"You don’t build a project on hope, you build on revenue" - Interview with the CEO of EAPES
🎯 Summary
Podcast Summary: “You don’t build a project on hope, you build on revenue” - Interview with the CEO of EAPES
This 63-minute episode of GM Web 3 features an in-depth interview with Crypto Mercy, the CEO of EAPES, one of the oldest and largest NFT collections on the MultiversX ecosystem. The discussion centers on the EAPES journey, navigating challenges in a bear market, the strategic expansion to Solana, and the fundamental philosophy of building sustainable Web3 projects.
1. Focus Area
The discussion is primarily focused on Web3 Project Sustainability and Execution within the MultiversX and Solana Ecosystems. Key themes include NFT project management, community governance, overcoming development hurdles, and the critical shift from building on hype to building on revenue.
2. Key Technical Insights
- EAPES Island Development: The project is actively developing “EABS Island,” featuring playable zones, a showroom (starting on Bitcoin Bay), and a DJ platform, aiming to integrate their 3D avatars into various metaverse spaces.
- 3D Asset Strategy: Initial 3D asset work was done with Cyberpunk City (who later left MultiversX), but EAPES successfully transitioned development to a new, talented 3D designer, Redbreak Hamet, ensuring continuity despite partner departures.
- dApp Utility: EAPES has expanded its utility through a dedicated marketplace for island assets (lands, properties), a tool for creating social media banners/PFP images, and the EABS Pool for token accumulation.
3. Market/Investment Angle
- Revenue Over Hype: The CEO strongly advocates that projects cannot survive on hype alone; they must generate revenue to pay developers and cover operational expenses, especially during market downturns.
- Ecosystem Resilience: EAPES has sustained operations despite the significant drop in EGLD price and general NFT volume decline, demonstrating resilience through strategic effort and community focus.
- Solana Expansion: The decision to launch a capsule collection on Solana (3,333 new NFTs) is a strategic move to expand reach and tap into different market dynamics, although the artistic direction of using AI-generated assets (like relics/necklaces) was met with some internal skepticism.
4. Notable Companies/People
- Crypto Mercy (CEO of EAPES): Former professional volleyball player, background in communications/multimedia, and runs a coaching channel (“The Hub”) focused on market interrelations. He took over EAPES leadership after a community election following initial founder/CEO departures.
- Carl: Co-founder of EAPES who was instrumental in saving the project initially and pushing for community governance before stepping down.
- DB (MultiversX Ventures - MSV): The VC arm that initially invested in EAPES (the first VC investment in an NFT project on MultiversX), but later left due to community disappointment over low involvement post-investment.
- Cyberpunk City (Alil & Cancer): A former development partner for 3D assets who later moved to Solana and reportedly lost their treasury in a leveraged trade involving a memecoin.
5. Regulatory/Policy Discussion
No specific regulatory discussions were highlighted, but the conversation heavily touched upon governance and community trust. The CEO emphasized the importance of transparency, especially during the transition of leadership and dealing with community disappointment regarding roadmap execution and token price performance.
6. Future Implications
The conversation suggests a trend where established, resilient NFT projects are looking beyond their native chains (like MultiversX) to expand their user base (e.g., Solana). Furthermore, the focus is clearly shifting towards utility, playable assets (metaverse integration), and sustainable revenue streams rather than speculative PFP trading volume.
7. Target Audience
This episode is highly valuable for Web3 Founders, NFT Project Managers, MultiversX/Solana Ecosystem Participants, and Community Leaders interested in long-term project sustainability and navigating bear market challenges.
Comprehensive Summary
The interview provided a deep dive into the operational philosophy and history of the EAPES NFT project under the leadership of CEO Crypto Mercy. The narrative began with Mercy’s background—a former athlete with a finance-adjacent family history—and his early adoption of crypto.
The core of the discussion focused on the tumultuous genesis of EAPES on MultiversX. The project initially lacked a clear roadmap, leading the original founders to step down. This triggered a community election for a new CEO, which Crypto Mercy ultimately won after navigating complex internal politics, including the brief involvement and subsequent exit of MultiversX Ventures (MSV).
Upon taking the helm, Mercy discovered significant discrepancies: the existing development work (like EABS Island files) was far less advanced than promised, resembling “fucking templates.” Despite the temptation to quit, Mercy’s fighter mentality and commitment to the long-term community drove him forward.
A central theme was building during adversity. Mercy detailed the difficulty of maintaining momentum while EGLD and NFT volumes plummeted. His actionable advice was encapsulated in the title quote: “You don’t build a project on hope, you build on revenue.” He stressed the necessity of generating income to sustain a full-time team, noting that personal compensation was secondary to ensuring employees were paid, often requiring creative solutions to manage the treasury, which was largely denominated in the depreciating EGLD.
Key milestones celebrated include the successful creation of 13,333 3D avatars usable across metaverses, the launch of the dApp utilities, and the ongoing development of EABS Island
🏢 Companies Mentioned
💬 Key Insights
"And that's a problem right now for projects and leaders, because they have a real problem to justify the expenses of all these breaking updates, because there's not much coming in."
"The EGLD is going down since 1,400 days, and we don't have any revenue much coming from volumes or whatever."
"To be honest, I don't have any expectation. I'm just dealing with the reality right now of what is happening on MultiversX. The EGLD is going down since 1,400 days, and we don't have any revenue much coming from volumes or whatever."
"You don't build a project around hope. We can't. That's why we need to prepare and make sure that we can react if something happens. So, we are prepared, and we have different things that we will propose to the community eventually. So, we want the project to sustain, and all the strategies are built around sustainability, durability. So, just sustainability."
"So, the soft staking system is going to be available at the beginning of December. And you keep your NFTs in your wallet. So, your own Solana, your own MultiversX, you keep your NFTs on your wallet, and the system scans every day every wallet of all the holders, and you get some Banana Points every day."
"I think we need to bring back more of physical value into the process for me personally, because it's fun to have a digital asset, but you also want to have at some point a merge, which is really cool for brand awareness, collectibles, physical items, really important, in collector's editions."