Starting an NFT project for the first time is intimidating and difficult, especially when you put yourself out there publicly.
From starting to running an NFT project, there is a lot to do. Creating artwork parts, producing unique artworks and metadata, developing a smart contract and deploying it to a blockchain network, developing a website, establishing a Twitter account, establishing a Discord server, and establishing an OpenSea collection. You must also have MetaMask installed in your browser and some ETH / MATIC. Have you grown tired of doing all of this? Don’t worry; once you’ve determined what you need to do, all you have to do is complete each task one by one.
To be honest, it’s best to work on an NFT project with a group of three or more people, including artists, developers, and marketers. However, depending on your motivation, you may be able to do it on your own. Some people may show up later to offer assistance with your project. The most important thing to remember is to take action as soon as possible.
In this article, I’ll go over how to launch an NFT collection, and what you should be aware of when running your own NFT collection.
Identify the Marketplace to Sell Your NFTs
Be mindful of the creator fees.
Choose whether you want to bundle NFTs and sell them. On the WAX blockchain, for instance, you can combine up to 80 NFTs into a single transaction. But if there were anymore, they couldn’t finish quickly enough and would be rejected, failing the transaction altogether.
- SuperRare MarketPlace: 29,554+ NFTs Listed in Total
- OpenSea MarketPlace: More than 450,00 NFTs have been listed overall.
- Nifty Gateway MarketPlace: 6995+ NFTs in total have been listed.
Decide on What to Include in the Smart Contract
Smart contracts give artists control over the value of resale after a project has been launched. For instance, if Tom sold an NFT artwork, the original creator would get 10% of the proceeds. In other words, if Tom sold the painting for $1,000,000, the artist would receive $100,000.
That piece of art might increase in value over time and bring in a sizable sum of money.
From a sold NFT, the typical profit breakdown would be:
- To the artist: 75%
- 15% goes into the secondary market (platform).
- 10% of any resale as royalties
You should also think about any conditions or terms in the smart contract that apply once an item has been sold. For instance, the end-user agreement for NBA Tops Shots prohibits users from changing the artwork after the sale.
Offer Special Non-Repeatable Services for Your NFT
Do you have artistic and storytelling talent? Offering a comic book and making each chapter available can be excellent examples of distinctive, non-repeatable utilities.
Community development is aided by access to exclusive events, tickets, and membership opportunities. Will you, for instance, hold giveaways each week? Or commissions on each blockchain-based resale transaction?
For the first few weeks, you can raffle off ten free NFTs to encourage collectors to keep their NFTs longer.
Create a Website to Display Your Roadmap
You only need to disclose the items on your roadmap that you intend to complete this year to the community and your NFT holders.
It’s not necessary for your website to be overly complex. WordPress or simple HTML can be used to position your message and include information about your project.
The majority of NFT project websites only have one page and include the following elements:
- Frequently Asked Questions
- Contact Info
- How To Mint (or Mint Button)
- Usage Rights as a holder
For instance, Rebel Rabbits does a fantastic job of providing usage rights cheat sheet outlining what you can and cannot do with your NFT.
Your website will serve as the central location for all details on upcoming drops and your revised roadmap.
Give a detailed explanation of the advantages NFT holders of your collection receive, including:
- Early access
- Exclusive merchandise
- Private events
Plan to promote your NFT project both before and after it goes live.
Consider conducting a “airdrop,” in which you reward your early adopters with a predetermined amount of cryptocurrency or new NFT.
How to Plan the Launch of Your NFT Project?
To begin, pose the following questions to yourself and your team:
- Launch date: When will your new NFT collection be released?
- Number of NFTs in the Collection: How many NFTs will be included in your NFT project?
- Support Team: Who can assist you? Do you require the services of a web developer to design your website? Do you require investors?
- Purpose/Mission Statement: What is the story and message you want to share with others? And what is your promise?
- Reward System: How will you encourage early purchases with a reward system? What is it that will keep collectors interested in your NFTs?
- Number of Launch Phrases: How many phrases will you need to build your community? Launch a Discord server, build a metaverse, and create a cryptocurrency, for example.
- Utility Offerings: What makes your NFT project unique? Will it provide a private library of blogs, courses, workshops, and networking events? Or will you make merchandise such as clothing or action figures? Are there any weekly giveaways, such as a loot box, for holders?
- Pricing and Financials: Will you release a NFT collection that is all the same price? When each NFT is dropped, how will you price it? Will you bundle any NFTs, or will a 1/1 be minted?
- Reputation/Brand: Are you a well-known artist, or have you previously worked for large brands? What expertise or credibility will you bring to the table? As an example, imagine creating an NFT collection comprised entirely of Disney and Pixar artists.
Some people may want to start an NFT project in order to make money, but remember to enjoy your own project as well. Everyone, whether a brand or a small artist with a team, starts with an idea. The most difficult and important part is getting started.
Read through our NFT launch project checklist and begin by deciding on a launch date that works for you. Once you’ve decided, you’re off to the races as you decide how many NFTs to mint in your first collection.
Next, choose your marketplace and collaborate with developers to help you build your website. Finally, through planning and consistency, you’ll be able to launch your first NFT project.