Non-Fungible-Tokens (NFTs) are the new rage of entertainment. They are especially popular in the sports and art industries as a way to boost engagement and inspire the masses. Web developers, marketers, and business owners are also ready to take the plunge as NFTs skyrocket to fame.
Building a successful NFT project, however, is not as easy as it looks. Hundreds of projects are launched every week, but only a handful manage to survive. For long-term success, NFT project managers need to make good decisions every step of the way. If you’re curious about what a profitable NFT project entails, read on as we cover the 3 foundations of NFT success.
1. Build Your NFT Community First
The future of your NFT project depends on your community. If you want to wade the waters of success and ride the tide, you need to put your collectors first.
It doesn’t matter if you’re a small-scale indie artist or an industry leader — prioritize your audience. Study their behavior and understand what they want. Engage and interact. Communicate often. This is the best way to start building your brand.
The more time you invest into building your NFT community now, the better chances you will have to sell your product and gain a loyal following. Discord, YouTube, and Twitch are some of the best places to win a loyal following, so make sure you use them.
If you’re uncomfortable in front of a camera, you may even partner with existing social media personalities — but make sure you pick someone who is the right fit for your project.
2. Tell a Captivating Story and Build Hype
Building an NFT community may seem out of your depth, but it is not rocket science. If you’ve hit a wall, start by asking yourself these questions — why should people buy my NFTs? How are they different? What do they offer? Successful NFT stories always start here.
Once you’ve answered these questions, you’ve discovered your brand’s value. The only thing left to do is to communicate it to your audience. You need to give them a reason to care about you. The best way to do this is by telling a captivating story that pitches your brand’s value.
As long as you keep it real, people will be drawn to your brand’s voice and narrative.
Social media campaigns are the best way to reach your audience and generate buzz, so make sure to create as much excitement as possible. Using the NFT Calendar is also a must to get your name out there.
3. Choose Your NFT Marketplace and Blockchain Wisely
Deciding where to sell and where to mint your NFTs determine your longevity. Don’t skimp out just because you’re confused — shortcuts only lead to accidents. Explore your options and make sure you make the best choices possible.
While the majority of NFTs are minted on Ethereum and sold on OpenSea, you may benefit from using less popular alternatives or by setting up your own NFT marketplace. This will save your money and give you greater control over the proceedings. In the long run, this independence will increase your profitability and give you an original appeal.
So before you jump into the competition, make sure to study your options and choose only what fits the needs of your project. If you’re not ready to take the reins just yet, you may pick Makersplace and Nifty’s as appropriate alternatives.
Bottom Line — Follow These Cardinal Rules to See Success!
If you want to build a successful NFT project, make sure you’ve got these basics down. A solid foundation promises success. All the work you put into building the core of your project will be worth it when you’re reaping the rewards. So cover your ground, launch your product, and get ready to meet the tide.