How Fast Do NFT Drops Sell Out?

How long it takes for an NFT collection drop to sell out depends on so many things, some of which are in your control and some that are not. Selling NFTs can be anxiety-inducing, and it’s usually in the creator’s best interest to have their collection cleaned out by eager buyers, so what can people do to pump their projects? We’ll look at how fast NFT drops can sell out and what factors influence it to save you time.

How Long Does it Take an NFT Drop to Sell Out?

How fast do NFT drops sell out? There isn’t one unchanging answer to this question, but some long-awaited drops can sell out within 10 to 20 minutes, while others never do. There are many contributing factors that can either make your NFT collection a hit or a miss. 

What Impacts NFT Drop Sales?

You can ensure more success for your NFT drops by following a few steps.

What’s Your Story?

People love a good story and a reason for purchasing your NFTs. What sets your collection apart from the others? Is there a cause or utility behind it? In order for people to want to purchase your NFTs, they have to feel compelled or incentivized. Don’t hesitate to present the story of what led you to create the NFTs and what value they can bring to your collectors over the years.

Who Is It for?

Know your audience. If you’re creating a photography NFT, it will probably cater to those who appreciate photography rather than people who want digital land. Try to get into the mindset of your target demographic, know what they want, and try to deliver without compromising your brand. 

The Blockchain and the Marketplace Matter

Your NFTs will be minted (created) on blockchain technology, so it’s important to pick the right one. The next step is to choose a marketplace that is compatible with the blockchain. For example, if you choose Ethereum, you will have access to the largest NFT marketplace – OpenSea. Keep in mind that OpenSea is a multi-chain marketplace compatible with other blockchains.

Use Smart Contracts

What are smart contracts? They implement the terms of the transaction agreement and are undisputable. Smart contracts are self-executing and do not require a third-party authority for verification. Smart contracts instill more confidence in buyers and sellers alike. 

Hype It Up!

One of the primary factors affecting how fast NFTs sell out is the hype created around it and in the community. This is one of the aspects we mentioned that you could somewhat control. Reach out to the community, make connections, and friends and generate excitement around your drop.

From what we have experienced, those in the NFT and crypto communities are friendly and supportive. Make sure to return the favor by helping other community members. 

What we also have found to be very helpful is to create a community for your NFTs. You can even give them a name. For example, if you have an NFT with dogs, you could name those in the community dog lovers.

Prep Your People

Prepare your staff or team members for the launch. Make sure all communication has been very clear up until this point. Does everyone know their roles in the launch? Boost customer support for the launch because you know some people may have issues or questions that need to be answered quickly. 

Aside from your people, you should also prepare websites to handle potential heavy traffic. The worst thing about the launch is website crashes due to overloads.

Bring in Value

Make sure to live up to your promises and more. If you promised your collectors to donate half of the proceeds to a charity of your choice, maybe give just a bit more or go the extra mile by helping them with other endeavors. 

Maybe you will decide to release a second series following the success of your first run. Rewarding your loyal supporters (collectors) first by having an exclusive drop or free NFTs will also help bring value to your collection.

Conclusion

If you’re successful and your NFTs sell out quickly, it will be free marketing for your brand. Nothing gets the attention of the big players in the space than a quick sellout. You can try to break NFT sales records by selling out in less than 10 minutes, but just make sure you don’t end up with a bunch of NFTs that get no exposure or interest by following our steps!