The market for non-fungible tokens is very saturated. So you need a good strategy to distinguish yourself from the competition, says Maksym PetrukCEO and founder of WeSoftYou†
How do you successfully launch your NFT collection when the market is going bad?
Create a story before starting an NFT collection
Most people launch non-fungible tokens without building a brand. Then they wonder why their works don’t attract buyers. But the reason is clear: these NFTs have no history.
So, when a project idea comes to mind, you first need to determine its value.
- What sets your NFT collection apart from the competition?
- What makes your project unique?
- What is the value of your NFT collection to your customers?
- What is the context of your project?
Creators of successful NFT collections will instinctively answer these questions. They all have a compelling story that makes their project special.
Make a team
There is no special formula for creating a team for your NFT project. The most important thing is not the number of people, but the clear division of responsibilities. That said, your team must necessarily include:
When looking for an artist for your NFT collection, make sure that person embodies your ideas more vividly than they do in your imagination. Also, make sure the designer’s style aligns with the overall vision of your project.
A technical director and developers
Here you should not only check whether the candidates have experience in similar projects, but also whether they have a genuine interest in your project.
A business development manager
The latter works on your business development strategy, manages the promotion of your NFT collection and helps create a community around it.
To build a good NFT community and create hype around your collection, you need to hire marketers including PR specialists, community managers, content writers and many other professionals.
A project manager
The latter solves organizational problems and ensures that all departments understand their missions and meet their deadlines.
Each member of the team should know their responsibilities: artistic creation, market analysis, community collaboration, etc. You don’t have to overload a team if everyone understands their responsibilities.
Create an NFT Community
Why do NFT collections depend on the community? By purchasing an art object you have exclusive access to a circle of people. Also, the more hype and excitement around your collection, the more valuable it will become. So before launching your NFT collection, make sure to get your audience involved.
Here are some tips for creating your NFT community:
- Create Twitter and Discord accounts for your NFT project. These two social networks are the best for building and growing an NFT community. However, you should not neglect Telegram, Reddit and TikTok, which are also interesting.
- Collaborate with crypto influencers and other media personalities. For example, the CryptoCossacks Club team created 50 NFTs and donated them to several big names, including Elon Musk and Angelina Jolie.
- Don’t go too fast at first. Take the time to collect feedback from the first users and analyze the information you receive. Don’t be afraid to change the concept of your NFT collection.
- Communicate constantly with your audience and always listen. Post new content – including ads – to your channels to keep your community engaged.
- Organize pre-sales and launch giveaways. Who among us doesn’t love to receive small gifts?
Finally, remember that every project has its own journey. Therefore, the secret to the success of your NFT collection is understanding the value of your project and, more importantly, what interests your audience.
Launch of an NFT collection: the technical aspect
When your NFT collection is ready, you need to ask yourself two important questions: the blockchain on which your non-functioning tokens will be based and where you will sell them.
The choice of marketplace depends on the blockchain you are using. For example, if your non-fungible tokens are based on Ethereum, you cannot sell them on Binance’s NFT platform, as each blockchain uses different token standards.
Currently, the most commonly used blockchains for NFT collections are:
Here are also some of the best platforms where you can start an NFT collection.
After choosing the blockchain and NFT platform, you need to create smart contracts, not to mention a website for your project.
Some technical advice
- Try to choose technologies that are popular and have a large number of developers and end users. At the very beginning of your project, it’s absolutely useless to use complex technologies if you don’t really need them.
- Create a system that is flexible to change. You will probably rewrite your backend, smart contract or website several times before starting your NFT collection.
- Make it a habit to plan the technical part of the project. But in the beginning, it’s better to plan two steps ahead than ten. Premature code optimization is often a bad idea and only increases the complexity of the project.
- Ask yourself difficult questions about the product. For example, how will the system respond to non-standard cases.
Launching an NFT Collection in the Web 3.0 Age
In the future, NFT projects will be an integral part of the overall Web 3.0 concept. Indeed, people are increasingly interested in acquiring unique ownership rights to digital assets.
At first glance, given the incredible number of NFT projects available in the market, you might think that this sector is already well developed. In reality, however, it is just the beginning. This is why the creators of NFT collections have the opportunity to be the forerunners of a whole new era of the web.
About the author
Maksym Petruk is a technology entrepreneur who has received several awards during his career. He is also CEO and founder of WeSoftYou, an international product development specialist supporting customers around the world. Maksym is also CEO and founder of CryptoCossacks Club.
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