In the rapidly evolving NFT landscape, not all projects meet community expectations. Ether, an anime-themed project built on the Ethereum blockchain, stands as a case in point. While it aimed to interweave fashion, innovation, and storytelling, recent strategic decisions have cast shadows of doubt over its execution and original vision.
Minting Phases: The Journey Begins
Ether embarked on its journey with a two-phase minting process. The first phase, exclusive to a whitelist of individuals, offered the tokens at a discounted price of 0.35 ETH or free with a 10-week lock-up period. The Ether team set this phase to run for 48 hours or until all whitelist tokens were minted.
WL Mint Phase starts tomorrow:
— ETHER (@ether) June 29, 2023
30th June, 8am PST.
More detailed information regarding the mint phases can be found on our website. pic.twitter.com/xxJvdtRi64
The second phase, set to start in 6 days, will be open to the general public. It will offer the remaining Ether souls at a price of .65 ETH each, with a maximum limit of 3 souls per wallet to ensure a fair distribution. The project also plans to add unsold tokens from the whitelist phase to the public supply.
A Sharp Turn: From 10,000 to 5,555
After a lukewarm reception in the initial whitelist phase, the Ether team made a surprising decision that caught many off-guard. They significantly reduced the total supply of Ether souls, cutting the initial 10,000 figure to just 5,555. This 44% reduction represents a significant deviation from the project's initial scope and plan.
There will be a change to the Ether mint structure.
— ETHER (@ether) July 2, 2023
The remaining supply will go towards the public sale, which will occur a week after the WL phase.
The WL phase will end 2nd July, 8AM PST
Continue reading below. pic.twitter.com/d7p4T56ww4
This move was attributed to the current market conditions, as stated by the team. However, such a drastic shift naturally raised several eyebrows within the web3 community. With the second phase set to start in six days, the reduction in total supply impacts not only the availability of Ether souls but also the overall potential capital the project could raise from the minting phase.
From Vision to Skepticism: The Community's Perspective
Ether's initial vision was grand. With a lot of hype built around the mint phase, the goal was to pioneer a collaborative and immersive narrative that would push the boundaries of the traditional NFT space.
However, with the drastic reduction from an estimated initial raise of $10M+ to around $5M due to the reduced total supply, the web3 community has grown skeptical. Questions are being raised about Ether's business plans, how the vision and execution of the project will change, and what this implies for the project's future.
As Ether navigates this uncertainty, the watchful eyes of the web3 community are keenly observing its progress, awaiting clarity on the project's direction and how it intends to realize its ambitions amidst the changes.
