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How to Start an NFT Project - Launch Your Own NFT Collection
NFTs and crypto are still considered a largely unexplored and underdeveloped niche. If history has taught us anything, it’s that getting in on the ground floor of something (hello web2) is a great way to make an impact and potentially large returns. The NFT space can provoke skepticism, but keep on reading for steps on how to start an NFT project.
What are NFTs?
You can’t create successful NFT projects without understanding what NFTs are in the first place. NFTs, or non-fungible tokens, are digital assets stored on a blockchain ecosystem. NFTs are usually artworks in various forms including art, photography, music, digital collectibles and even virtual land.
The blockchain technology on which they are stored not only offers security but also proof of ownership. This means that while it’s still possible to right-click save NFTs, people will not truly own it. This technology makes it near impossible to duplicate and violate copyright for NFTs.
Steps to Create a Successful NFT Project
Many would like to know how to start an NFT project, but whether or not your NFT projects will be successful is a different story. It takes more than just creating your artwork and selling it on NFT marketplaces. A successful NFT launch is a lot of work.
But you have a very real shot at creating a successful NFT launch if you follow our guide below.
Step 1: Write Down Your Story and Define Your Goals
You will find that a successful NFT project in existence usually has a compelling story or utility attached. The easiest way to approach the first step of starting your NFT collection is by answering the classic 5 Ws – who, what, where, when, why?
- Why are you creating this NFT collection?
- Who is behind it (other than yourself) and who will it benefit? (charity projects)
- What is the purpose of your NFT project?
- Where are you selling it and where is it minted?
- When will it drop? (consider listing it on NFT Drops Zone)
- Why is your NFT project different and important?
It’s also important to let your audience know your plan. Projects with utility and a cause tend to sell better. The most successful NFT projects outline and answer all the questions above very clearly.
Step 2: Know Your Customer
Another step to guarantee a successful NFT drop (one that sells out) is to know your customer. Understanding the NFT world isn’t enough. You also have to know to who you are selling your NFTs. Market to the right people and get your project in front of those that can make an impact.
Understanding who you’re speaking to will help you decide on where to sell, how to sell and market, and also how to price this project and future NFT collections. For example, if this is your first project and you’re new to the NFT community, it may not be in your best interest to price your project at a high cost.
Step 3: Create a Community
• Tips for Building an NFT Community
Aside from building an online presence to ensure your success, it’s also imperative to be supportive of your fellow NFT creators. Remember to give back as much as you take and more. Yes, you are essentially creating your own “business”, but as of now, the NFT world is a place of compassion and support. So, don’t forget to show up to other people’s Twitter spaces and promote their launches.
• Setting Up Social Media Channels: Discord, Twitter, and More
Speaking of Twitter, social media is one of your best strategies to get your name out there. Twitter is the kingdom of NFTs where you get the latest news on launches, drops, and projects. Discord is easily just as important for creating exclusive communities. Before you start marketing, make sure you create accounts for your NFT project.
• Setting Up a Website
A working website is also necessary for launching successful NFT projects. You need a website not only to shine a spotlight on the 5 Ws, but you also need to direct your supporters to the minting. As an NFT creator, try to step into the shoes of your potential NFT holders and build a website complete with everything they’d like to see. Your website should include the basics such as
- Your white paper
- Connect social media channel quick links
- FAQ
- An about page for the project and yourself outlining the 5 Ws
- Use visuals to get people excited about the new NFT drop
- Directions on minting
- Details about the project launch (will you have free NFTs for giveaways?)
• Collaborating With Companies or Influencers
A collaboration with a company or NFT influencer will get your NFT project in front of more eyes. Because the NFT space is largely unregulated, many supporters and potential holders will do a lot of their own research and due diligence into you and your project. This is thanks to many NFT scams and rug pulls, so don’t take it too personally.
Because of this, you must pick and choose the companies and social media influencers you work with and make sure they align with your project values and philosophy.
Step 4: Choose the Blockchain and Marketplace
Which blockchain are you creating your NFT project on? There are many available but the one you pick will dictate many things such as the price, and the audience. For example, Algorand and Cardano are green blockchains, so if your project is related to sustainability, it’s a good option to go with one of these.
If you choose Ethereum, know that it is a very expensive blockchain with high gas fees, so you will need to price your NFTs accordingly.
Once you have chosen your blockchain, then you can pick the marketplaces for the sales, and this will also dictate the secondary market. Not all marketplaces will support your blockchain of choice, so we would suggest going for a big widely-adopted chain.
Step 5: Select the Type of Art
As we mentioned before, NFTs can come in many forms. Which type of art are you planning on choosing for your NFTs? What you depict in your NFTs should also align with your project purpose. For example, if you are creating a project dedicated to building houses in Africa and you are choosing 2D artwork, then consider using images that are about Africa.
