Like with any new craze or trend mass adoption is imminent, even if it's short lived. Regardless of whether NFTs are here in 1, 2, 10 years time, people will always look to improve on what has already been done, applying a what went well and how can we make it better approach.
Naturally, derivative projects of successful NFTs continue to be produced; Bored Ape Yacht Club certainly paved the way for all ape related NFTs, including Prime Ape Planet and HapeBeast, albeit a digital ape evolution occurred, these projects still derived from a triumphant predecessor. This isn’t necessarily a bad thing, the OG will typically be favoured and hold higher value; however, derivatives can bring new ideas to the table.
That being said, with derivative projects comes risk and the last thing you want as a new company is a pending law suit. According to NFT-Stats, a staggering 55,754 NFTs were sold in the last 24 hours, with trading volume exceeding $19 million. Complementing data from Consensys reports in excess of 21 million active monthly MetaMask users, suggesting mass adoption is already underway.
With thousands of projects launching everyday and more and more people discovering NFTs, the marketplace is becoming increasingly saturated and under scrutiny, making it difficult to for developers to create unique concepts and for investors to find projects with a robust roadmap and trustworthy team. Furthermore, with enhanced eyes on the NFT space, scammers are engineering complex traps to trick newbie’s, and rug-pull projects are making millions. That is why it’s imperative you do your own research and invest wisely, which leads me to Squiggles (this is not financial advise).
Having exceeded 250,000 Discord members in just 10 days, Squiggles, originally a Doodles derivative, made the decision to seek legal advice with the aim of safeguarding both the project’s longevity and future holders financial security. Squiggles swiftly shared a transparent rationale with their community, risking their entire project on a decision that steered them away from Doodles, thus establishing their own identity.
2022 has given rise to sensational NFT artwork, including Squiggles original 3D Doodles derivative that was extremely easy on the eyes; however, having quite literally gone back to the drawing board, Squiggles sneak peaks are simply stunning, re-engaging former followers and igniting improved identity. Any project that is willing to risk everything for project longevity is a good investment in my eyes and until such time that a mint date is announced, I will continue to enjoy the sneak peaks and positive Discord community vibes.