There’s no doubt that how to launch a successful NFT project can be a daunting task. However, with the right approach, it’s definitely possible to achieve success. Here are 10 tips below on how to launch a successful NFT project.
What makes an NFT project successful?
There are some key elements that make NFT projects successful. First, the purpose of the project must be clearly defined. The team behind the project must be experienced and trustworthy. The project must have strong support from the community.
10 Tips to Launch a Successful NFT Project
Many web3 developers, entrepreneurs, growth marketers, as well as NFTs (Non-fungible tokens) are keen to explore the possibilities.
What does it take for an NFT project to be a success long-term? This article will provide some tried-and-true tips to set you up for success.
1. First Meeting of the NFT Community
Your NFT project’s success will depend on the success of your community. Whether you’re an artist looking to make a living selling NFTs or a web2 company seeking to get into the NFT space, your collectors are important.
It is not easy to build a strong community. These are some NFT tips to help you get started.
2. Start building a community right away.
Engage with potential buyers by setting up Discord and Telegram channels, growing your brand, or creating a Discord and Telegram channel.
There is never a perfect time to start a community.
You have a better chance of selling NFT projects and building a loyal customer base if you invest more time in brand-building.
Spend time where your audience is spending their time.
You don’t need to be on every social network, have the perfect website, or have a YouTube channel to promote your NFT collection.
3. NFT Tips for Community Building
- Look for quality investors and invest.
- Connect with NFT buyers & crypto enthusiasts
- Support original 1/1 NFT art and buy it.
- Share your ideas by joining Twitter spaces.
Discord is a popular platform for crypto and NFTs enthusiasts, but Twitter, TikTok, and Telegram are also worth a look.
4. Partners with companies and influencers that are reputable.
Many NFT project managers fall for the trap of using celebrities or blockchain influencers to promote their stories.
Sometimes things don’t go as planned.
It is essential to partner only with trustworthy crypto social media influencers.
Do not let a big name ruin your project’s reputation. Look for partners who believe in you and the NFT space.
Do your research to find people you can trust.
These NFT marketing tips will help you get your collection to drop.
Don’t wait until launch week to promote your launch. It’s crucial to share your NFT collection as soon as possible.
- Create a social media campaign
- Share your long-term vision
- Teaser of the art
- Whitelist Competitions
- Make games that encourage participation
You shouldn’t surprise anyone by launching a secret NFT collection.
5. Pricing Your NFT Project Fairly
Setting the correct initial NFT mint price is key to building a successful NFT program. You risk losing momentum and your support from collectors if you set a too high mint price.
It’s important to establish a fair price and a fair royalty for all secondary NFT sales. A high royalty will prevent holders from capturing as much value from the community they have helped build, which could discourage them from minting their NFT.
6. NFT Pricing Tips
These are some practical tips to help you set a reasonable price for your NFT:
- Talk to your community about a fair price.
- Consider your vision and ability long-term to create value.
- Find the best NFT projects at Nonfungible.com and Dune Analytics.
- The most successful NFT projects have their mint prices set at between 0.05 and 0.1 Ethereum.
- You can set your price to invite as many people as you like (but don’t make it too costly).
- First mint sales aren’t the only way to make money with NFTs. Secondary sales on NFT marketplaces such as OpenSea can generate long-term revenue via NFT royalties
Successful NFT Pricing Example: Smol Brains
Small Brains was one of those projects that went the “free mint” route. This allowed their collectors to cover the cost of the NFT deployment. Knowing that they would be able to create a sustainable venture and make money from secondary sales would allow them to grow.
Small Brains tweet about giving away NFTs free of charge as a marketing strategy for NFTs to be one of the most successful launches within crypto.
It’s not about where you start, but what you can achieve over time.
8. Create a Quality NFT Roadmap
Although launching a successful NFT is an exciting event, it’s just the beginning of creating a project that can withstand the volatility of NFT markets. People simply want to flip NFTs for money.
If you do it right, the majority of your revenue comes from NFT royalties from secondary sales, and it is crucial that you continue adding value to your collection.
There are pros, cons, and advantages to creating a DAO where holders can promote and push the NFT project forward.
You can also increase your enthusiasm by thinking of other ways to make your NFT more valuable to people who invest in it.