You should also think about how big a collection you want to create. The size will impact the variations, rarity, and whether or not you want to bring a designer on board to help you.
Step 6: Define the Features and Utilities
Speaking of the variations, the next step is defining the features of your NFTs and the utilities. If your NFT artwork is of dogs then consider what traits to incorporate. You may have ones with sunglasses, others with hats, and some with jewelry. The fewer NFTs that embody a specific trait, the rarer it is and the higher the price.
Step 7: Set the Price Fairly
We also mentioned pricing your NFT project well. It won’t be easy selling NFTs with a maximum mint amount much higher than competitors with similar utility/artwork.
• How to Price Your NFT: Must-Know Tips
You need to make sure the price reflects the purpose in order to market it effectively to your community members. The cost of your NFT projects is definitely one of the factors for long-term success.
It’s definitely worth exploring other NFT collections with similar artwork and utility to gain insight into how to start your first NFT and how to price it.
• Smart Contracts
Smart contracts have the terms of the transaction permanently coded and will carry out the details automatically on the platform of your choice. A smart contract can guarantee you royalties if your pieces are sold on secondary marketplaces. Not only that, but it’s also easier to outline the value proposition to your potential supporters if you own smart contracts.
A smart contract is definitely complicated, so hiring an auditing firm to help you review it may be a good idea.
Step 8: Plan a Project Roadmap
It’s all about communicating the value. A roadmap is quite simply a plan with milestones laid out that a project plans to tackle, what happens when they succeed, and what value the collection aims to provide and what holders can expect to receive.
• Some NFTs With an Excellent Roadmap
Bored Ape Yacht Club is an example of a project with a very well-laid-out roadmap. Azuki, Cool Cats and Top Dog Beach Club are also NFT collections worth looking at for roadmap examples.
Step 9: Assemble Your Team
Once you have an idea of all of the above, you should then have enough knowledge to start planning for your team members. Like any business, it is very difficult to handle everything on your own from marketing to design. We would suggest hiring a reliable team so you can focus on creating more value for the community.
Step 10: Communicate Clearly and Effectively
Not only should you communicate with your team members and make yourself accessible, but you should also keep your supporters updated on what’s going on with the project. Be active in the NFT community and make yourself available.
• Tips for Effective Project Communication
- Post regular updates at set times and keep to it
- Hire moderators to help you manage Discord and other social media channels
- Think about creating educational content to answer faqs
- Keep everything up to date (roadmaps, launches, channels)
Step 11: Carry Out the Plan + Promote Your Work
Having the plan is one thing, but carrying it out is another. Once you get to this step, you’re ready to execute the plan! This is when things get exciting. You get to watch your vision unfold, but don’t be discouraged by issues you may face along the way such as technical difficulties, tough questions from potential buyers, and delays in the launch date.
Many things worth doing aren’t smooth sailing all the way through, but if you have a strong team and promote your work well, you will be a success!
• When Should Your Start the Promotion of Your NFTs?
Promotion can start as early as step 3 when you are creating a community and putting yourself out there in the space. However, we wouldn’t push for anything too hard until you have some things set up such as your website, white paper and roadmap.
Read more: How to Promote NFT Art
• Giveaways + Precautions
Giveaways of free NFTs are a great way to get eyes on your project. If you do need to push back the launch date or make significant changes to your road map, make sure you communicate this clearly with the community via your Discord or Twitter account.
Step 12: Never Stop Adding Value and Innovation + Also Prioritize Your NFT Code
Just because you’ve launched the project and saw a ton of success, it doesn’t mean the hard work is over. In fact, we believe you should never stop innovating and aim to provide as much value as possible to the community with future releases and series. There are different layers you can fulfill in a successful NFT project.
You want to stay relevant and not have your value decrease and lose supporters. Think about integrating other features on your platform such as voting rights, creating limited supply drops, and special giveaways in the near future.
Make sure the coding of your NFT is well-written. The code is what will protect you, your collection and your supporters.
FAQ
• How much does it cost to launch an NFT project?
It can cost anywhere from around $150 to over $10,000 to launch an NFT project. It all depends on how much work you are willing to do yourself, what you need, how large your collection is, the blockchain you choose, and what you are outsourcing.
• Can anyone make NFT art?
Yes, anyone can make NFT art if they go through the correct channels. There has to be proof of ownership, uniqueness, and proper coding to go with it on a blockchain. Anyone can make an account to buy, sell and trade NFTs on marketplaces.
Conclusion
Launching an NFT project is similar to creating a business from scratch. The big questions apply, such as what value you are going to provide, what you’re doing to support the community, and what it will cost. There is a lot of information on how to start an NFT project, but we’ve condensed everything into bite-sized chunks to help you make sure your first collection is a success!
