Non-fungible or NFT tokens have taken the world by storm in 2021. If you’re thinking of starting your own NFT project, well done! Ambition and success go a long way in achieving what you want. The metaverse holds opportunities for individuals and communities to create socioeconomic value. Today, we will tell you how to create a successful NFT project. Remember that for every successful NFT launch, there are dozens of others that don’t do well. They fade due to technical difficulties, glitches, or 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 the form of data. They can be images, videos, audio, text, and any other form of creative media. Since they are stored on the blockchain, each NFT is unique with provable ownership.
Simply put, NFTs enable digital scarcity. We know that objects in the real world are scarce in their nature to have value. NFTs allow objects and data on the Internet to be valuable.
Steps to Create A Successful NFT Project
Building an NFT project is not about creating a series of works of art and then waiting for someone to buy them. It’s about the community behind it and how engaged they are. 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 Your Story
This tip may seem like a no-brainer, but it’s the most important. The simplest suggestions are the most difficult to carry out. But you can make it easier knowing that you are the why. So write it down. Answer the following questions on a piece of paper or write them in a Word document.
- Why are you doing your NFT project?
- What is the purpose of your NFT project?
- Why do you want to tell people about this?
- What kind of value are you 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 importance of this question. Therefore, if you think that successful NFT projects are images on the blockchain, you are wrong. The most successful NFT projects communicate the purpose of their existence. They have a clear value proposition for members of their community. They clarify their goals with fun and heart. You need to do the same for your project.
So it’s time to put on your thinking cap. Your NFT story has to be compelling. Successful NFT projects have clear answers in the form of a narrative and vision as world-class companies. At the end of the day, it’s the story that captures people’s attention and wallets.
Step 2 – Choose the Blockchain and the 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 that you can launch your project on. Some of them include Binance Smart Chain, Cosmos, Polkadot, Avalanche, Solana, Fantom, etc.
Similarly, among the marketplaces, you can choose where you would like people to buy your NFT collection. Some popular ones include NFTically, MakersPlace, etc. In fact, marketplaces like NFTically will allow you to launch your NFT collection integrated with multiple marketplaces and blockchains simultaneously. Smart contracts allow you to earn a portion of all future secondary sales as royalty payments.
Step 3: Decide what kind of features and utilities your NFTs will have
While you can take help from the markets to help you understand how to navigate through them, it’s best if you decide for yourself. Ask yourself the following questions.
- Do you want NFTs to live on or off-chain?
- How much should be the maximum amount of mint?
- Who will coin NFTs? You or the public?
- How will features like randomization, rarity, and voting rights work?
- What are the utilities it can provide? Something special or exciting?
Always remember that features like mint count, rarity, and royalty percentages are fixed after NFTs are minted. As for the other features, be sure to specify them up front. Either in the smart contract or in 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 networks are your friends. 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.
- Create a world class website. Keep it clean, simple and SEO friendly.
- Create videos, photos and written content
- Perform 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 doesn’t mean you can’t start your online community right now! If you have an idea or a vision, start right now.
Step 5: Continue to innovate and Create as much value as possible
Every successful NFT project ensures that its community members continue to benefit beyond what was promised. This is because the world of NFTs is very dynamic. Although NFTs as a phenomenon are here to stay, remember that your NFT project will be successful when many different people see value in it.
Value is both subjective and objective. So please 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 disappear because enough people simply can’t relate to them on a personal or community level. As a result, make an NFT project that has an original story. But also make sure you continue to innovate the story from time to time when necessary. 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 gone mainstream and are poised to claim market share in 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 among the myriad of projects that never see the light of day because they never found their fundamental purpose for existence.
NFTically is a saas B2B company that helps creators, brands and businesses create and launch their NFT marketplaces.