Building an NFT Business in a Bear Market with Anthony Mongiello: An EOFire Classic from 2022

Key takeaways

Web3 is breaking down barriers in both attention and commerce, enabling more direct and peer-to-peer transactions.
Trust and transparency are crucial in the NFT space; being fully doxxed and offering guarantees can set a new standard.
Start slow and do thorough research when entering NFTs; join communities, ask questions, and avoid rushing into investments.
Community engagement, both online and in real life, is vital for building credibility and trust in a project.
Innovative projects like Bulls & Apes are emphasizing transparency, genuine community benefits, and value-driven storytelling, helping to foster a positive space for new and experienced investors alike.

Summary

Introduction to Web3 and NFTs

The episode begins with an energetic introduction and introduces Anthony Mongiello, who shares his perspective on the emerging space of Web3 and NFTs. The hosts discuss how Web3 is revolutionizing not just digital interactions but also commerce, removing middlemen, and enabling peer-to-peer transactions. Anthony shares his initial interest inspired by Gary Vaynerchuk's NFT projects and highlights the community aspect, facilitated through platforms like Discord, which he compares to a 'town square' fostering direct engagement between businesses and their communities.

Building a Trustworthy NFT Business

Anthony emphasizes the importance of transparency and professionalism in NFT projects. His team decided to be fully doxxed (publicly identified) and pre-funded, offering a unique six-month full refund guarantee to reduce the risk for investors. This approach aims to set a standard against scams and rug pulls prevalent in the space, encouraging accountability and building trust with community members. The discussion includes insights on navigating the space carefully, especially for newcomers.

Getting Started with NFTs for Newcomers

Anthony offers practical advice for beginners interested in entering the NFT space, such as setting up Coinbase and MetaMask wallets, and warns about scams. He stresses starting slowly, doing thorough research, and joining communities like Discord to learn and get support. The key is patience and verified engagement, avoiding rushed decisions that could lead to scams, with a strong emphasis on safety.

Challenges and Lessons Learned in NFT Space

Running an NFT project involves intense community engagement, especially on platforms like Twitter Spaces, often late into the night. Anthony shares lessons about authenticity, the importance of real-world meetups, and maintaining professionalism to build credibility. He discusses how personal interactions, such as in-person meetups, can convert skeptics into believers and enhance trust in the project.

The Bulls & Apes Project and Future Plans

Anthony details the Bulls & Apes project, which aims to set a new industry standard with transparency and innovative mechanics, including a six-month full refund guarantee, physical card games, and exclusive community benefits. He discusses the project’s storyline, plans for entertainment and media expansion, and ongoing community events like Twitter Spaces. The project emphasizes positive community building and lifelong membership perks for holders.

Final Advice and Call to Action

Anthony encourages supporting projects with positive intentions and integrity. He shares ways to stay connected via Twitter and invites listeners to participate in upcoming events, including a Twitter Space. The episode wraps up with a reminder to stay safe, do your research, and invest in trustworthy projects, reinforcing the importance of patience and verified engagement in the evolving NFT space.

Show notes

From the archive: This episode was originally recorded and published in 2022. Our interviews on Entrepreneurs On Fire are meant to be evergreen, and we do our best to confirm that all offers and URL's in these archive episodes are still relevant.

Anthony Mongiello is a business leader with a passion for team culture and leadership development. He is the Co-founder of Bulls & Apes Project.

Top 3 Value Bombs

1. Running a Web3 business means knowing which feedback to take and which to ignore.

2. It's not just digital connection, it's also about real-world meetings and handshakes.

3. Stay highly engaged with your community to bring ideas to life.

Learn more about Bulls and Apes Project - Bulls and Apes Project