Little Lemon Friends
A Project Update
Hello lemons, we hope you’re doing well and feeling fresh!
As we move further into the year, we wanted to take a moment to update you on the Little Lemon Friends NFT project. In this update, we’ll be discussing the current status of the project, as well as what exciting things we have planned for the near future. So, let’s get started!
— 🍋 —
I started working on the Little Lemon Friends almost two years ago out of my love for creating things. The feeling of people enjoying something that I brought into the world from my imagination is truly indescribable; from ground zero, to minting out in under an hour, to being one of the top 300 projects in total volume of all time. Even though it was intended to be a smaller scale passion project with a mint price of 0.025ETH and a 2.5% royalty fee, the outcome has far exceeded my expectations. And for that I am truly forever grateful for all the love and support the project received.
However when it comes to running a business, there are always many ups and downs. For the past several months it has been a real challenge for us to bring the project to the next level with our limited resources.
Transparency
Despite what has been generally perceived across the NFT market, our project has never earned millions and therefore, never had millions of dollars to operate on. As a result, we always had to spend a lot of extra effort & out-of-the-box thinking to find ways/solutions that would allow us to deliver without compromising quality, integrity and innovation.
E.g. The addition of our pixel lemons allows users to view their NFT between the PFP & pixel version with a single click of a button. Not only do they feature some of the best quality animated pixel art in the NFT market, but they were also one of the first few interactive PFP NFTs.
With our financial limitations and the high operation costs for a NFT project, it has been increasingly harder for us to keep up.
(See Reference A* for project financial breakdown including detailed team payouts, Reference B* for examples of past deliverables vs actual cost to the treasury fund. As a team, we value integrity, and are one of the very few projects with full transparency on the distribution of our funds)
*Reference A: https://docs.google.com/document/d/1ZocmfLkBY1sVS2zS_Iplw7ft4mkzXS6W-SBXNup7_ps/edit?usp=sharing
*Reference B:
https://docs.google.com/spreadsheets/d/1Zkq5LNW2tIqaxxDQF1R0D9o_ktyE67Fw7hPKC26uNwg/edit?usp=sharing
What Has Been Our Key Focus
It has always been my vision and belief that the value of the lemon character is far beyond the existing PFP NFT collection, but more so a character and brand with huge mainstream potential. With our very limited resources, we had to focus on delivering core foundational elements such as: developing the lemon character itself & producing artwork that resonates with a broader audience.
What Is Next
In order to further evolve all the existing capabilities of the lemon project/brand that we have established to date (e.g. cute relatable lemon character, single identity PFP, cross industry merch such as food/clothing/stationary,) we have carefully reviewed various paths we could take to onboard the funds and skill sets needed.
In regards to the option of raising funds through a new NFT collection, we have decided it poses too many risks such as holder value dilution. Likewise, the option of seeking investment funding is also unfavorable as it would result in a more complex organizational structure and decision-making process. With all things considered, we have reached the decision that the best path to take is to pursue a complete buyout of the project by the right qualified individual or organization.
With this decision in mind, we have been actively working on finding the right buyer that aligns with our vision, who can bring the project and brand to the next level. If you or any person/organization you know may be interested in acquiring the project, please feel free to DM me in Discord or DM the official (@LittleLemonsNFT) Twitter account.
While this is quite bittersweet, we strongly believe that this next step will be best for the project & everyone in the community. During this time period, you can look forward to seeing a variety of new and exciting lemon content! Specifically, there will be fresh zesty artwork that is based on the lore/story of the little lemons... maybe a new friend? Additionally, you can expect to see new collaborations with new projects and possibly even some new artists. And to sweeten the deal, there will also be giveaways where lucky winners can snag some amazing prizes. So keep your eyes peeled for these upcoming events!
Live. Laugh. 🍋!
-Sonirious
PS: Keep claiming those juice points in the Lemon Discord for Le-Merch, NFTs, allowlist spots & more :D
