How to Build a Successful NFT Project

As NFTs (Non-fungible Tokens) continue to grow in popularity, many web3 developers, growth marketers, and entrepreneurs are eager to test the waters. 

But what exactly does it take to create a successful NFT project long-term? This article will cover some of the tried and true tips to help set you up for success. 

1. Your NFT Community Comes First

Your community is what will ultimately determine the success of your NFT project. Whether you're an indie artist trying to make money selling NFTs or a web2 brand looking to experience the NFT space first-hand, your collectors should be the top priority.

Creating a strong community is easier said than done. Here are a few NFT tips to get started.

Get started building a community now. 

Whether that's growing your brand, setting up a Discord and Telegram, or engaging with your potential buyers regularly, start now.

There will never be the perfect time to launch your community.

The more effort you put into brand-building now, the better chances you have of selling a successful NFT project and building a loyal following for the long term. 

Invest time into where your audience spends time. 

You don't have to be on every social media platform, have a perfect website, or create a viral YouTube channel to sell out NFT collections. 

NFT Community Building Tips

• Find where quality investors spend their time, and make an investment in their channels.
• Connect with NFT buyers and crypto enthusiasts
• Buy and support original, 1/1 NFT art.
• Join Twitter spaces to share your idea

While Discord is one of the more popular platforms for those interested in crypto and NFTs, Twitter, TikTok, and Telegram can also be worth your while.. 

Partner with reputable influencers and companies.

Many NFT projects fall into the trap of hiring 'big name' blockchain influencers, celebrities, or social media personalities to promote their story.

Unfortunately, this doesn't always go according to plan.

It's essential to partner with reputable crypto social media influencers and companies with a history of integrity and aren't known for supporting scams.

Don't let a "big name" hurt your project's reputation. Choose partners that believe in your project and the NFT space as a whole.

Do your research and only work with individuals you trust. 

Use these NFT marketing tips before your collection drops.

Don't wait until the week before launch to hype up your launch - it's critical to start sharing your NFT collection as soon as you can.

• Create a social media campaign
• Share the long-term vision
• Publish teasers of the art
• Run whitelist competitions
• Create games that encourage participation

Unless you're launching a stealth NFT collection where you intentionally aren't marketing it, dropping a new NFT collection should never be a surprise.

2. Price Your NFT Project Fairly 

One of the most important parts of building a successful NFT project is setting your initial NFT mint price correctly. If you charge too high of a mint price upfront, you risk losing your momentum, not selling out your collection, and losing the support of your collectors.

In addition to setting a fair price, it’s also important to set a fair royalty on all secondary NFT sales. If you set a high royalty, holders will not be able to capture as much value from the community they helped build which may deter them from minting your NFT.

NFT Pricing Tips

Here are a few practical tips for setting an appropriate price on your NFT:

• Spend time talking to your community about what is a fair price.
• Take into account your vision and ability to deliver value long term.
• Research the top NFT projects on sites like Nonfungible.com or Dune Analytics. 
• Generally, 0.05 - 0.1 ETH is where most successful NFT projects set their mint price
• Set your price to invite many supporters to participate (don’t make it too expensive) 
• Initial mint sales are not the only way to earn money from NFTs - secondary sales on NFT marketplaces like OpenSea can drive long-term revenue through NFT royalties

Successful NFT Pricing Example: Smol Brains

Some projects like Smol Brains even went the "free mint" route, and having their collectors just cover the cost to deploy an NFT. knowing that the value they create over time would allow them to build a sustainable venture and earn money off secondary sales. 

Remember, it's not about how you start; it's about what value you can create over time.

3. Plan a Quality NFT Roadmap

While a successful NFT launch is exciting, it's only the first step to creating a project that withstands the volatile nature of NFT markets and people simply flipping NFTs to make money. 

When done right, most of your revenue will come from NFT royalty payments from secondary sales, making it crucial to continue adding value to your collection after mint.

While there are pros and cons of creating a DAO, NFT collections can consider creating a DAO where holders can participate, promote, and push the NFT project's direction forward.

Additionally, thinking of ways to add more value to the people investing in your NFT can further increase enthusiasm. 

Examples of NFTs that Increase Value with Strong Roadmaps

One of the clearest examples of NFT projects that continue to expand their roadmap to drive value back to their holders is Bored Ape Yacht Club (BAYC). 

BAYC famously airdropped serums to create mutants, dramatically increasing interest in, and many BAYC holders were able to sell their mutant for much more than the cost of the initial mint. 

Now, with the launch of $APE Coin, the purchase of CryptoPunks and Meebits, and a new roadmap, it’s clear the BAYC team is focused on creating long-term value for their holders.

While you might not have everything figured out initially, listening to your community and continuing to test new ideas to drive value accrual will set your NFT up for long-term success. 

4. Communicate Effectively and Often 

Don't let the simplicity of this NFT tip fool you; regular communication from your core team of contributors can quite literally make or break your project.

With so many "rug pulls," keeping your community up-to-date with popular crypto communication tools like Discord and Telegram is important. 

The worst thing you can do to derail momentum is go radio silent after launch.

NFT Project Communication Tips

Here are some quick tips to improve the communication for your NFT collectors:

• Commit to a regular communication schedule and do your best to stick to it.
• Invest in hiring someone on your team to support your community.
• Create educational resources to help your holders know what is going on. 
• Have moderators online to answer questions.
• Regularly post in the #announcements channel and tag @everyone.
• Stay ahead of urgent communications (e.g. roadmap setbacks, hacks, etc.)

Posting updates multiple times per week, troubleshooting holder support requests, and being online to engage your holders sends strong signals your project is not a scam and your team is focused on positive sum value accrual.

Parallel: A Successful NFT Project that Communicates with Holders

The sci-fi card game Parallel does an excellent job setting a good example by holding weekly community calls where anyone can attend and ask questions. It's one of the many reasons they have been able to build such a loyal fan base quickly. 

5. Invest in Your NFT Code  

Because bad actors are rampant in crypto and NFTs in general, it's critical that when you’re creating an NFT to ensure your code is well-written to protect your users from potential exploits.  

Whether you have an in-house dev or are outsourcing your NFT contract work, it's important to invest in the best web3 developer talent that you can afford or find through networking. 

While common NFT smart contracts used by many teams in the industry like the ERC721 and ERC721A help mitigate risks, exploits are always a possibility.

Because exploits can be disastrous for the overall success of NFT projects, if you have the capacity to hire a smart contract auditing firm, it may be good to have your contracts reviewed., 

Don't let your enthusiasm to launch cause you to skip the most basic of security precautions. It makes a difference. 

Use these NFT Tips to Make your Launch a Success

With some $41 billion worth of crypto spent on NFT marketplaces in 2021, it's an incredibly exciting time in the world of Non-fungible tokens. 

To make your NFT launch a success it's crucial to put in the work. Use this list of tips to ensure success for your mint and the long-term value creation for your holders.

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