How to get a successful NFT Project

How to get a successful NFT Project

You've heard about NFTs and how they're making digital artists wealthy, so you decided to give it a try. You went to work, producing some of your most amazing work to date. After that, you minted them as NFTs and waited for the money to come in. You still haven't sold $300 worth of NFTs two months later. You decide that NFTs aren't for you and hang up the phone.

This is the sad story of many digital artists who have tried and failed to break into NFTs. It's unfortunate because these artists reached the incorrect conclusion. The truth is that minting an NFT collection and expecting to become a millionaire in less than a month is unrealistic. It's not that simple. There are a few things you should think about if you want to succeed in this field.

While we don't have all of the answers, we do have 7 tips that have been tried and tested by many of the most successful NFT projects. Let's get started without further ado.

1. Focus on marketing

It would be ideal if you could simply create great art and have people discover it and pay you for it, but that rarely happens. People must first be aware that your amazing art exists in order for them to purchase it. It is critical that you resist the temptation to ignore marketing because it is not in your best interests. Obviously, the next question is, "How do I market?" There are several ways to accomplish this:

1. Social media—There are various strategies available for social media (Twitter, Instagram, and so on). Some will be included as suggestions in this post.

2. Community outreach entails spending time in locations frequented by NFT artists and collectors. Naturally, you want to be a part of this community rather than a leach. If you join groups solely to promote your work, no one will pay attention because they don't know you. Is this laborious? It all depends on your personality. That being said, in order to be successful, you must be willing to make sacrifices. The rest of this post will detail tips that help with focusing on marketing.

2. Expand your reach with NFT drops to non-holders

This is one of the most effective marketing strategies available. Outside of NFT artists, it's a trick used by many projects in the web3 space. The logic behind its effectiveness is straightforward. A new project will typically airdrop tokens to users of a competing project. For instance, X project may distribute tokens to users of Y project. This encourages Y users to try out the X project. You can use the same trick with NFTs to great effect. Simply find an NFT project that is similar (or not) to yours and airdrop some NFTs from your collection to holders of that project's NFT. As a result, those collectors who received your NFT will:

• Experience your NFT
• Share your NFT with their connections (social media, groups, friends, etc.)
• Buy your other NFTs as a thank you or because they want to own more than one

This is one of the most effective marketing strategies available. Outside of NFT artists, it's a trick used by many projects in the web3 space. The logic behind its effectiveness is straightforward. A new project will typically airdrop tokens to users of a competing project. For instance, the X project may distribute tokens to users of the Y project. This encourages Y users to try out the X project. You can use the same trick with NFTs to great effect. Simply find an NFT project that is similar (or not) to yours and airdrop some NFTs from your collection to holders of that project's NFT. As a result, those collectors who received your NFT will:

3. Be community-focused

This is one of the most effective marketing strategies available. Outside of NFT artists, it's a trick used by many projects in the web3 space. The logic behind its effectiveness is straightforward. A new project will typically airdrop tokens to users of a competing project. For instance, the X project may distribute tokens to users of the Y project. This encourages Y users to try out the X project. You can use the same trick with NFTs to great effect. Simply find an NFT project that is similar (or not) to yours and airdrop some NFTs from your collection to holders of that project's NFT. As a result, those collectors who received your NFT will:

Projects with a strong community are more likely to survive in the long run. This is why the first piece of advice is to concentrate on marketing. Marketing assists you in attracting attention to your collections. The rest of the game is about converting these eyes into a vibrant community.

The community works so well because humans are so susceptible to word-of-mouth that if a lot of people are talking about something, we assume it's far more valuable. Polkadot > Bitcoin > Ethereum (by market capitalization). Why? It has nothing to do with technology and everything to do with people. The greater the size of a community, the more valuable what it stands for becomes. The next question to consider is, "How do I create a community?"

We don’t know the right answers. The best we can do is offer a few tips:

• Decide what the community identity is. Every community organizes around a core set of ideals. What kind of person does your art speak to?
• Reward early members. This could further encourage them to talk about your project/collection and invite their friends. A good idea for rewards is future NFT drops.
• Keep rewarding the community. In this context, community refers to holders of your NFTs. Each time you reward them, they will be inclined to share their new piece, thus driving more demand to your new collections.
• Focus on people and ideals, not profit. That’s the only way to build a long-term community.

4. Engineer FOMO

Few things in marketing are more powerful than the fear of missing out. For some reason, people are more likely to act when there is a chance they will miss out on a good opportunity. As a result, the challenge for you is to create a state of FOMO around your collection. This art form is mastered by some NFT artists. Here are a few ideas we got from them:

• Release the collection in batches?- This is a technique that is expertly employed by Code for the Ku Collection. He releases the collection in batches of 5 every week. His sequence goes like this:
• Post blurred out pictures of the 5 NFTs for the week
• Request for bids before the reveal later at the end of the week
• Post the full pictures of the 5 and the winning bids (this gives his pieces a relatively high valuation on the day they drop on-chain).
• Host the sale in trenches?- Rather than have one main public sale, you can draw out your release in such a manner;
• Early access pre-sale
• Public pre-sale
• Public sale

You can experiment with different combinations. The main concept is to have several stages of your sale. There is a reason why projects have multiple sales prior to the main sale. It's all about creating buzz, raising prices, and fostering community.

These are just two examples. I'm certain there are others. Investigate various options to determine which best fits your collection, personality, and reach. Always keep in mind that exclusivity breeds more demand.

5. Be honest with your pricing

If you're new to the industry, your pricing should reflect that, unless you're already a household name (outside the space). Some collectors will be enticed to buy from you if your prices are low enough. If they are too high, the chances of your collection selling out are much lower. On Singular, a good price to aim for is 0.1 - 0.5 KSM for JPEGs and 0.5 - 1 KSM for audio-visual NFTs. Of course, if you believe your art is worth much more, you are free to do so. Remember that what the market is willing to pay for your art is more important than what you value it at.

6. Treat each new collection as a mini-project

This is helpful because it makes you consider marketing for each project differently—as it should be. Never expect that success from one collection will spill over into the next by default. That’s wishful thinking. It’s far better to take greater control of the situation by viewing the new collection as another project that requires just as much attention as the first.

7. Set an on-chain identity

With plagiarism being a major concern for collectors, it's best practice to create an on-chain identity so that any potential buyer of your NFT can verify who you are. By connecting your social media pages and email to your on-chain account, you make it easier for collectors to believe in your legitimacy.

Conclusion

There you have it, 7 tips to help you attain your NFT goals. It’s important to note that this is hard work. That said, it’s the kind of hard work that pays off in the end because if you’re able to master the ability to release successful NFT collections, the sky will be your limit in relation to the degree of freedom and revenue you will have. If you are still unclear on how to go about it, reach out to artists that have already released successful collections and ask them how they did it. We have interviewed a few of them in the past:

• Code and his Ku Collection
• Yumi Arts and her Kitty Paradise
• Fr.om and his Music NFTs
• Ruben Topia and his Isometric Worlds