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Many successful NFT projects thrive on viral marketing for a few days and then die out because enough people just could not relate with them on a personal or community level. The question isnt what makes good NFT art, but what ingredients make a successful project. Its amongst what makes a good NFT project. Related: Customer Loyalty in Ecommerce: The Surprising Benefits of Online Fairness. These vibrant communities help in increasing the value of NFTs. A few of the larger marketplaces include: Choosing a marketplace and choosing a blockchain go hand in hand. No gas was required in the creation of this site. And if youre wanting fans and customers to continue to hype your NFTs, you need to create value that lasts. Ensure that when you get website visits, Twitter follows, or new members to Discord channels, youre delivering fresh and engaging content and product teases to get fans excited and ready for launch day. In a nutshell, NFTs enable digital scarcity. Beyond high gas fees, website crashes are a key threat to prepare against when releasing high-demand NFTs. A project with a very high ratio of unique holders will be inherently more stable in price because if everyone only has 1 token, they are less likely to sell it. This is when owning an NFT gives the holder access to certain benefits. What are the built-in features such as randomness, rarity, and voting rights? Even mainstream brands are watching the NFT scene. In a recent NFT launch by Niftys, over 300,000 accounts virtually lined up for a shot at The Matrix Avatar NFTs. Already, NFT projects are gaining mainstream interest from celebrities and sports stars. If youve an idea or a vision, start right now. BAYC call bonding curves a Ponzi scheme, emphasizing their fair fixed pricing model. But for every highly successful NFT collection, there are dozens that fail to capture anyones attention. This additionally keeps websites from crashing and payment gateways running smoothly, offering the added benefits of fair randomization, capturing the marketing hype of queues, and removing shopping bots from sales. Facebook Do you give owners the intellectual property rights to the NFTs? They can be pictures, videos, audio, text, and any other form of creative media. So is this what makes a good NFT project? These early decisions matter because features like royalties, rarity, and mint amount are fixed after the initial minting. During high-demand product releases, it pays to be prepared. In fact, marketplaces like NFTically will enable you to launch your NFT collection integrated with multiple marketplaces and blockchains simultaneously. The first category involves some form of real-life utility, such as access to a conference, exclusive access to a high-end restaurant chain or in its simplest form, access to merchandise. If the original collection doesnt sell, there is absolutely no reason to assume that it will work with the second or third mint. Creating your own marketplace gives more control over the NFT launch, allowing creators to capture more revenue and often saving fans from the high gas fees associated with Ethereum. Building an NFT project is not about spinning up a series of artworks and then waiting for someone to buy them. These include but are not limited to too many mints, an excessive mint price, lack of liquidity, an anonymous founder team and lots of fake influencer accounts that are promoting the projects mint. For instance, it's rare to find someone changing their profile picture to a new Nike kicks or Patek watch, no matter how valuable those assets are. This is a huge red flag because its a typical scam used to manipulate gullible people on the internet. NFTs as access passes are a growing theme. And by implementing a 10% royalties function, Gary has made an estimated $150 million just off resale. This makes sense because media exposure helps build brand recognition and if the project vision is to become a streetwear brand, then brand building to by far the most crucial part of the endeavor. Some of them include Binance Smart Chain, Cosmos, Polkadot, Avalanche, Solana, Fantom, etc. Opinions expressed are those of the author. Twitter, Discord, Instagram, Telegram etc. When devising your communication strategy, determine the story you want to tell, explain the value of your project early on, and be clear about the journey you want to take buyers on. If you're getting involved in creating and marketing NFTs, the thing to keep in mind is deep involvement from your audience. Successful NFT projects have clear answers in the form of a narrative and vision like world-class companies. How will features like randomness, rarity and voting rights work? You need to understand the following steps in detail to build a successful NFT project. However, you dont need to make the same mistakes that we did and therefore some of our advice will likely be useful to you. While the launch wasnt issue-free, Niftys managed to sell 100,000 NFTs without charging users gas fees or cancelling and postponing the launch. We're in for a lot of innovation in the coming years, and you can capitalize by being more creative than the next person. CryptoPunks and BAYC NFTs (both of which I own at least one of) have created communities of core enthusiasts that are rarely seen with