Examples NFTs That Increase Value With Strong Roadmaps
Bored Ape Yacht Club is one of the most prominent examples of NFT projects which continue to expand their scope to return value to their holders.
BAYC was known for airdropping serums to create mutants. This drew huge interest, and many BAYC owners were able to sell their mutants for more than the original mint price.
With the $APE Coin launch, the purchase by CryptoPunks and Meebits, and a new roadmap, it is clear that the BAYC team is focusing on creating long-term value to their holders.
Your NFT will be a long-term success if you listen to your community and continue to explore new ideas to increase value accrual.
9 . Communicate Effectively, and Often
Don’t let the simplicity and ease of this NFT tip fool your team; consistent communication with your core group of contributors can literally make or break your project.
There are so many “rug pulls”, it is vital to keep your community updated with the most popular crypto communication tools such as Telegram and Discord.
You can’t slow down momentum by going radio silent immediately after launch.
NFT Project Communication Tips
These are some tips to improve communication with your NFT collectors.
- Set a schedule for communication and try to keep it.
- Hire someone to help your community.
- Make educational materials to help your recipients understand what’s happening.
- Ask questions to Moderators online
- Post regularly in the #announcements channel with @everyone as a tag.
- Keep an eye out for urgent communications (e.g. roadmap setbacks, hacks, etc. )
Keeping your holders informed by posting updates several times per week and responding to holder support inquiries online sends strong signals that your project is accurate and you are serious about positive-sum value accrual.
10. Invest in Your NFT Code
Bad actors are common in crypto and NFTs, so it is important that you create an NFT with well-written code to protect your users against potential exploits.
It doesn’t matter if you are an in-house developer or outsource your NFT contract work, and you need to make sure you invest in the best web3 developers talent you can afford or find through networking.
Although common NFT smart contracts used by many industry teams like the ERC721A and ERC721A help reduce risks, exploits can still occur
Exploits can have a devastating impact on the success of NFT projects. If you are able to hire a smart contract auditor, it might be worth having your contracts reviewed.
Do not let your excitement for launching cause you to forget the most basic security precautions. It does make a difference.
How to make sure your NFT sells
List your NFTs on multiple marketplaces. You don’t have to stick to one NFT marketplace. Upload your NFTs to multiple marketplaces in order to increase your chances of selling them. SuperRare is an NFT marketplace that sells single-edition digital artworks, and foundation allows you to trade any other blockchain assets.
How to Start an NFT Project
Do you want to create your own NFT collection? Or do you want to learn the steps to make a successful NFT project. This article will explain how to select the right team members for your next NFT drop.
Step1: Which type of NFT project should you launch?
It is important to determine where you want your NFT website or idea to launch first. Are you an artist who wants to convert your art collection into NFTs? Are you a genius with an idea to create a new 10K NFT art collection
If you’re new to the subject, let me first explain what NFT art collections are.
Simply put, if your NFT has a low rarity score the value of your NFT will increase.
Some examples of well-known NFT collections include
- Mutant Ape Club (a group of 20,000 Mutant Apes released in 2021).
- CryptoPunks(collection of 10,000 Punks, released in 2017)
- Bored Ape Club (a group of 10,000 Bored Apes released in 2021).
- The SandBox (NFT-based game for trading assets (3D), released in 2019
Step 2 – Hire an NFT artist to create your NFT collection
You should hire an artist who is skilled in using AI tools and art collections to create NFT-generated art. Because of the number of items in a collection, NFT collections are often called “10K generated art”. This number is usually 10,000, but it can be parameterized to any number.
Creating NFT collections
Your NFTs will now be created and your collection will be completed. These are the steps to get started in creating your collection.
- base character(for instance, ‘Bored Ape’)
- background colours(10 or more)
- clothing (types clothes)
- additional tools(guns, axes, horn, etc)
- different types of caps, hats, hoodies, etc.
Step 3 – Find an NFT smart contract developer
Every NFT project relies on smart contracts, and it is vital that the smart contract is resilient and secure. A blockchain developer will handle the smart contract and be your next member of your NFT team.
A smart contract, in general, is code that runs on any blockchain network. This smart contract can be described as an independent account, that performs transactions, and even has its token balance.
