NFTs(Non-fungible token) are here to stay and continue to transform the art world and disrupt other markets. We had a chance to chat to Patrick Moritz, the creator of Dubai’s most popular homegrown NFT project DubaiPeeps. Read our interview to learn more about it.
What inspired you to create DubaiPeeps?
I have been a resident of Dubai now for the past 14 years and have always been appreciative of the UAE for its opportunities and forward thinking. That was one of the reasons why I wanted to give back and created an NFT collection as an homage to the people who are living in Dubai. Being an artist (real life sculptor) and someone who is interested in crypto currency, I saw a unique opportunity to create an exclusive community that shares the same passion. Dubai is built on vision, great ethics and the networking effect, which is exactly what the DubaiPeeps project offers to its community members. Our collections holds 1000 NFTs only that are all uniquely crafted with their own story and identity just like us humans in the real world.
Could you tell us more about the features of DubaiPeeps?
I have been working as an artist my entire life with the focus on ultra realistic sculptures made out of clay. The transition from the physical to becoming a digital sculptor has filled me with great joy and it was the next logical step in terms of an evolving art form.Hence the artistic aspect is another crucial point that will be further highlighted in our project through the creation of the 3D Peep which is a handcrafted artwork made by me that can be acquired by owning an original Peep. This 3D Peep is a digital sculpture is uniquely made for the holder and can only be acquired once which also limits the total to 1000 NFTs only. The 3D Peep can be traded, sold or used in the Metaverse as your personalized digital avatar.
How were DubaiPeeps created?
They were created through a computer program called Photoshop. I made sure that every character was individually made and not generated to give him or her their own unique identity through appearance and name.
How many collections are there?
We have currently the main collection called DubaiPeeps, which is based on 1000 NFTs on the Etherium blockchain. Our next collection will be the 3D Peep which allows you to get a fully customized and handmade 3D version of your existing 2D Peep but hat will be an entirely new collection.
There are so many NFT projects popping up today, what makes your project different?
From the beginning we have been focusing on key elements such as communication, transparency and incentives to show our community that we are building something substantial. Our NFTs were release step by step to keep the project stable plus our first “holders only” event with around 200 people attending was another huge milestone and success for our community. It is important to us that we add value to our holders through the connections they make with one another and the NFT they hold as a key to the community with all the benefits such as custom merchandise, free events access to the 3D Peep and Metaverse access.
Some critics say that there is a lot of hype around NFTs and they are a passing trend. What is your take on that?
The benefit of NFTs goes beyond owning a digital asset/art piece. Basically any digital file from a movie to a song, document etc. can be turned into an NFT. The benefit of doing so gives the creator more control through possibly limiting the output or adding something called royalties that will provide a certain percentage to the creator on every resale of his creation.
What is your prediction on the near future of NFT projects?
A lot of NFTs will definitely not sustain due to lack of commitment from the creators or a not so clear vision of where the project is heading. For us personally the art part is extremely important, hence we have implemented the 3D Peep to move further into digital merchandise opportunities and Metaverse implementation. This is where we believe the future of our more and more digitalizing world lays and we want to fully explore the possibilities along with our community.
You mention the importance of a strong community for your project. Could you elaborate more on that?
A strong community is the backbone of any NFT project as the community dictates the value of the project. For that reason we have been focusing on this aspect from the beginning and we make sure that everyone is heard and appreciated on our journey together. Our second event is planned to take place after the sellout of our collection. It will be once again a unique experience but further details cannot be shared at this point.
Any prediction in terms of value growth of DubaiPeeps?
Due to our emphasis on the community we have a stable floor price as people have witnessed us in delivering everything we have promised. Our initial mint price was 0.07eth and we have gone as high as 0.9eth. One more final drop is to come shortly with the last opportunity to get a good entry into our project.
What is your advice to anyone who just wants to start collecting NFTs?
It is crucial for anyone who wants to Invest into NFTs to do their own research. Make sure that you understand the project with its roadmap and see who is behind the project for further credibility. I will not specifically tell you who to follow as everyone has their own incentives ons why they believe a project is valuable for them or not. Just blindly buying into a project because someone advertises it can lead to a bad investment, so rather get an insight from the community members and rely on your own research.