If you are a first-time NFT project owner, you have probably heard of the term ” NFT roadmap” People kept stressing how important it is to your success, But it seems like they haven’t put enough emphasis on the process of making it and the key pitfalls you should avoid.
Hopefully, even if you were previously unfamiliar with the term, you will have a firm grasp of these leftovers about the NFT roadmap after reading this.
What is NFT Roadmap?
Originally, NFTs were just media files like photos or videos that were stored on the blockchain, and communities formed naturally around the concept of ownership.
In order to make the NFT more than just a jpeg or music file and an organic community based around art or concept, NFT roadmaps were developed and became critical.
An NFT roadmap is a document that lays out your plans for the project, including both short-term and long-term objectives, as well as any supplementary materials collectors can look forward to. With enlightened communities, widespread investment, and technological advancement, NFT roadmaps are just a promising plan to tell everyone that Web3 and NFTs have the potential to revolutionize the world.
Typical roadmaps are tied to specific milestones. For instance, after 100 NFTs have been sold, the photographer might host a raffle with rewards for collectors. They might even make a promise to give a portion of the remaining funds to a good cause once the collection has been sold out.
Another critical point besides a strategic plan, NFT roadmaps are here to give investors a snapshot of the potential returns on their investment. Marketing strategies, exhibition objectives, gallery exhibitions, and anything else that enhances the collection can all find a home in the NFT roadmap. Making a plan for the future shows NFT buyers you’re committed to working with them after the sale is complete and fosters trust in the relationship.
Why is the NFT roadmap necessary?
However, artists rarely plan a roadmap for their NFT drops because they typically view them as a one-time project to promote a single, album, or tour. Maybe they haven’t worked with Web3 long enough to know that the key to a project’s success and lasting value is largely based on this pure plan.
Without a plan, NFTs are nothing more than JPEGs and micro-communities, which are significant in web3’s past but insufficient for the technology’s long-term viability or widespread uptake. So, how NFT road map can benefit your NFT projects?
1. Improving the worth of your project
A good road map will demonstrate that there is much more to your project than just your artistic value. With NFT roadmaps, investors know that they are investing in your community because they believe in your vision and trust in your abilities in a long-term journey.
2. Inspiring and exciting your community
Having a plan in place ensures that you will have events and other ways to keep your community interested and excited about future developments, such as a project’s second phase or a new minting. Building something of lasting worth attracts members of the NFT community at large. Your NFTs could eventually benefit from this and grow in value.
3. Reducing marketing efforts and enhancing confidence
In the decentralized world, the best policy is to be open and honest with your community at all times. Because of the prevalence of scams, investors are understandably wary of starting anything new. When you introduce a road map in your marketing plan to your investors, it demonstrates that you are committed to making their investment successful over the long term.
4. Creating a plan of action
It’s easy to feel overwhelmed after having launched the project for a long time. Following the steps after having the roadmap laid out in your plan, will help you evaluate your progress and plot your course for future success.
How to create an NFT Roadmap?
Before launching a project and creating an NFT roadmap, I believe creators should think about how they intend to foster and maintain the token holder community. Only then that you should embark on the process of creating an NFT roadmap. Here’s what you need to do:
1. Establishing/ Reviewing your business goals:
Start by reviewing your business goals, such as its mission and vision statements. Don’t rush into things; instead, stop, think it over, and write it down if you haven’t already. Examples of goals can be promoting a recently released single, gathering money for a charity, etc.
2. Knowing your differentiation
Once you know why you’re making a plan, consider what would make your collection distinct from others. For instance, you ask yourself questions such as “What objectives you can accomplish but not others?”, “What are your community’s characteristics?”, “Why should they buy your NFTs collection?”,…
3. Setting specific milestones
Break down your long-term objectives into milestones after you have your ideas sorted. The most common method is to divide them into four parts that correspond to the four seasons, but you can divide them up however best serves your company’s needs. For instance, attaining these markers will unlock rewards for token holders, whether they be bonuses for fans who are actively involved or helping grow the community.
4. Deeply researching the market
During the journey, find out more about the market and the challenges you’ll face, so you can get ready for them. Figure out failures, and challenges you hope to overcome.
The Do and Don’t when creating an NFT Roadmap
Do: Follow SMART rules
If we want to set goals that have a chance of being achieved, we need to return to the basic principles and use the SMART framework. Goals that are SMART are ones that are “specific, measurable, achievable, realistic, and time-bound.” This can be used not only to generate new ideas but also to assess the quality of those ideas as well.
Do: Keep it creative, fresh, and fun
The primary purpose of a road map is to articulate precisely what return on investment your community can expect to see. That doesn’t rule out the possibility of creative and entertaining perks. If you want to get people excited about the project’s future in the medium to long term, be creative and don’t limit yourself. One common way is to introduce new features and functionality well after the end of the official roadmap.
Don’t: Overpromise and lies to your investors
There are many ambitious initiatives in the NFT landscape. To compete with other projects, you shouldn’t make promises you can’t keep, and it’s better to have a modest roadmap and complete it successfully than a more ambitious one and fall short. Remember, the roadmap’s main purpose is to reach out to your target audience and provide them with the features they will find most interesting, useful, and groundbreaking – but achievable.
Don’t: Use the NFT roadmap as a rigid guide
When planning, use the NFT roadmap as a suggestion rather than a hard and fast rule. Your roadmap will show you what tasks can be delayed or what went over budget if something is taking longer than expected. Keeping your community apprised of any changes from your roadmap will help them understand why you made the decision they made.
Conclusion
NFT roadmaps are essential for any NFT artist, but make sure you read my guide thoroughly to ensure it is done correctly. If you have an original idea for a Web3 project, please don’t hesitate to email us at hello@satom.vc. Our blockchain experts are here to help you get your project off to a good start with tailored strategies.
