NFTs, How-To, Funding, Community Building

Funding $2+ Million Projects via Generative NFTs — Launching Amazing Communities at Scale

Let me walk you through the proven process of raising millions in funding overnight. (Hint: Share with those who should know about generative NFTs.)

Most people’s impressions of NFTs are that they’re “JPGs that you can buy.” But **generative** NFTs are that plus so much more. The reason I’ve shown the above screen-grab is to illustrate how generative NFTs are typically many thousands of similar images, each one unique! This allows thousands of people to buy into your project or idea, which ideally creates a powerful community. So, let’s go over that below.

💡 I intend this article as a rapid-read, Q&A style, meant as an introduction to generative NFTs (as distinguished from normal, standalone NFTs). 💡

🙋Can a project really raise millions of dollars overnight via NFTs?

✅ Absolutely. Not only have thousands of NFT drops accomplished this, but I can personally attest to it, having been involved in numerous successful multi-million-dollar projects over the past year. My company did not adopt the slogan We help mint millionaires!™” until this was literally true. And we’ve done it multiple times since. Although I’d qualify this with the note that these new “millionaires” all actually became the executives of successful well-funded projects. (We’ve actually long since updated that slogan to read simply “Web3 Tech & Strategy Experts”).

🙋What are “generative” NFTs?

✅ A normal NFT (which many people have heard of) is just a digital asset, such as a JPG, that someone owns. Could be anything — a picture of your cat, for example. Generative NFTs, though, are different. Imagine that you’re drawing a cat, and that cat has a shirt, a necklace, a hat, and a background. Well, instead of an artist drawing one cat picture with these elements, she draws numerous examples of each of these parts—e.g., 10 fur colors, 10 shirts, 10 necklaces, 10 hats, and 10 backgrounds. And then a generative NFT coder (like Jim) takes those parts and writes a program to create thousands of unique combinations, saving each one as an individual, unique image. In this example, with just 50 elements, there would be 100,000 possible cat pictures! (In practice, an artist will typically create closer to 200 elements, at a minimum, and we usually create sets of 10,000.)

🙋And is it all cats?

✅ Oh, no! But, it’s typically animals or characters of some sort. The most famous generative NFT set is called the Bored Ape Yacht Club. Each ape NFT is currently worth about 100 ETH, which…