Creating a Successful NFT Project #101
NFT is a non-fungible token. NFTs have seen a massive explosion over the past years. What do successful NFT projects have in common?
A lot of them follow the format of a generative NFT, where there are members of an entire collection that are basically the same type.
3 Things needed
- Need cool art.
Be passionate about art.
People need an incentive to buy these NFTs. If you can find a very creative incentive for your NFTS and give something back to the people that buy from you you will have a very successful project. If you can find a good incentive for people to buy your product, that could change the game and really make you a ton of money.
- A great website is essential to show off your NFT project. They are necessary to show off your brand and indicate to people that your NFTs are going to be valuable.
How to create NFTs?
- Select a marketplace. When you want to sell something you need to sell it somewhere, where most eyes are actually going to be focusing.
- Artwork is needed, in order to do a generation NFT drop. Come up with a concept that you want to create. Think about what are the different attributes that you want to be dynamic on this. If you are already an artist, you have a massive advantage in this regard. You can just create your own digital artwork and then create the layers that do each of the attributes, and then generate each of those files one by one.
- Once you have the artwork created you have to actually put them somewhere. The images for your NFTs don’t live on a blockchain.
- Find a reputable artist that already has earned the trust of buyers to create your art. This way your art already has the trust of buyers.
- Niche- Being able to find a solution to a problem is all we need to do. The different niches in the marketplace are collectable, intellectual property, media company, gaming company, education, data tools, marketplace or an alpha group. These are all very specific solutions to a problem.
- Team – Have more number of artists. Also have artists who understand generative art, and who know how to run scripts on Photoshop. The artist should also create the website, social media, and all the marketing assets. Have a community manager, who is an extension of the values of the project. A marketer for collaboration and outreach is also required. Community building is very important. You need to start building out a team to be able to provide a good service to the people within your community in a good experience.
- Timeline – account for more than three months. Never disclose a set time, to not have any delays.
- Budget – Set a budget suitably. Create a crypto wallet where you basically hold your crypto assets.
- Marketing – it is all about understanding human psychology. It is the most important step in any successful NFT project. Rely on the presence of your artist and advisors to generate attention. Set up as many cross-promotions with other projects as you can, up to the mint date.
- Define the NFT project and its utility. Focus on utility rather than making them collector’s items.
- Reach out to major players in Web3 to be on your advisory board. Don’t pay influencers to promote your project.
- Set up the table for your project. Reach out to blockchain developers to execute the project utility and launch.
- Scalability – after you create your project, how do you scale? Development is an extremely important part because you need a solid developer to be able to write your contract. We may need a web developer too to build out your site, create that design and so on.
- Get a high-level overview and understand your vision, goals, every task at hand and every moving part of your project. This is very important because you are the one leading the project, and when you are hiring and you are managing a team you need to make sure that everybody is executing their task at hand, everybody has roles and it is working effectively.
- Don’t get stuck on little roadblocks. You are going to run into issues. So if you sit there and you dwell on issues, whether it is technical or development you are not getting anything accomplished. When you are leading a project, you are in a leadership role, and you need to play that role by understanding the big picture and hiring people that are better than you and not feeling like you have to take all the work. Be as transparent as possible.