Dozens of new NFT projects are launched every day. You have seen nft collections, which are produced generatively multi-pieces and usually consist of 10000 pieces, in many marketplaces. This article will explain the criteria for creating a collection of this type. I will briefly touch base on what you should pay attention to if you want to be the creator of such a collection or how to pick the significant projects If you want to be the collector.
Although I have discussed community under a separate heading, it is the most important part of marketing. Who are your supporters? Which collectors are buying your NFTs? How many followers do you have on Twitter? How many people are on your Discord server? And why would people want to be in your community? These are the first things collectors look at and care about most.
You need to build a good community and stay in touch with them through Twitter and Discord. It is possible to keep your communication channels active through giveaways, collaborations, and various events. It would be beneficial to hire someone for this job, depending on your budget. Fees that go up to $100,000 can be requested for monthly community management. Even though these fees seem very high, they are actually acceptable considering that $5–6 million can be earned from the sale of a successful NFT collection. If you don’t want to pay someone for this job, you can start by learning nft terminology. (https://www.one37pm.com/nft/art/nft-twitter-meanings-definitions )
After the community, the roadmap is one of the most important factors for collectors. You must convince the people who will invest in your collection, in yourself, your team, and your vision. For what purpose was this NFT collection produced? How will you manage your income from here? What will be your next step? Will you continue to create for this space or will you take this money and go? You should be able to give logical answers to these questions in the minds of the collectors. When preparing your roadmap, reveal these and make sure that you can fulfill the promises you make here.
As we all know, the most important catalyst of today’s marketing is storytelling. Having a story will help you a lot in both marketing and telling your art. Cupcats project is a good example of this. (https://opensea.io/collection/cupcatsofficial) They achieved great success in a very short time with successful storytelling. Every product has a story!
It’s the most important part when you try to sell anything. It absolutely the same for NFTs. Artwork, community, storytelling, roadmap, tokenomics, team all of the steps you take at those stages will directly affect your marketing campaign’s success. Twitter, Discord, Reddit, Linkedin, Instagram will all add a plus to you, but if your time and team are limited, I recommend you to concentrate on Discord, Twitter, Reddit trio. Most of the marketing campaigns are done through these channels and most of the collectors are hanging around there. Reaching the right people through the right channels and introducing your project to the collectors is the most important factor for the success of the project.
If that’s really your strong point, there’s nothing to say anyway. Regardless of everything else, your artwork can make your project a success. Due to the requirements of the period we are in, visuality is in the foreground. Therefore, a design that is impressive enough to convince someone who has not seen your project before to pay at first glance will give you a great advantage. The best recent example is Doodles. (https://opensea.io/collection/doodles-official)
Producing generatively is easy but not simple. Making small mistakes can cost you dearly. If there is any mistake in your design and these mistakes are noticed after publishing your project, this will put you on an irreversible path. Examples can be given such as shading fails in the Super Yeti project -mint price was 0.1 ETH and sold out in 4 days- (https://opensea.io/collection/superyeti ), or multiple sales of the same characters in the Mekaverse project. ( https://opensea.io/collection/mekaverse ) So be careful.
As you know, NFTs are also tokens. Collectors who invest in your project aim to make money on your project. You may have an economic plan behind your collection that allows your NFTs to gain value.
There are many different models created these days. You can make a game based on the play-to-earn model like Axie Infinity, the own-to-earn model like Cyberkongz, or if you own a brand and real-life products you can present them in different ways like Flyfishclub.
Axie Infinity: They have an NFT collection based on games with the play-to-earn model that allows millions of people to earn an income. (https://opensea.io/collection/axie)
**Cyberkongz: **They use the own-to-earn model, leveraging DeFi to generate passive income. (https://opensea.io/collection/cyberkongz)
Flyfishclub: They use real-life utilities. If you have an NFT from this collection, you will have unlimited access to a private dining room in New York City. (https://opensea.io/collection/flyfish-club)
Of course, you can also do something that has never been done before, If you can find the right way to take advantage of what DeFi provides. With the increasing competition, the number of projects and their success that represent their projects with an economic plan is increasing. I’m going to share another article about tokenomics with more details.
Who does your team (artist, developer, community manager) consist of and what are their previous experiences are among the things investors want to know. The effectiveness of your team in social media is also important. Don’t forget that, real collectors want to know the artists whose art they will invest in and to see their continuity in this field. Most of the big collectors contact the artist before making a purchase and ask them a lot of boring questions.
For creators, none of the criteria I wrote above is indispensable. It is even possible for you to be successful by doing just one of these very well. There are many projects that are successful despite doing many other things wrong by only putting out good artwork or just creating a good community. However, there is a lot of attention on this field due to the possible high profits in a short time. And many big brands aim to generate income from here. Lots of projects receive investment or are bought by a big brand. For the most recent example, you can look at the RTFKT project, which designs shoes for the metaverse purchased by Nike. (https://rtfkt.com/)
Making such a successful project is not as easy as it seems. The more criteria you can implement correctly, the better your chance of success. I recommend focusing on the value of the project, and not exclusively the income it can generate.
For collectors, it is difficult to predict the future monetary value of NFTs. The value of NFTs is determined by market forces, and collectors should first do some in-depth research and analysis if they are purchasing any NFTs for themselves. The value will also vary subjectively, on an individual basis, so some creators’ projects will be attractive to individual collectors for personal reasons. Basically, NFT holders determine the value of the collection. If it has a good community and can create added value, NFT owners will not sell their nfts because they do not want to leave that community.
Also, I would like to mention that there are many different actors and many speculation methods here, as in every place where big money is turned. Examples of the most widely used speculation methods are raising the floor prices of collections with conscious purchases in the second-hand market and putting the project to the forefront in the marketplaces with continuous purchases. Some of these take place within the knowledge of the creators. That’s why there are lots of projects that were bought on temporary hype and then lost value because they couldn’t produce anything. Lastly, I need to warn you that there are many scam projects. You can see the fakes of some popular projects with very similar names in the marketplaces. DYOR!
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