Step 4 – Team up with a UX Designer or Front End Developer
If there is no website for the NFT project, it is useless. This website is used by most NFT projects to allow visitors to connect to their wallets and mint tokens. Although minting tokens is only temporary, they should still be accessible on this website. The NFTs should be introduced, along with a roadmap, social media links, FAQ section, and the team behind it.
Step 5: Marketing & Support
To ensure that the NFT project is a success, you and your team must promote it. Promotion is key to the success of the NFT project, and a strong marketing team is also key to success.
Create a large following through Social Media
It is crucial to build a strong following and community. Using Twitter, Telegram and TikTok, or Instagram could be a great way to do this. The world needs to know about the exciting launch of NFT!
It all depends on the size of your team, so you might need to be selective about which social media channels you use. It’s essential to have a large following, and Twitter, in conjunction with the Discord server, is a great place to start.
To be noticed as a new NFT project, make sure the team is enthusiastic about the idea. This will help you attract the attention of other NFT artists.
NFT Launch Plan You Should Try
- Design Art that Will Appeal To Your Target Audience
- Determine What Value Your Audience Will Give
- A Roadmap to Communicate Long-Term Plan
- Create an Engaged Community to Support Your Project
- Inform Your Audience about the NFT Space
- Get Your Project on the Market
Nft marketing strategy
NFT marketing strategies allow you to reach a wider audience and establish trusting relationships. This will increase your revenue. It’s also about participating in social media and expanding trends. Your chances of achieving your marketing goals are higher if you start early with a great idea, similar to the metaverse’s increasing popularity.
There is an increase in demand for unique marketing strategies due to the popularity of businesses. Let’s take a look at some NFT marketing strategies that can help you reach your business goals.
1. NFT listings
NFT listing is the first thing to do in order to increase your reach. The best strategy is to create and list an NFT. Taco Bell is an example of such a company. It has compiled a list of NFTs and had them sold in under 30 minutes. This is an important part of making profits.
2. Marketing to Influencers
Influencers are more trusted than any other source of information. This is the best way to get huge traffic and the attention of your target audience. Get the job done by hiring an influencer. The NBA established Top Shot as a marketplace for influencers, and it received seven transactions per minute.
3. Paid advertising
Paid advertising can give you a greater reach and help you to be more visible online, even in the NFT world. You can also benefit from SEO and strong online presence along with Facebook, Yahoo!, and Google.
4. Telegram and Discord marketing
Telegram and Discord will make marketing easier. You can create a community, start posts, and engage in activities to increase your reach. Extended support could be a great way to get the conversation moving. It is also an option for businesses looking to get involved.
5. Email marketing
Email marketing is a great way to keep in touch with your potential customers, customers, sponsors, or target audience on an ongoing basis. Email marketing builds trust and boosts brand credibility by sending relevant users announcements, press releases, news, and other information. Start by identifying your target audience. Then, start to send them exclusive content via email.
Why no one wants to buy your NFT
Artist Is Not Well-Known
Many new artists will find this inevitable. Likely, new artists will not be well-known, so people can pass on their art, even if they are good.
Lack of Social Media Presence
Similar to my previous point, social media drives a large part of the NFT market. People may doubt the legitimacy of an artist’s project if they don’t have a presence on social media.
Lack of Community
Some artists ignore the community-building aspect of social media.
Supply Exceeds Demand
A potential collector finding a large supply is one of the biggest detriments to sales.
A collector walks into a collection to see an “unpurchased NFTs” wall. They find something they like but decide to move on.
A large supply may seem reasonable at first, as people have a choice, but many people will leave this market when there is a high supply (as they want to see the purchase price appreciate).
Conclusion
Launching a successful NFT project requires dedication, hard work, and creativity. However, with the right tools and guidance, anyone can achieve success. So if you’re interested in learning more about NFTs and their potential uses, be sure to check out the resources listed above. Finally, don’t forget to keep your eyes open for upcoming NFT projects – there’s plenty of potential for innovation and growth in this emerging technology!
About Author
- I’m a firm believer that information is the key to financial freedom. On Coindecimal Blog, I write about personal finance and crypto.
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