Plushies & NFTs: How They Sold Out While The Haters Slept [Tasty ToastyS]
A Toasty Journey through the NFT Rabbit Hole;
What These Co-Founders Learnt About Selling Their First NFT Collection
We had the pleasure of speaking to Channel and Richmond from Tasty Toastys and as the co-founders of a wildly successful NFT and physical toy project called Tasty Toastys, they had an interesting ride over the past year learning the ins and outs of the emerging crypto space. From selling their first NFT collection to building out an entire brand around it, it’s been an unpredictable learning experience for them to say the least.
Tasty Toastys started over a late night idea session, from their ups and downs launching two NFT sales, and the lessons they’ve gathered along the way about building a brand both online and off.
Stumbling upon the NFT world during an evening of failed purchase attempts. Richmond shared that he remembered sitting on the sofa at 5am thinking, ‘Why are we always at the mercy of other people?,” and why not start our own? – And with that, their NFT journey began.
Within just a few months, from learning the basics of coding and blockchain to having launched and sold out thier first collection.
But it wasn’t without its challenges.
“The first time around we didn’t finish selling,” with lack of marketing , and with time against us, we had to go back to the drawing board before round two.
Here are 5 key lessons we took away from Channel and Richmond’s NFT launch:
Timing is crucial – Make sure to study market conditions and drops your release date at an optimal high point. We failed to do this the first time around.
Build hype through connections – According to Richmond, getting buy-in from influential early supporters to signal boost us was critical to success the second time around.
Don’t bet the whole treasury on speculation – As the price was rising, they resisted cashing out some of their assets. Big mistake in hindsight that Richmond constantly warned against.
Have an execution plan – Jumping straight to extracurricular opportunities led to lacking focus on long-term brand building post-sale.
Balance ideas with focus – As an ideas person, you may have a tendency to branch off to try different things when execution was key on the original vision. Having the right balance and focus is also key.
Those early lessons stuck with them as they continue growing Tasty Toastys into a full fledged brand. While the future is uncertain, staying grounded in real-world product development and community building seems a smarter path than chasing short-term hype.
What are some of your thoughts on the subject?
Join our community group and drop us your insights on this topic.
Connect With Us:
- Instagram @thefinancialcoconut
- TikTok @thefinancialcoconut
- Telegram @thefinancialcoconut
- Tune in to our shows @Spotify @Youtube @Apple Podcast
- Subscribe to our Newsletter
Tune in to the episode
Join our Coco-Community
Unsure about making a financial decision? Learning new finance concepts? Discuss with the community on our telegram group to get better perspectives. This way, you can learn from the experiences of others and make better financial decisions.