mainstream brands. If not through code in your smart contracts, then through copy on your website and information in your whitepaper. Every NFT project is a story at the end of the day. So if someone asks what makes a good NFT project, the roadmap shouldnt be your first response. However, the vast majority of people are primarily looking to make a profit. A good example of this is CyberKongz, where each holder of a Genesis Kong receives 10 $BANANA per day. So how can you avoid releasing an NFT collection that falls flat? But is that really what makes a good NFT project? Do they double as tickets to an exclusive event? Unless you've been living under a rock, such as the EtherRock that recently sold for $1.3 million, you've probably heard about non-fungible tokens(NFTs). But on Twitter, you can find many people changing their profile pictures to avatars of their favorite NFT project. Some are more environmentally friendly, others have lower gas fees, and some offer interoperability. The second category is purely digital in nature and can involve access to certain areas within the projects Discord, early access to content, access to play-to-earn blockchain games or even yield from the projects own ecosystem token. Its the NFTs that sell out fast that make headlines, capture the attention of NFT enthusiasts, and realize increased value on the secondary market. Price history also comes into play when a project has already been around for a while. With this, upcoming NFT projects can donate 555 of their NFTs to VeeFriends holders. VeeFriends, for example, has gone beyond its initial promise to buyers by creating a Pre-Launch Program (PLP). Anything special or exciting? Considering that some of the most successful NFT projects of all time started with a free mint, asking for 0.5 ETH or more to mint new tokens seems a bit greedy. The vast majority of people will lose money in this market. Your NFT story has to be compelling. All these crashes had one thing in commonthe websites werent prepared for thetraffic surgesthe NFT drops would lead to. NFTs can be anything in data form. PR is a hugely underestimated marketing tool. NFTs or non-fungible tokens are pieces of data stored on the blockchain. We know the launch wasn't exactly what we wanted for our community to experience, but with the help of Queue-it we were able to effectively work on resolving issues and making things right for everyone that stuck with us. Even on fixed-price NFT releases, however, projects quickly mirror auctions in the form of gas fees. The most successful NFT projects communicate the purpose of their existence. This doesnt mean the team isnt trying, but it might mean they simply lack the ability to execute. If you research thoroughly and conduct proper due diligence, then chances are you will succeed in investing in a number of very promising projects with a bright future. In this asset class, the survivors are the winners. If you are anonymous, you have few consequences to fear if you mess up. We cover NFT communication strategies, blockchain and marketplace options, utility building, community creation, and the importance of fairness. Some popular ones include NFTically, MakersPlace, etc. There are other blockchains where you can launch your project on. The co-creator of Ethereum, Vitalik Buterin, wrote a thought-piece on achieving fairness in product launches, outlining the five goals of an ideal NFT launch: In these criteria, Vitalik stresses that giving a fair and simple NFT launch to as many people as possible is the best way to create community engagement and enthusiasm. NFTs aren't just valuable economically. Bored Ape Yacht Club (BAYC), for example, isnt just 10,000 images of different apes. Less listed tokens mean that supply is limited and with growing demand, the price of the tokens will go up as well. Thats why so many people are asking what makes a good NFT? The most obvious example would be the blue checkmark on the most well-known NFT collections. For every NFT creator, there are two early decisions that are vital to the success of the project: where youll sell your NFTs, and which blockchain youll mint them on. All Rights Reserved, This is a BETA experience. With customers expecting fair, orderly, and problem-free product releases, NFT businesses are seeking out new ways to control the traffic surgesthat come with NFT releases. Holders of an NFT of a project are financially invested and their incentives are aligned with those of the team. Its a market full of high risk and high rewards, totally unregulated and akin to the wild west. Even for NFT collections that strive for fairness and diversity by selling at a low initial cost, customers end up competing over NFTs through gas bidding. Founder atBDE Ventures, a marketing and consulting agency. Having worked with banks, tax agencies, and crypto exchanges, Queue-it is highly familiar with KYC and can help support fairness and regulatory compliance. This not only gives up and coming NFT projects a launchpad, but also allows VeeFriends holders the chance to get free NFTs with each new PLP run. Koala Intelligence Agency perhaps does the best job of this, by making its tokens "agents" and giving owners missions. Before minting your NFTs, dig deep into the different options available and choose whats right for your project. Gas fees are