Non-fungible tokens or NFTs took the world by storm in 2021. If you’re thinking about starting an NFT project of your own, well done! Ambition and success go a long way towards achieving what you want. The metaverse has opportunities for individuals and communities to create socio-economic value. Today, we’ll tell you how to create a successful NFT project. Remember that for every successful NFT drop, there are dozens of others who don’t get it right. They fade away due to technical difficulties, glitches, or a lack of focus on fundamentals.
But, first let’s understand some basics about the metaverse and NFTs in general.
What are NFTs?
NFTs or non-fungible tokens are pieces of data stored on the blockchain. Think of the blockchain as a decentralized database that is not owned by anyone. Instead, many participants are responsible for maintaining the same version of the database. NFTs can be anything in data form. They can be pictures, videos, audio, text, and any other form of creative media. Since they’re stored on the blockchain each NFT is unique with provable ownership.
In a nutshell, NFTs enable digital scarcity. We know real-world objects are scarce in their nature to have value. NFTs enable objects and data on the internet to be valuable.
Steps to Create a Successful NFT project
Building an NFT project is not about spinning up a series of artworks and then waiting for someone to buy them. It’s about the community behind it and how engaged it is. You need to understand the following steps in detail to build a successful NFT project. There are no hard and fast rules, but they are more like guidelines that you can follow.
Step 1: Write Down Your Story
This suggestion may seem like a no-brainer, but it is the most important one. The simplest suggestions are the most difficult to pull off. But you can make it easy by knowing you’re why. So, write it down. Answer the below questions on a piece of paper or type it out on a word document.
- Why are you making your NFT project?
- What is the purpose of your NFT project?
- Why do you want to tell people about it?
- What type of value is it going to provide to your community?
- Why is your NFT project important?
The last question captures this step. After all, why are you doing what you want to do? Do not underestimate the significance of this question. Hence, if you think successful NFT projects are pictures on the blockchain, you’re wrong. The most successful NFT projects communicate the purpose of their existence. They have a clear value proposition for their community members. They clarify their objectives with fun and heart. You need to do the same for your project.
So it’s time to put your thinking cap on. Your NFT story has to be compelling. Successful NFT projects have clear answers in the form of a narrative and vision like world-class companies. At the end of the day, it’s the story that captures the attention and the wallets of people.
Step 2: Choose the Blockchain and Marketplace
Ethereum is the most popular blockchain out there. The Ethereum community has been at the forefront of NFTs, DeFi, and DAOs. As a result, you have options. There are other blockchains where you can launch your project on. Some of them include Binance Smart Chain, Cosmos, Polkadot, Avalanche, Solana, Fantom, etc.
Likewise, among marketplaces, you can pick and choose where you would like people to buy your NFT collection. Some popular ones include NFTically, MakersPlace, etc. In fact, marketplaces like NFTically will enable you to launch your NFT collection integrated with multiple marketplaces and blockchains simultaneously. Smart contracts enable you to get a cut on all future secondary sales as royalty payments.
Step 3: Decide what kind of features and utilities your NFTs will have
While you can take the help of marketplaces to help you understand how to navigate through these, it is better if you decide for yourself. Ask yourself the following questions.
- Do you want the NFTs to live on or off-chain?
- How much should be the maximum mint amount?
- Who will mint the NFTs? You or the public?
- How will features like randomness, rarity and voting rights work?
- What’re the utilities you can provide? Anything special or exciting?
Always remember that features like mint amount, rarity and royalty percentages are fixed after the NFTs are minted. As for the other features, make sure to specify them right at the start. Either in the smart contract or the whitepaper.
Step 4: Build your Community
Every NFT project is a story at the end of the day. A story that your community deeply believes in. So make sure you adhere to the following points.
- Social media is your friend. Twitter, Discord, Instagram, Telegram etc. Learn social media marketing or find someone who does. This is the place to talk to people and get to know them
- Build a world class website. Keep it clean, simple and SEO friendly.
- Create videos, photos and written content
- Do frequent AMAs and communicate the vision of your NFT project
- Reach out to social media influencers and convince them to help you market your project
Always remember that successful NFT projects are not made overnight. But that does not mean you cannot start your online community right now! If you’ve an idea or a vision, start right now.
Step 5: Continue Innovating and Create as much Value as possible
Every successful NFT project ensures that its community members continue to benefit above and beyond what was promised. This is because the NFT world is very dynamic. Although NFTs as a phenomenon are here to stay, remember that your NFT project will become successful when lots of different people see value in them.
Value is both subjective and objective. Hence, visit the first step again and come back here again if the point was not made clear. Many successful NFT projects thrive on viral marketing for a few days and then die out because enough people just could not relate with them on a personal or community level. As a result, make an NFT project that has an original story. But also make sure that you continue to innovate the story from time to time as and when it is required. The values of your community can always change.
There are many reasons to build an NFT project. One of them is the fact that NFTs have become mainstream and are on the verge of claiming market share from multiple markets and industries at the same time. As a result, this is the best time to launch. However, make sure that the project is not lost amongst the myriad projects which never see the light of the day because they never found their root purpose of existence.
NFTically is a B2B saas venture that helps creators, brands and enterprises to create and launch their NFT marketplaces.
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