NFTs have been a major headline since 2021, though it has been around since May 2014. It moved from being just a niche to becoming a mainstream phenomenon. How to launch an NFT project?
The big question is, what is an NFT?
Many people still don’t have a clear understanding of what a Non-fungible token is all about.
In this article, I will explain the meaning of a Non-fungible token, how you can launch your NFT project successfully, and frequently asked questions on NFT.
NFT is far beyond what people think it is, it’s not just a JPEG or some profile picture of a disinterested ape or a cartoonish avatar representing a user in a video game.
Non-fungible tokens are built on blockchains. A blockchain is a decentralized database.
Blockchain as a building block for NFTs makes them cryptographic. NFTs play an important role in the Metaverse and are considered to be an important building block for Web 3.0.
Hence, an NFT is a unique digital identifier that runs on a blockchain (like Ethereum, or Solana). It could be an image, video, audio, or any form of creative media in a data form.
How to launch an NFT project?
How to launch an NFT project
In my opinion, building an NFT project is not just about generating multiple artworks and then waiting for interested people to buy them. It’s mostly about the purpose of the project, the community behind the project, community engagement with the project (the hype), and the type of value it is going to provide after launch.
Steps in building and launching a successful NFT project
1. The process of creating an NFT starts with an idea of what art theme/concept you would like to create. Traditionally in the market, most projects release image format (jpeg) for file size convenience.
There are no rules to what ‘works’ for NFT art, sometimes it’s best to just try a bunch of ideas out, and come up with a few designs you feel connected to. Then figure out how a collection could be created from this ‘draft’ idea.
2. After creating the art, you’ll need an understanding of metadata/coding. (This is where a senior developer is necessary) as you will need to embed metadata into each individual NFT out of this collection (whether it be a 1 of 1, a collection of 10k, etc). Metadata includes (a description of the NFT, the name of the NFT, the # of the NFT in the collection, spec data, etc).
3. After embedding metadata – using JSON files, the next stage is adding utility to your NFTs. The utility serves as an incentive to the holders of your NFT, what they stand to gain for owning your project. These can be access to communities with virtual events or in-person events, earning cryptocurrency while playing games in the metaverse, and access to digital products.
After the above steps, you are ready to mint! But wait, you need a means of minting the NFT.
Nowadays there are ways to use launchpads that can help you mint your NFTs on demand. (read the policies, because sometimes company-owned launchpads take fees or splits!)
If you don’t have a launchpad to release an NFT collection on, you will have to build a mint landing page for your upcoming release.
This is also where an experienced senior developer is necessary.
This leads to my next point stressing that community is a huge factor in the success of any project. The support is a clear indicator of the potential/of who you are catering to, and how they feel about the value of the collection. If you are trying to cater to people that love working out, but gym fanatics are not excited about your ideas, you may have to reconsider how you are approaching ‘value’.
4. In the process of creating your art, you need to build a strong community. Building an engaged community is another great factor that will ultimately determine the success of your NFT project, yes this means your project won’t succeed without an engaged community.
Social media is a friendly platform, here you can bring people together, be it via Discord, Twitter, Instagram, Telegram, or even Facebook. You can educate them on NFT key points, build trust with your audience by being transparent, and share the story behind your NFT project via AMAs.
Share your roadmap to communicate the future of your project even after launch.
A well-planned roadmap can convince your audience and make them more engaged. It can also attract more investors to your project. You only need to outline the stages/phases of your project, you don’t necessarily need to be precise about the dates or months of every phase. Changes can be made to your roadmap as the project advances.
What are the best utilities an NFT project can offer?
There are no ‘best’ utilities a project can offer since utility value is subjective.
For example, some people may believe analytics is valuable, and others may believe that NFT marketplace trading bots are more worthwhile, it’s all up to what audience/demographic you want to build this with.
An interview with ZeroTime and Lucidream, founders of Terraspace NFT.
when considering an NFT collection:
1. Taits (for every combination of ‘traits’ you need to consider how these will be able to layer on top of each other if you are creating generative art: which renders different combinations of traits to produce unique combinations of each NFT in the collection) traits should be unique & not duplicates or lack creativity. This is a HUGE factor in a successful generative collection, as you could easily create errors in the collection if this isn’t looked over properly. Traits also have to be embedded in the details of each NFTs metadata JSON file.
2. Royalties are important to understand.
For every Terraspaces on the NFT market that is sold/bought, royalties are generated.
Although it is not much right away, this is a way that the creators of the NFT project Terraspaces can be incentivized to continue building/marketing/developing the project to realize its fullest potential.
Normally you would want this royalty % to be fair to those who built & conceptualized the project, so our developing team has it set at 3%.
How do I announce an NFT project?Ā
Announcing your NFT project is an important step in ensuring its success. Here are some steps you can take to effectively announce your NFT project:
- Build a community: Start building a community of potential buyers, collectors, and enthusiasts who are interested in NFTs and your project. You can do this by creating social media accounts and engaging with people in NFT-focused groups and forums.