payments made for validating transactions on blockchains. For early investors who bought their Ape for 0.08 ETH, they could sell their NFT Mutants and Dogs at a massive markup without parting with their original Apes. What skills do the founders bring to the table and are they the necessary skills to pull off a successful NFT project? Was there a single huge pump at the time of mint and then it just fizzled out over time? Not to worry because weve all been there and its literally just a matter of learning by doing. Lack of price appreciation is one thing, lack of volume is another. Some of them promise you NFT whitelist spots on a big upcoming project, though these can also be legitimate. They clarify their objectives with fun and heart. Is It Possible to Get Copyright Protection For an NFT? Some of the indicators are of positive nature and help to assess the likelihood of a project actually becoming successful. As GaryVee has said on multiple occasions, roadmaps are nothing but a startups pitch deck. Although NFTs as a phenomenon are here to stay, remember that your NFT project will become successful when lots of different people see value in them. But youre also confused because you dont know what to look for in an NFT project? LinkedIn Its easier for anonymous teams to abandon a project if their personal reputations are not on the line. Id definitely say thats one example of what makes a good NFT project! With NFTs approaching the mainstream, its getting harder for new NFT collections to stand out from the crowd. The era of industrialization. Since theyre stored on the blockchain each NFT is unique with provable ownership. Ambition and success go a long way towards achieving what you want. From over a decade working with product releases in ticketing, electronics, and sneakers, weve learned a lot about successful drops and launches. Being part of a community with exclusive access privileges also helps build brand loyalty because people want to remain part of an exclusive club. A lot of the early NFT projects primarily focused on the artistic aspect. Some projects have developed complex ecosystems where certain tokens or combinations of multiple tokens may have more value than others because they yield a different type of token. Its about the community behind it and how engaged it is. In this article, we draw on these insights and showcase success stories from some of the biggest NFT projects to outline the key preparations you need to make and the tough questions you need to answer to pull off a successful NFT launch.Here are the 9 steps weve seen successful NFT projects nail, and that you should consider prior to your NFT drop: RELATED: NFTs Explained: Everything Your Business Needs to Know. And these tokens are required in order to pay for things within the ecosystem.

Top 5 MetaMask Alternatives That Really Matter, Dune Analytics API: Everything You Need to Know, The 6 Best Dune Analytics STEPN Dashboards, Solved: How to Transfer Solana to STEPN in 5 Easy Steps, STEPN Sneaker Rental: Everything You Need to Know, Solved: How to List NFT on OpenSea in 3 Easy Steps, 10 NFT Analytics Tools to Boost Your Profits. If you ask Twitter, what makes a good NFT project, the vast majority will probably refer to the community. Does the founding team have experience in running a project like this? That doesnt mean that a free mint will necessarily perform any better, but at least the burden of risk is shared between investors and founders. Will you mint the NFTs, or will you allow the public to mint them? Is It Better To Lease Or Buy A Car In Summer 2022? If a project has already done a couple of mints and still hasnt gained notable traction, then its definitely a red flag. Fun, Interactive And Meaningful Experience. At the end of the day, its the story that captures the attention and the wallets of people. So spend the time leading up to the release getting as much visibility for your NFTs as possible. Do I qualify? Social proof is a powerful thing in social media. While this benefits the miners, customers end up spending more than expected, and many are quickly outbid by whales and bots. Each major spike in fees is associated with a high-interest NFT project. The simplest suggestions are the most difficult to pull off. Major available blockchain options include: Each blockchain has different benefits, proponents, and selling points. So what makes a good NFT project? Thats right, some projects actually provide a form of yield. Lets start with the assumption you already have the assets you want to turn into NFTs. The metaverse has opportunities for individuals and communities to create socio-economic value. By limiting the outflow from waiting room to transaction page, NFT launches can spread transactions out over a larger period and avoid gas wars among customers. Every Veefriend doubles as a ticket to the exclusive VeeCon conference. It is the so-called blue chips that you are trying to find, the projects that will survive the crash when it happens. None of it is financial advice. (I own a VeeFriend as well.) The last question captures this step. Establish social media channels (Twitter and Discord are the main areas NFT enthusiasts spend their time, but its also worth considering Instagram, Reddit, and Telegram), Reach out to NFT influencers and consider donating NFTs to them