NFTs have been a topic that would very much appear as inescapable among netizens these days. You go on to Twitter, you see NFTs. You go on Instagram, you see NFTs?
It’s essentially growing out of control. I won’t be sugarcoating anything for anyone.
ABOUT 80% of NFT PROJECTS ARE GOING TO FAIL!
Why do I say so?
Remember the times when everyone would just buy as many NFTs they could?
Only if your NFT projects had utilities it would moon and return you a huge profit.
Even then many huge projects like Strong Ape Club went down the drain.
So how do you in today’s NFT saturated world launch an actual collection?
First of all, what you need to do is to set a goal.
This can be a financial goal or a social impact goal or quite literally anything.
Some want to do charity massively, some want to turn a profit and some want to build a community.
Remember to set a goal and never waver from it!
Next up is your art.
Your art could be either out of this world or basic, doesn’t play much of a role unless its a 1/1. This advice applies only to generative art though as 1/1 art are generally appreciated for the quality of art.
For generative art it’s mostly utilities and rarity.
So make sure you have a proportionate amount of attributes and traits.
I’ll cover this in a different article.
The third one would be utilities.
Without utilities, chances that NFT-aware people purchasing it is less.
They might buy it but that could be based on your marketing hype.
Holders wouldn’t stay holders and would find the fastest way to sell the NFT out for a quick profit.
There’s a list of utilities you could consider and I will be covering that in a different article as well.
Finally, marketing and community engagement.
Twitter, Instagram and Discord.
The 3 platforms that will make or break an NFT project.
Remember to engage in communities, join spaces and shill abundantly.
Create artworks based on your NFT projects and use them as marketing materials.
For Discord, I will be outlining the basic setup in a different article.
But it is advisable to have a moderator to constantly engage with your community.
The first signs of failure are first observed in the Discord channels.
It’s where you can diagnose and treat the issues for your project.
This write-up is meant to be a starting point for those who wanna start their project and learn a little insight.
Watch out for future articles and connect with me on Twitter @1eth1da to learn more!
