A successful NFT collection
Tips for a successful NFT collection launch
NFTs (Non-fungible tokens) are on the rise since 2021. Even though they look like merely digital pixels, some NFT projects are sold for thousands of dollars, making NFTs an exciting investment strategy for most. As a result, many people including web3 enthusiasts, developers, celebrities, and entrepreneurs are willing to create or at least be a part of an NFT project.
Like every project, NFT projects should be presented well to the community to be a long-term success. The important difference that should be kept in sight is that web3 marketing is different than the digital marketing we know — Then, what does it take to create a successful NFT project? Here, you will find tested & approved tips to follow when you’re preparing to launch your NFT project 👇
1. Tell a credible story
Nobody would buy something that is not reasonable to them — whether it is for practical use or just for pure joy. Then, why should people buy your NFT?
The answer to this question should include:
- How your NFTs are different from others?
- How exclusive are they?
- Why your NFTs are significant?
- What value will they give to your customers?
Let’s take the Bored Ape Yacht Club as an example. The project was launched with a vision, its roadmap detailed its future and what it would give back to early buyers, not to mention the mind-blowingly well-designed website. Simply, BAYC created a visionary world for crypto people that they could only join by buying their NFTs.
2. Choose your blockchain & marketplace
It’s a vital early step for your NFT collection to choose the blockchain & marketplace you’re going to drop your collection on. Even though most projects are built on Ethereum and sold on OpenSea, there are various options that have different benefits. Here you can see some of the largest marketplaces:
- OpenSea: The first and largest marketplace
- Nifty’s: An eco-friendly marketplace selling NFTs by big brands and creators
- Foundation: A curated marketplace planning to build a new creative economy
- MakersPlace: A marketplace for digital creators
- Rarible: A community-owned marketplace that uses its own currency
- WAX digital: A marketplace that releases exclusive NFTs by global brands and artists
Some marketplaces only accept Ethereum-based NFTs, so choose your blockchain wisely. Blockchains offer different aspects — some offer lower gas fees, some are more eco-friendly, and some offer interoperability. Before your drop, dig deep for your marketplace & blockchain.
3. Invest in your smart contract
Exploits can be destructive to the overall success of NFT projects. Hence, it’s of most importance that you have a well-written smart contract. If you’re not an experienced web3 developer, you definitely should hire one.
Since the code is the core of your project, it’s in your best interest if you can afford to hire a smart contract auditing firm to have your contracts reviewed.
Don’t give in to your excitement for the launch. Take the basic security precautions — believe me, it makes a difference.
4. Build your community as soon as possible
If you don’t have a strong community, it doesn’t matter if your art or code is the best in the universe — Your community is what will ultimately determine the success of your NFT project.
Start building your community NOW
There will never be a perfect time to build your community.
The more time & effort you put into your brand-building, the better your chances are for a successful NFT project and building a loyal community for the long term.
You don’t have to be on every social media platform or have a perfect website to sell out an NFT collection. However, Discord and Telegram are the most popular channels in this aspect.
NFT Community Building Tips
- Find where quality investors spend their time and make an investment in their channels
- Connect with NFT buyers and crypto enthusiasts
- Buy and support original art
- Join Twitter spaces to share your idea
- Partner with reputable influencers (be careful about the scam accounts)
Don’t wait until the last second to hype your drop! 👀
- Create a social media campaign
- Publish teasers of your art — let people get excited 😉
- Whitelist competition is always an excellent way to build the hype
- Don’t forget to share your long-term vision
Communicate effectively & often
Don’t underestimate the power of communication. One of the core features of creating a loyal community is effective and often communication. Keeping your community up-to-date via Discord and Telegram is essential.
5. Price your NFTs adequately
One of the most essential things in building your NFT project is setting the initial mint price. If your mint price is too low, people will not think it’s worth the hype. On the contrary, if you charge them too high, they will not be sure if it’s worth the money or not, and you will risk losing your momentum. So, you need to be careful about the pricing — it should be done fairly.
Generally, 0.05–0.1 ETH is where most successful NFT projects set their mint price.
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With $41 billion worth of crypto spent on NFT marketplaces in 2021, it’s a fascinating time in the world of NFTs. Use these tips to make your NFT project a success story — and stay tuned for more web3 related content 😎
