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As NFTs (Non-fungible Tokens) continue to grow in popularity, many web3 developers, growth marketers, and entrepreneurs are eager to test the waters.
But what exactly does it take to create a successful NFT project long-term? This article will cover some of the tried and true tips to help set you up for success.
Your community is what will ultimately determine the success of your NFT project. Whether you're an indie artist trying to make money selling NFTs or a web2 brand looking to experience the NFT space first-hand, your collectors should be the top priority.
Creating a strong community is easier said than done. Here are a few NFT tips to get started.
Whether that's growing your brand, setting up a Discord and Telegram, or engaging with your potential buyers regularly, start now.
There will never be the perfect time to launch your community.
The more effort you put into brand-building now, the better chances you have of selling a successful NFT project and building a loyal following for the long term.
Invest time into where your audience spends time.
You don't have to be on every social media platform, have a perfect website, or create a viral YouTube channel to sell out NFT collections.
While Discord is one of the more popular platforms for those interested in crypto and NFTs, Twitter, TikTok, and Telegram can also be worth your while..
Many NFT projects fall into the trap of hiring 'big name' blockchain influencers, celebrities, or social media personalities to promote their story.
Unfortunately, this doesn't always go according to plan.
It's essential to partner with reputable crypto social media influencers and companies with a history of integrity and aren't known for supporting scams.
Don't let a "big name" hurt your project's reputation. Choose partners that believe in your project and the NFT space as a whole.
Do your research and only work with individuals you trust.
Don't wait until the week before launch to hype up your launch - it's critical to start sharing your NFT collection as soon as you can.
Unless you're launching a stealth NFT collection where you intentionally aren't marketing it, dropping a new NFT collection should never be a surprise.
One of the most important parts of building a successful NFT project is setting your initial NFT mint price correctly. If you charge too high of a mint price upfront, you risk losing your momentum, not selling out your collection, and losing the support of your collectors.
In addition to setting a fair price, it’s also important to set a fair royalty on all secondary NFT sales. If you set a high royalty, holders will not be able to capture as much value from the community they helped build which may deter them from minting your NFT.
Here are a few practical tips for setting an appropriate price on your NFT:
Some projects like Smol Brains even went the "free mint" route, and having their collectors just cover the cost to deploy an NFT. knowing that the value they create over time would allow them to build a sustainable venture and earn money off secondary sales.
Remember, it's not about how you start; it's about what value you can create over time.
While a successful NFT launch is exciting, it's only the first step to creating a project that withstands the volatile nature of NFT markets and people simply flipping NFTs to make money.
When done right, most of your revenue will come from NFT royalty payments from secondary sales, making it crucial to continue adding value to your collection after mint.
While there are pros and cons of creating a DAO, NFT collections can consider creating a DAO where holders can participate, promote, and push the NFT project's direction forward.
Additionally, thinking of ways to add more value to the people investing in your NFT can further increase enthusiasm.
One of the clearest examples of NFT projects that continue to expand their roadmap to drive value back to their holders is Bored Ape Yacht Club (BAYC).
BAYC famously airdropped serums to create mutants, dramatically increasing interest in, and many BAYC holders were able to sell their mutant for much more than the cost of the initial mint.
Now, with the launch of $APE Coin, the purchase of CryptoPunks and Meebits, and a new roadmap, it’s clear the BAYC team is focused on creating long-term value for their holders.
While you might not have everything figured out initially, listening to your community and continuing to test new ideas to drive value accrual will set your NFT up for long-term success.
Don't let the simplicity of this NFT tip fool you; regular communication from your core team of contributors can quite literally make or break your project.
With so many "rug pulls," keeping your community up-to-date with popular crypto communication tools like Discord and Telegram is important.
The worst thing you can do to derail momentum is go radio silent after launch.
Here are some quick tips to improve the communication for your NFT collectors:
Posting updates multiple times per week, troubleshooting holder support requests, and being online to engage your holders sends strong signals your project is not a scam and your team is focused on positive sum value accrual.
The sci-fi card game Parallel does an excellent job setting a good example by holding weekly community calls where anyone can attend and ask questions. It's one of the many reasons they have been able to build such a loyal fan base quickly.
Because bad actors are rampant in crypto and NFTs in general, it's critical that when you’re creating an NFT to ensure your code is well-written to protect your users from potential exploits.
Whether you have an in-house dev or are outsourcing your NFT contract work, it's important to invest in the best web3 developer talent that you can afford or find through networking.
While common NFT smart contracts used by many teams in the industry like the ERC721 and ERC721A help mitigate risks, exploits are always a possibility.
Because exploits can be disastrous for the overall success of NFT projects, if you have the capacity to hire a smart contract auditing firm, it may be good to have your contracts reviewed.,
Don't let your enthusiasm to launch cause you to skip the most basic of security precautions. It makes a difference.
With some $41 billion worth of crypto spent on NFT marketplaces in 2021, it's an incredibly exciting time in the world of Non-fungible tokens.
To make your NFT launch a success it's crucial to put in the work. Use this list of tips to ensure success for your mint and the long-term value creation for your holders.