So you’ve caught wind of the success others are having with launching their own NFT collection and you want in on the action?
Even if you know your way around Web 3, there’s a lot that goes into NFTs and what determines a successful project. If you want your NFT launch to go smoothly, there’s a few steps you should take to prepare.
Below you will find some helpful tips on how to approach launching your own NFTs, no matter what chain you are on or what niche you are trying to target.
Step 1. Know Your Audience
Not all people who are into crypto are into NFTs. Even the NFT community itself is divided in terms of what they prefer. Some are in it solely for the art, others want NFTs with money-making utility, and others only care about the community or brand involved.
So before you even begin to formulate a project, you want to know your audience. Who are you marketing these NFTs to and is there room to build a community off of it? The success of your project could rest on whether or not people will want to get behind the idea.
There is a misconception in traditional finance circles that because NFTs are hot, any brand can spin up a collection, launch a project, and expect it to flourish. Yet NFTs and crypto in general are built off of community and shared values. Anything that even smells “corporate” is a turn off and could destroy the legitimacy of your project.
So what do you do to vet a market and actually collect the necessary data in order to prove you have a solid foundation?
You should consider blockchain consulting services like the kind we offer here at ISA Group. Our knowledgeable crypto experts know the industry and can help you structure your NFT project from the ground up with a data-driven strategy.
It takes a certain degree of unique understanding of the NFT markets to properly analyze the potential audience for any crypto project and then take that data and turn it into something useful. One thing you don’t want to do is to fly blind and just randomly launch an NFT project. This is a surefire way of creating something that will likely fall flat.
NFTs are a powerful community-building and brand-building tool, but you have to start off by collecting the right data on your target market. Do you know what your future community will even look like? How are you planning on attracting new investors to the project, and what is your plan for community management and engagement? Can you speak the lingo and connect with NFT investors?
You have to ask all of these important questions if you really want to get to the heart of what your project will be about and what kinds of value you will offer would-be investors.
Step 2. Target The Right Blockchain
Not all Blockchains are created equal, nor are they all suited for NFTs.
Going for the largest market with the most money to spend? Ethereum is probably your best bet.
Want a super niche market with a community that is obsessed with good art? Fantom might be your cup of tea.
Solana, another popular chain, has a thriving NFT scene driven by cheaper gas fees. Worth considering if you want to target a large demographic but don’t necessarily think your audience has the stomach for the gas fees and general high prices often found on Ethereum.
Other options include the Binance Smart Chain, Cardano and Avalanche, among others. The bottom line is that you should make sure you are hosting your NFTs on the right blockchain before launching. Is your target audience on the chain you are building on? Will they support your project if you decide to launch on Opensea vs. a place that’s more niche and respected among hardcore crypto folks?
A savvy consulting agency for NFTs and crypto can help you make these kinds of decisions.
Step 3. Focus on the Community
You can’t really get away with dropping an NFT collection and then riding off into the sunset. You have to make the time to connect with your audience before and after launch.
Specifically, before the launch of your NFT project is even set to occur, you want to be actively engaging with your target audience on every possible front. Especially on Twitter and Discord where crypto natives usually spend their time.
This is not an exercise left to the same old underpaid social media intern. Be sure you are ready to make an investment into people above all else – the actual NFT collection is secondary to this. Make plans to hold giveaways, art contests, ask for ideas from your community, and anything else that you think might engender trust. You will also want to map out a roadmap for your project and post it for your community to view – well before your NFT launch is set to mint!
This way you are establishing a solid foundation and will give yourself the best chance possible for an NFT launch that is as smooth as possible.
Ready to market your NFT collection or prepare for your project launch? Let our NFT experts here at ISA Group guide you through everything you need to know and help you collect relevant data so you can construct a rock-solid project. Our consultation services will shine a light on all things Web 3 and demystify the space for you, so you can focus on what’s important: building a great project for your community and brand!