for support, Create promotional videos, photos, and written content, Create a presale sign-up form and mailing list, All major partners and third-party services are informed about the drop, Staff know their responsibilities and have clear channels of communication, Customer service ready and people are monitoring social media channels, Technical support is monitoring for issues and have plans in place for quick solutions. Ethereum is the most popular blockchain out there. Remember, you are buying into a vision and the likelihood of that materializing will largely depend on the ability of the founders to actually execute it. Save my name, email, and website in this browser for the next time I comment. By setting purchase limits and authenticating each customer, all users can participate in a fairer drop, and secondary value can be realized for buyers on the resale market. Paradigms chart below shows the Ethereum gas fees in the month of September 2021. A story that your community deeply believes in. Is it utility? NFT launches are all about building excitement and community. Very often these projects will end in a so-called rug pull, where the founding team disappears with all the money. NFT projects with profile pic collections of 10,000 items are at the forefront of a totally new asset class. RELATED: 11 Exciting NFT Trends Shaping the Future of Non-Fungible Tokens. We know the launch wasn't exactly what we wanted for our community to experience, but with the help of Queue-it we were able to effectively work on resolving issues and making things right for everyone that stuck with us. This was the case for both Gary Vaynerchuk and the BAYC creators, with their follow-up releases selling out far quicker than their original ones. Vitalik calls this auction-by-other-means, and its more common than many realize. A good NFT project usually has a healthy mix of a strong founding team, vibrant and positive community, a clear vision of how to increase value, effective marketing and elements of gamification and utility which build loyalty amongst their token holders. And once you have that list of prospects, you can eliminate those with obvious red flags. Customers who arrive on time for an NFT launch are given a randomized place in queue and are then throttled back to the website to purchase when its their turn. Some of these red flags will be obvious to you and are easy to identify, while others are trickier. As businesses navigate the exciting space of NFTs, many quickly realize the interest in NFTs exceeds the capacity of their websites. Always remember that features like mint amount, rarity and royalty percentages are fixed after the NFTs are minted. Based on the speed of technology, there are several NFT projects. These contracts are crucial to the value proposition you give buyers. This is the place to talk to people and get to know them. Some of the key skills that a project needs include social media marketing, brand management, community management/PR, blockchain development and ideally an artist with a signature style. Using Crypto, How Can I Make a Passive Income? Otherwise, your attempt to make money by investing in NFTs will be quickly shattered. Its used to prevent illegal activity like money laundering, funding of terrorism, and tax evasion. And that still holds true if the primary objective of the project is to create or promote some form of art (e.g.

On the latter point, we were happy to announce that all Niftys users who queued for a Matrix Avatar will be receiving a free glitch in the Matrix NFT.Nifty's, Virtual waiting room for Niftys The Matrix NFT drop. Build a world class website. Thats why most project founders would kill to know how to get verified on OpenSea. This also includes celebrities who have picked up their own NFTs of the project. If youd like to find out more about the best NFT games right now, we have an excellent article on the subject. Utility is becoming an increasingly important aspect of many projects roadmaps. Hence, if you think successful NFT projects are pictures on the blockchain, youre wrong. Make sure they fall in love with your NFT, story or project. With increasing NFT prices many late investors obviously want to know how the team plans to bring additional value to its holders which will help increase the tokens price. For many people, this isnt enough though and NFTs enable a whole new category of investments that the world has seen before, however not necessarily in this form. As for the other features, make sure to specify them right at the start. BAYC created a world that people could only join by buying their NFTs. As buyers fight over a limited supply of NFTs, they bid against one another on whose transaction will go through. Expertise from Forbes Councils members, operated under license. Think of the blockchain as a decentralized database that is not owned by anyone. Many get priced out of buying, others lose gas bidding wars, and others leave frustrated, having spent more than they intended or than was advertised. Positive and inclusive communities tend to perform well because they are fun to hang out in and they foster a culture of reciprocal promotion. They're also revolutionary when it comes to branding. After reading this article in full, youll know exactly what makes a good NFT project. Since new mints indirectly