〽️The Issue We See In Today's Modern Market Situation

Updated on 29 Sept 2022

Early stage: Since the market is still young and full of possibilities, the solutions and approaches that were mentioned may become irrelevant in the future, and we may need to reevaluate on how to address these issues periodically

Unsustainable Risk

Problem

The local NFT culture in Malaysia is demanding in terms of seeing projects that are active in building and providing short-term results with a long-term vision plan. The market in general will lose interest easily when shown little progress in a very short amount of time. This culture poses a high risk for projects attempting to sustain and survive especially in a bear market, because revenue income must be utilized almost immediately without a large allocation for project reserve.

Solution

We aim to progress conservatively by producing a limited supply of NFTs while maintaining the highest standard of artwork and animation. This will provide Project ANNA sufficient time to work in parallel as providing the supply, acquiring the necessary funds, and accomplishing our short term objectives. To date, our sustainability and development has been maintained by the fact that our operating costs are not under pressure, mainly to the small team involved and the clear vision that we provide to our holders. In this manner, we were able to attract quality holders who exercises patience and understand the long term goals that were presented, with potentially considerable upside.

WEB 3 Adoption

Problem

The NFT market in Malaysia is not yet mature nor fully ready to for full utilization of web 3 technologies. Concepts such as staking, metaverse, and utilities are not ideas that the market can fully comprehend due to the early nature of this technology. The problems compounded when there are NFT projects that have decided to jump ship and abandon their projects altogether for unspecified reasons. The perception of NFT projects can quickly turn into a cash grab scheme without any deliverables. These facts can leave an unfavorable sentiments by the public towards the NFT/Web3 scene as a whole.

Solution

We started building Project ANNA when the bear market was in full swing, and we consider it an advantage rather than otherwise. We were more able to understand the market's demand and meaningfully analyze what to adopt and what to discard. What resulted was the development of a highly relatable project with heavy community involvement. We do not offer utilities such as staking or metaverse yet, but what we do have is a clear end goal, which is the production of an animated series on streaming services. We also have the advantage of being extremely agile and flexible in our planning and execution due to the fact that we are a startup with a small team, and able to adapt quickly to changing market situations. We pride ourselves in being able to communicate effectively with our community, having realistic deliverables, and celebrating progress, big and small, with our holders.

The Fear Of Unknown

Problem

The most common issue remains with the perception of the word ‘NFT’. The word gives an impression of temporary hype, scam or plain irrelevant, resulting in the general public unwilling to seek further information or learn about this new technology. Part of the reason is that the use cases of NFT’s are still limited, especially in Malaysia.

Solution

While this is a global issue that will need tremendous effort and time for a meaningful adoption to occur, we are actively contributing in our own small capacity. Our presence on Twitter Spaces are well known within our community and the subject of conversations vary on Project ANNA updates, blockchain and cryptocurrencies, and NFTs in general. We routinely engage the market, repeatedly share our visions and goals, constantly attempts to penetrate real world businesses to be part of our efforts, and actively seeking collaboration opportunities to expand the brand online and offline. We realize that our key to success is by partnering up with established businesses, and grow our brand to be synonymous with exclusivity that everyone desire to associate with.