According to Adrian (@adriannewman21), many early NFT projects make the mistake of chasing millions of eyeballs instead of cultivating the first thousands of holders into die-hard superfans, positioning holders as the core ambassadors of demand. Source: Adrian (@adriannewman21) on X, 2025-08-09, https://twitter.com/adriannewman21/status/1954033105406489080 For traders, this implies higher quality signals when a collection clearly invests in existing holders over vanity reach, aligning with the holder-first approach Adrian highlights. Source: Adrian (@adriannewman21) on X, 2025-08-09, https://twitter.com/adriannewman21/status/1954033105406489080 Actionable screen: prioritize projects that show consistent holder-focused execution (e.g., benefits and engagement for current holders) because this matches the ambassador model Adrian underscores. Source: Adrian (@adriannewman21) on X, 2025-08-09, https://twitter.com/adriannewman21/status/1954033105406489080 Conversely, discount collections that emphasize broad marketing without evidence of deep holder engagement, in line with Adrian’s emphasis that holders drive advocacy. Source: Adrian (@adriannewman21) on X, 2025-08-09, https://twitter.com/adriannewman21/status/1954033105406489080