HydraCo NFT – full information about the projects
The HydraCo NFT project, a product of HydraCo Labs, is part of some past NFT drops and events that didn’t draw much attention from the general public. The digital project auction was launched on Dec 18, 2021. Like other NFT assets, it’s based on digital token ownership that enables you VIP access to Hydraverse Metaverse. In the lines below, we give you full information about the project and the possible reasons for its failure.
What are HydraCo NFTs
If you look closer at the project description featured on NFT-related websites, you will find out that a collection of 2500 Hydraco 3d egg NFTs are released on the Ethereum blockchain.
After they are minted, they hatch into 3d mythical new creatures two weeks after the public sale. These creatures evolve and change from up to level 100. They can also be interacted with and combined, unlocking new creatures and more value.
When Hydraverse was launched, the NFTs could have been imported and used as avatars, spirit companions, and much more. Hydraco NFTs are essentially VIP passports to the Hydraverse metaverse.
Who are the founders of HydraCo Labs?
As per the Coinmarketcap site, the company is founded by Treesin and Sam Samie. Treesin is a crypto enthusiast, entrepreneur, MBA, and MGSM degree holder. He studied the crypto world thoroughly for ten years before venturing into project creation.
Samie Sam is a blockchain developer and 3-D designer holding a Master’s in Business management. He also traded the stock market and Forex during his varied career path. He was involved in many crypto projects as a developer.
Treesin and Sam met each other at the university. HydraCo Lans is the product of their common interests in crypto and blockchain.
Plans for HydraCo NFT
Hydraco Labs was supposed to be a new, limitless reality that users could explore and trade-in. The currency used within the ecosystem will be ‘Hover,’ which was featured and listed on CoinMarketCap and BSCScan.
The mission of Hydraco Labs was to create a reality where anything and everything is possible, but within legal boundaries, to help empower those who are disadvantaged or constrained. They are also launching an NFT collection, developed and founded by Hydraco Labs.
The Hydraco NFT project was fairly launched. There will be no whitelisting for either the presale or the public sale.
Here are some basic tokenomic we could find about the project.
As per the NFL stats website, there are zero NFTs sold, with the trading volume at zero with 3 total owners and 19 NFTs. If you look at the Open Sea stats, you will notice that the last trading activity is from one year ago.
Obviously, the project, despite the pompous announcements and groundbreaking promises, has failed.
Is HydraCo NFT a legit project
Quick research regarding the project may make someone think the project is a scam. The white paper is not disclosed, and no website is dedicated to informing potential investors about the main features, roadmap, etc. Or rather, the project has simply failed due to a myriad of possible reasons.
So what’s the reason behind this debacle of the HydraCo NFT project? These could be many. But first, what comes to mind is that the project creators didn’t properly convey their idea and the project’s utility. Also, the lack of a clear roadmap and long-term vision of the project might be the possible reason.
Gathering a strong community around the project through marketing channels and special techniques is crucial for the success of NFTs and ICO projects in general. In the case of HydraCo NFT, it seems that the marketing strategy didn’t exist at all.
Also, there is no indication that HydraCo has partnered with other NFT projects, influencers, or celebrities to promote its product. Though this kind of marketing is not ultimately necessary, it can help build a strong ecosystem and constant demand on the market.
Innovation and uniqueness are, however, must-haves in the world of NFTs. Although, at first, the team announced on their Youtube channel that the project brings an incredibly advanced metaverse, they obviously couldn’t live up to their initial ideas.
Finally, many NFT and crypto projects fail because the team of developers simply abandoned them. The reasons are only to be guessed. Here we are talking about rug pulls. That’s the situation where developers stop their activity, causing the digital asset to lose its value.
Naturally, HFT holders are impacted by these decisions. Experts outline that those who rug their projects today will not be able to be a part of the game in a future where the metaverse could become more significant than the internet.
Popular failed NFTs
Source: news.coincu.com
Here is a list of some of the most popular unsuccessful NFT projects.
Pixelmon
MekaVerse
The Indifferent Duck
Phanta Bear
Wrestler John Cena
CryptoZoo
Mayweather
Most of these projects were about quick cash grabs, or low flour prices, and the inability to offer uniqueness and long-term value.
Fun facts: even 80 percent of NFTs created fail within 18 months after the launch.
How can one tell the project is risky?
Every crypto or NFT Project can be risky for the owner and investors. As a buyer, you need to grasp your tolerance for overall risk. Most new investors jump into the game at the project’s peak or while trading volume is low. They also sell out before the project crashes entirely or hold onto it, hoping it will recover.
Investing in blue-chip NFTs is highly advisable. These are known for having a big chance to succeed. Also, do your research before starting to invest.
Finally, creating your exit plan for every investment is ultimately important. And remember, only use the money you are comfortable with losing.
HydraCo NFT – Frequently Asked Questions(FAQ)
What is a HydraCo?
HydraCo is an NFT (Non-fungible token) collection. A collection of digital artwork stored on the blockchain.
How many HydraCo tokens exist?
In total, there are 19 HydraCo NFTs. Currently, 3 owners have at least one HydraCo NTF in their wallets.
How many HydraCo were sold recently?
There were 0 HydraCo NFTs sold in the last 30 days.
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