NFTs entered the global market and took the world by storm last year. So, if you’re considering starting an NFT project of your own, it’s an amazing decision!
The metaverse has prospects for individuals and communities to create socio-economic value. In this article, we’ll tell you how to create your own successful NFT project.
But remember that for every successful NFT drop, there are many others who haven’t gotten it right. They disappear due to technical difficulties, glitches, or a lack of focus on fundamentals.
Must Read, Stepwise Guide to Create Your First NFT Art
So, let’s understand some basics about the metaverse and NFTs in general.
What are NFTs?
NFTs are a class of digital assets or say pieces of data stored on the blockchain. Think of the blockchain as a decentralized database that is not held by anyone. Rather, many participants are liable for maintaining the same version of the database.
NFTs can be anything in the information form. They can be pictures, videos, audio, text, or any other form of creative media. Since they are stored on the blockchain each NFT is distinct with provable ownership.
In short, NFTs facilitate digital scarcity. We know real-world entities are scarce in their nature to have value. NFTs promote such objects and data on the internet to be valuable.
Steps for Creating Your Own Successful NFT project
Making your own NFT project is not about pivoting up a series of artworks and then waiting for someone to purchase them. It’s about the community behind it and how active it is.
There are no exact steps or say regulations, but they are a few guidelines that you can follow while creating an NFT Project.
Step #1 Note Down Your Story
This proposition may seem like a no-brainer, but it is an important one. Because at times simplest of propositions is the most difficult one to pull off. Though you can make it easy by understanding why you are doing so.
Once, you Note down your story. Answer the below questions and identify the requirements or goals.
- Why are you creating your NFT project?
- What is your intention behind your NFT project?
- Why do you desire to tell people about it?
- What type of importance is it going to offer to your community?
- Why is your NFT project significant?
The last question seizes this step. Do not underrate the significance of this question. Because if you think that all the successful NFT projects are pictures on the blockchain, you are totally wrong. The most successful NFT projects convey the objective of their existence. They have a clear value recommendation for their community members. They explain their objectives with fun and heart. You must do the same thing for your project.
Your NFT story has to be convincing. Successful NFT projects have evident answers in the form of a narrative and vision like world-class companies. Because at end of the day, it’s the story that drives the attention and the wallets of people i.e. investment.
Step #2 Choose the Blockchain and Marketplace
Ethereum is considered one of the most popular blockchains out there. The Ethereum community holds the forefront of NFTs, DeFi, and DAOs. As a result, you have plenty of options.
However, Ethereum is not the only blockchain out there. There are other blockchains where you can launch your NFT project. Some of these blockchains are Binance Smart Chain, Cosmos, Polkadot, Avalanche, Solana, Fantom, and so on.
Also, among marketplaces, you can pick and select where you would like people to purchase your NFT collection. Because marketplaces will allow you to launch your NFT collection merged with multiple marketplaces and blockchains simultaneously. Smart contracts enable you to get a cut on all forthcoming secondary sales as royalty payments. The list of features is much more so you have to decide on the best suitable option for your own Project.
Step #3 Determine what type of features and utilities your NFTs will contain
In this step, you can surely take the support of marketplaces to assist you to understand how to go with selecting features and utilities but, it is better if you determine it yourself. Keep in mind the following questions.
- Are you planning to make your NFTs live on or off-chain?
- What shall be the maximum minting amount?
- Who will mint your NFTs? You or the people?
- How will features such as randomness, rarity, and voting rights work?
- What are the utilities you can deliver? Anything unique or exciting?
Remember that features like mint amount, rarity, and royalty percentages are designated after the NFTs are minted. As far as other features are concerned, make sure to pinpoint them right at the start i.e. either in the smart contract or the whitepaper itself.
Step #4 Gather your People or Community
Each NFT project depicts a story. A story that your community sincerely believes in. So make sure you consider the following points,
- Social media is your ally i.e. Twitter, Discord, Instagram, Telegram, and others. Understand social media marketing or find someone who does, because this is the place to connect with people and get to know them
- Build a lucrative website. Maintain it, keep it simple, and make sure it is SEO friendly.
- Create videos, photos, and written content
- Do periodic AMAs and share the vision of your NFT project
- Shout out to social media influencers and persuade them to help you market your project
Keep in mind that successful NFT projects are not created overnight. You will have to think out of the box and provide something unique and distinctive to lure the NFT community. If you have an idea or a vision, start right now.
Step #5 Continue Innovating and Create as much value as Imaginable
Every booming NFT project assures that its community members persist to benefit above and beyond what was pledged. This is because the NFT world is very dynamic in nature.
However, NFTs as a spectacle is here to stay, so your NFT project will become successful when lots of different people see worth in them.
The value of NFTs is both subjective and objective. Many successful NFT projects prosper on viral marketing for a few days and then pass out because sufficiently people could not relate with them on a personal level.
So, make an NFT project that has an authentic story. But also ensure that you continue to innovate the story from time to time as and when it is necessary. The values of your community can continually change.
There are many motivations to build an NFT project. One of them is the fact that NFTs are slowly becoming mainstream and are on the brink of claiming market share from multiple markets and industries at the same time.
Hence, this is the finest time to launch your NFTs. Although, make sure that the project is not lost amongst the diverse projects which never see the light of the day because they never found their root objective of existence.
Hungry for more information?
NFTHI does not recommend any kind of Investment in NFTs or NFT trading. All the strategies are merely educational references.
Conduct thorough research before you start with NFT trading.