dilute the value of the original collection, it simply doesnt add true value either. The level of interest in NFTs is growing fast. These NFTs are used for varied purposes, such as generating events creations,, Non-fungible tokens or NFTs have taken the world by storm. They have a clear value proposition for their community members. Always remember that successful NFT projects are not made overnight. Bear in mind, were not talking about die-hard artists who live for their work and are aspiring to move up the ranks of the most expensive NFTs ever sold. Similarly, NFT projects are already getting mainstream coverage. The more excitement surrounding your NFTs, the more value people will ascribe to them. The NFT giveaway, for example, is popular because it works. The project had a roadmap which detailed its future and what it would give back to early buyers. So, write it down. The best thing is that were early. But you can make it easy by knowing youre why. Bored Ape Yacht Club, currently the most successful project to have ever existed, had all its artwork done by a freelancer for a one-time fee. The values of your community can always change. With the NFT economy being community and creator driven, creating a fair NFT launch is an important way to show customers you care and your project can be trusted. Non-fungible tokens or NFTs took the world by storm in 2021. PwC Cloud and Digital Transformation BrandVoice, How To Earn Cash Rewards For Everyday Spending. This is also where the total number of unique token holders comes into play. Now that weve established what sort of indicators will help you choose a big basket of prospects, lets have a closer look at the early warning signs of a scam or simply a bad project. Its payday. The serums alone generated millions of dollars in value for Apeholders. They are rarely interested in the long-term viability of a project. Gary Vaynerchuk outlined all the features of his highly successful VeeFriends NFTs ahead of time. Keep it clean, simple and SEO friendly. NFTs arent currently regulated by KYC, but with the market growing fast, and concerns about scams and money laundering, many suspect they soon will be. This approach creates a large and diverse holder community who believe in your project, which is key to long-term success. RELATED: 39 NFT Ideas & Examples: The Wild, the Weird & the Wonderful. User experience and story buy-in are key. And the commitment to the vision and community drove continued value. Every successful NFT project ensures that its community members continue to benefit above and beyond what was promised. When everything has gone perfectly in your checklist until this point, the drop day can make or break your project. | How Cryptocurrency Mining Works. For instance, CryptoPunks tokens, pixelated humanoid characters that were given away for free back in 2017, were worth a minimum of about $400,000 when I wrote this. Gary Vaynerchuk created the collection of 10,255 tokens, and holders will be able to attend VeeCon for the next three years. Once youve chosen your blockchain and marketplace, its time to write your NFT smart contracts. This story, voice, and vision is what captured people. This is done through bot protection features and enqueue token SDKswith unique user identifiers, meaning only authenticated users can pass through the queue and onto the website. Whether its images, videos, avatars, or merchandise, theres one core question you need to answer: why should people buy your NFTs? There are roughly 2 different categories of utility that have emerged. Last, the NFT utility that we see today probably won't be the utility we see in five years.

NFTs enable objects and data on the internet to be valuable. When setting purchase limits, PoP and KYC allow businesses to authenticate each customer, so savvy users cant exploit the sale using shopping bots, VPNs, or multiple devices. Youtube So its time to put your thinking cap on. Gala Games also has NFTs, but it takes customer service to new levels and has one of the most engaged and helpful Discord servers I have ever seen. Do not underestimate the significance of this question. If you can get your audience on your team and out there championing you in a big way, you're much more likely to make it. A few key ingredients shared by successful NFT projects include: Theres no better product launch result than a quick sell out. As mentioned in the last section, a high holder count will usually result in more stable prices. Exposure via the social media channels of well-known celebrities is very likely to boost the perception of that project. A project with a history of stable growth and only limited hype-driven swings is usually a better investment because they are an indicator of long-term holders. What type of value is it going to provide to your community? Thats a 2,000% price increase from gas fees. As an investor, you want to be sure that you can actually cash out of your position at a reasonable market price.

In this article we outline the 9 necessary steps for a successful NFT drop from start to finish. This suggestion may seem like a no-brainer, but it is the most important one. Research from Paradigm shows that during The Sevens NFT drop, gas prices peaked at 12,246 gwei. The vast majority of startups fail and the same holds true for NFT projects.