- Create a website: A website is a great way to showcase your NFT project and provide information to potential buyers. Make sure your website includes detailed information about your project, the NFTs you are offering, and how to purchase them.
- Use social media: Social media is a powerful tool for promoting your NFT project. Use platforms like Twitter, Instagram, and TikTok to share updates, behind-the-scenes content, and sneak peeks of your NFTs.
- Partner with influencers: Partnering with influencers in the NFT space can help increase the visibility of your project. You can reach out to popular NFT collectors, artists, and curators and ask them to promote your project on their channels.
- Launch event: Consider hosting a launch event for your NFT project. This can be an online event or a physical event, depending on the current situation and your preferences. Use this opportunity to showcase your NFTs, provide more information about your project, and connect with potential buyers.
- Reach out to media outlets: Reach out to media outlets, both within and outside the NFT space, to inform them about your project and provide them with any relevant information and assets. This can include press releases, media kits, and interview opportunities.
- Use paid advertising: Consider using paid advertising to reach a wider audience and drive traffic to your website. Platforms like Facebook, Twitter, and Google AdWords can be effective for reaching a targeted audience and promoting your NFT project.
These are just a few of the steps you can take to effectively announce your NFT project. It’s important to be creative and think outside the box when promoting your project, as the NFT space is constantly evolving and new ways to reach potential buyers are emerging all the time.
How do NFT projects get popular?
Here are some factors that can contribute to the popularity of NFT projects:
- Unique and valuable content: NFT projects that offer unique and valuable content tend to be more popular. This could be anything from rare and exclusive digital art to limited-edition virtual real estate.
- Strong community: Building a strong community around your NFT project can help increase its popularity. This can involve engaging with potential buyers, collectors, and enthusiasts on social media and in online forums, as well as offering exclusive perks and benefits to community members.
- Strategic partnerships: Strategic partnerships with well-known artists, influencers, and brands can help increase the visibility of your NFT project and attract more buyers.
- Innovative technology: NFT projects that use innovative technology, such as blockchain, virtual reality, and augmented reality, tend to be more popular as they offer a new and exciting way to experience and own digital assets.
- Marketing and promotion: Effective marketing and promotion can help increase the visibility and awareness of your NFT project. This can include social media campaigns, press releases, launch events, and paid advertising.
- Strong reputation: NFT projects that have a strong reputation in the community, such as those that have received positive reviews or have been endorsed by well-known artists and collectors, are more likely to be popular.
- User experience: NFT projects that offer a user-friendly and seamless experience, such as easy-to-use marketplaces, secure wallets, and transparent transactions, tend to be more popular.
These are some of the factors that can contribute to the popularity of NFT projects. It’s important to focus on building a strong foundation and offering high-quality, valuable content in order to attract and retain a loyal audience.
What sells most on NFTs?
The most popular items sold on NFT (Non-Fungible Token) marketplaces are often digital art, collectibles, and in-game assets. Some of the most expensive NFT sales have been for unique digital artworks created by well-known artists or produced through collaborations between artists and musicians.
The popularity of NFTs is also growing in the music industry, where musicians are selling exclusive digital merchandise and rare experiences to fans, such as virtual concert tickets or limited-edition album covers.
The market for NFTs is constantly evolving, and new use cases and applications are emerging, so it’s difficult to predict what will be the most popular in the future.
Related Questions
1. It seems the hype for NFT is reducing, how long do you think NFT will last?
‘Hype’ is subjective to market sentiment, there still are a lot of traders on SOL/ETH every day, the statistics tell us that it’s a fearful market cure NEAR is just a smaller market cap so when the market is more volatile, we see less user activity trading volume.
NFTs were never just a ‘picture’. They are like digital receipts. a tool to access gated exclusivity, and even a placeholder for bigger ideas down the road. As blockchain no tech grows, I believe NFTs will evolve in ways we couldn’t imagine before.
2. Are people buying NFTs?
Some people buy just for resale (flippers) while others buy to collect digital art and for the benefits also called utilities such as access to communities with virtual events or in-person events, earning cryptocurrency while playing games in the metaverse, and access to digital products.
Wrapping Up
The emergence of NFTs has brought many people to the knowledge of Cryptocurrency, Metaverse, and blockchain technology. Non-fungible tokens are built on blockchains. A blockchain is a decentralized database.Ā Blockchain as a building block for NFTs makes them cryptographic.Ā
An NFT is a unique digital identifier that runs on a blockchain (like Ethereum, or Solana). It could be an image, video, audio, or any form of creative media in a data form. Creating an NFT starts with an idea of what art theme/concept you would like to create. Traditionally in the market, most projects release image format (jpeg) for file size convenience.
After this process, you need to embed the metadata to each individual NFT in the collection using a JSON file. Metadata includes a description of the NFT, the name of the NFT, the number of the NFT in the collection, spec data, etc.Ā Don’t forget that without an engaged community, you can’t launch your NFT project successfully. So you need to build a strong community for your project.