Psychedelics Anonymous (“PA”) just launched their web3 coaching platform. It is a platform that allows holders of Psychedelics Anonymous Genesis NFTs to book coaching sessions with vetted coaches. Coaching sessions cover a variety of topics relevant for collectors and builders in the web3 space, from breath-work and meditation, to cyber security and Discord setup.
In essence, PA is providing education as a utility for their holders. Although admirable and potentially valuable, education is far from a new and innovative NFT utility. Many projects provide educational materials for their holders, and some even do it well.
However, what PA is building [insert K-money hands] goes far beyond simply providing educational materials for their holders. It is setting a new standard for providing utility in a way that is both scalable and sustainable. In this article, I set out the three reasons why I think PA’s coaching platform is a game-changer for NFT utility.
What is Psychedelics Anonymous?
PA is an NFT project that launched in December 2021. It has built a strong web3 community, and was built on the principles of understanding mental health and supporting further research into alternative treatments for anxiety, depression and PTSD.
The Genesis collection consists of 9,595 NFTs, with a floor price of 1.15 ETH at the time of writing.
1. Meticulously designed for the masses, while prioritizing PA holders
The success of almost every NFT project hinges on whether they can appeal to a large and broad group of users / customers, while continuously prioritizing their holders. Simultaneously providing as much value to both the masses and NFT holders is a tricky balance to strike. If executed properly, PA’s coaching platform could do just that.
Meticulously designed for the masses
The coaching platform is initially only available for PA Genesis holders. However, the plan is to gradually open up access to coaching sessions to non-holders – firstly, through strategic partnerships with other NFT projects, and then to everyone.
The coaching platform has not been designed specifically for PA holders, or even web3-natives. It is designed to be easy to use, and attractive to the masses. For example, the flat vector art on the homepage is straight from the tech start-up playbook. It uses a very trendy earthy color palette, in stark contrast to the dark, metallic colors featured on the OG PA website. PA’s trademark trippy and futuristic artwork is nowhere to be seen.
And this is no accident. As new entrants enter the web3 space, they will be looking for resources to learn about web3 and how they can take advantage of the opportunities it offers. Rather than hiding educational materials in a convoluted Discord channel list, PA is building a platform that is familiar and easy to understand.
While non-holders will be able to access coaching sessions by paying for them in PA’s upcoming native token ($PSY), holders will enjoy free access to the sessions. This approach benefits holders in a variety of ways:
- Scaling the coaching sessions on offer: Coaches need to be paid to run sessions. Payments from non-holders will enable PA to offer more frequent coaching sessions, on a much larger variety of subjects.
- Utility for $PSY: Being able to pay for sessions in $PSY provides a clear use case for PA’s native coin. Not only will this contribute to healthy tokenomics, but will also benefit PA holders when they are either airdropped $PSY or rewarded $PSY for staking in the future (this is a purely speculative assumption – no alpha here).
2. Strengthening the PA community
PA has structured its recruitment efforts and payment system to prioritize finding coaches within the PA community. For example, PA plans to pay its coaches in $PSY in the future. While this may not be a strong commercial lure for non-crypto native coaches, it is certainly a strong incentive for members of the PA community. This is an intelligent move. By incentivising coaching sessions provided by members of the community, PA is facilitating discussion and the sharing of knowledge within its community. The intimate discussions between a mentor and their mentees will create new bonds and strengthen existing ones.
Many successful projects are defined by the strength of their community, and PA’s coaching platform provides the perfect place for their community to come together.
Attended my first PA coaching session, @BAYC2745 changing the world one step at a time and @Stay_Salty1963 total respect for you [ knowledgeable, charming and genuine ] dont miss out on this DEFI Master Class @psychedelic_nft pic.twitter.com/TBD0BrLLVB
— Andre | PA#3972 (@Ateyodin) July 31, 2022
3. Perfect for partnerships
PA has announced that (after public testing with the PA community) the coaching platform will be open to other web3 communities, including both Sappy Seals and Roo Troop. And they don’t plan to stop there. The coaching platform is incredible leverage and a great value-offer to attract new collaborations with other web3 projects. PA can structure these collaborations in a variety of ways to benefit its holders:
- Exposure to web3 natives: By forming collaborations with other web3 projects, PA has the opportunity to demonstrate their platform and the project’s high level of professionalism to a crypto-native audience.
- Additional income stream: PA can create B2B relationships with other projects, where PA provides access to the coaching platform for holders of those NFT projects for a fee. This income stream can help PA to maintain a healthy treasury.
- Expanding the coaching sessions on offer: PA can partner with projects that have specific expertise. Those projects could provide a number of coaching sessions on the PA platform in return for access for their holders to a wider catalog of coaching sessions.
I have to admit my confidence in NFTs and the current Web3 community has been tested in recent weeks. The free mint meta was fun to begin with, but was fuelled by almost pure speculation. The space feels like it has become dominated by people trying to extract as much value as they can from the space, rather than adding anything to it.
Psychedelics Anonymous is a welcome reminder of what can happen when we invest in competent founders with an ambitious vision. It joins, in my opinion, an exclusive group of projects that are using the funds from their mint to create products that will provide value to both holders and the wider web3 community.
It is a reminder of the new opportunities that NFTs are unlocking.
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