & greets, music video wardrobe, and original art on canvas by Chris among the perks for NFT holders.

In theory, this is actually a great idea. I argue that it will eventually be the premier way that artists engage with their fan base. It also aligns with everything I wrote about for NFT use cases in this article. So that begs the question…

If Chris Brown is ahead of the game with his Web3 approach, why were his sales so low?

Check out my take below!

3 Things Artists Can Learn From CB’s Failed NFT Launch:

NFT projects have to be treated like a business.

Where are all my start-up/VC folks?! You can attest to how important product-market fit and timing are for founders. If Chris Brown had dropped this project when we were farther along the adoption curve for Web3, he probably would have seen greater success.

Meet your audience where they currently are, then guide them where you want them to go.

I honestly had no idea Chris Brown was involved in the NFT space. I’d guess that neither did the majority of his followers. Since he and most current artists have Web2 native audiences (meaning they listen to music by streaming), they have to be especially strategic about getting their audience interested and engaged in Web3. Being the bridge between Web2 and Web3 could have been a good play, but instead he prematurely assumed that his audience was already up to speed with the basics of Web3 (when that is likely not true given the sales).

Success in the current music industry does not guarantee success in Web3.

This tweet says it all. There’s been a lot of talk about how Web3 will give way to an entire new wave of artists. I believe it’ll favor those who are especially creative, community-oriented, and (of course) talented. The talent will bring the audience to the artist, but the experiences that the artist is able to create for their super fans will really be the differentiator.

Watching the current celebrities try to find their way in Web3 will be quite interesting! If I had to say who will be the first to execute a successful NFT project, I’d say Beyonce simply because of her die-hard fan base. However, I don’t think the brightest and most creative Web3 artists have been discovered yet, so there’s much to explore over these next few years. As a music lover, I’m tapped in. 👀

✌🏽

Kendall