7 Tips for Starting an NFT Collection
Non-fungible tokens, or NFTs, provide digital artists with many opportunities to share their work and make money. There was over $24 billion spent on various NFT platforms in 2022. While that amount isn’t as high as traditional art sales, the industry continues to grow in popularity.
It can be challenging to figure out how to launch an NFT collection. There’s so much competition in the NFT industry. Knowing how to stand out from the crowd is the best way to ensure the success of your launch.
This guide will discuss our top seven tips for launching an NFT art collection. Learn how to develop a successful NFT project from which you can reap the benefits over a long period of time.
1. Build an NFT Community
Community is the backbone of any venture, whether you’re launching a new product or starting a company. NFTs are no exception. Your community will make or break your collection launch.
One way you can create your community is by setting up Telegram and Discord. The more effort you put into building your brand, the better chances you’ll have when it’s time for your collection to go live. You want to create a loyal following that’s anxiously awaiting your NFTs.
You don’t need a fancy website, a YouTube channel, and a presence on all social media platforms to be successful. The important thing to keep in mind is where your investors spend their time.
2. Create Hype Around Your Launch
Once you have a solid community in place, it’s time to get them excited about your collection. There are some instances where you might want to launch a stealth collection where you purposefully don’t market it. However, that can be challenging for emerging artists to complete.
Some tips to keep in mind include:
- Share your long-term vision
- Creating a social media advertising campaign
- Developing games that get people to participate
- Publishing teasers of the art
This can also include publishing blogs on your websites or other well-established websites to establish yourself as an authority figure. For example, writing an article called “Dynamic NFTs Explained” can show your audience that you’re well-informed on the subject. You can then promote your content on your social media channels.
3. Pick a Marketplace and Blockchain
You’ll need to decide right away where you want to sell the NFT collection. Additionally, you’ll also have to determine what blockchain you want to use.
Most NFTs are sold on OpenSea and minted on Ethereum. While these are two of the most popular marketplaces and blockchains for NFTs, they’re not the only options. Your project might be better suited for another type of blockchain and a launch on your marketplace.
Creating an NFT marketplace provides you with many benefits. Some include:
- Low prices for your customers
- Increased revenue for you
You can access different types of NFT customers when you use other types of marketplaces. Other marketplaces you might want to explore include:
- Streams NFT Marketplace: No coding required to launch your marketplace
- MakersPlace: A platform for digital creators
- Nifty’s: Eco-friendly brand that sells NFTs from larger creators and brands
4. Create a Thorough Roadmap
Launching an NFT collection is just like starting a new business. The best way to begin any venture is by developing a roadmap.
The roadmap doesn’t just help you as a creator. It also shows potential investors what you have coming down the pipeline. You want to continue adding value to your collection after it mints.
There are cons and pros to creating a Decentralized Autonomous Organization (DAO). You can develop a DAO where your holders can push, promote, and participate in how the project moves forward. Showing what value will be added to your collection will increase enthusiasm and investment possibilities.
5. Write Smart Contracts
Smart contracts are a key component of selling NFTs. They’re used in the creation process of the NFT. The smart contract assigns ownership of the token.
When an NFT gets minted, the smart contract will automatically set the owner as the creator. Smart contracts can get transferred to a new owner once they purchase an NFT.
There are a few things you should think about when writing your smart contracts. These include:
- How many NFTs will you mint?
- Will you make royalties if the NFT gets resold?
- Do your NFTs live off or on-chain?
- Does the buyer receive intellectual property rights when they buy your NFT?
You can always opt to have a smart contract auditing firm review your contracts. Doing so will decrease the likelihood of you getting taken advantage of.
6. Price Your NFTs Fairly
The pricing of your NFT collection can have a significant impact on its success. You want to launch with a fair pricing model that reflects the correct mint price. Launching at a higher initial price could result in people not wanting to invest.
You’ll also want to consider how much you want your royalty payments to be from secondary sales if you decide to go down that route. Having too high of a royalty payment attached to your NFT could discourage people from investing. They might not want to mint your NFT collection because of that.
7. Consistently Communicate
Staying connected with your community even after your collection launches is important. Regularly communicating with your core investors before and after your launch will keep them engaged. You’ll develop a reputation for being reliable and transparent.
Many in the NFT community are wary of potential scams. Establishing a consistent communication schedule will show them that you’re not here to take their money and bail.
Spend Time Planning the Launch of Your NFT Collection
Launching an NFT collection isn’t something that you can accomplish in a few days. Taking the time to market your product and build a community will ensure your project is successful. These steps will also increase your chances of making a profit.
Did you find this helpful? Whether you want to create an NFT or learn more about cryptocurrency in general, we have an article for you. Check out one of our other blogs to learn more.
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