Introduction
With the detonation of CryptoPunks and BAYC in the third quarter of 2021 and the inflow of large funds in the bull market, the NFT market began to enter the public eye. But there are many NFTs on the market, and this non-fungible token market is full of homogeneous project models, marketing methods, and project roadmaps, where most roadmaps are just fairy tale that won’t come true. There are many NFT tracks such as profile picture types that are involved with celebrity marketing like BAYC, pure community joy and activities like Coolcats, NFT breeding and staking like Cyberkongz, and there are tons of counterfeit project to them. This phenomenon had made me think the NFT business models and NFT market tend to stick to a certain way, until I found out TheHeartProject, which is a community-based project that are designed to support new and young artist in the industry. This paper explains the mechanism of launching a new NFT project, and analyses the potential of NFT TheHearProject.
NFT Brief Discussion
NFT is a way of managing digital assets on blockchain de-centrally. Because blockchain ensures long-term ownership (as long as the chain last), until purchased by others. De-centrally stored in digital wallets provides a trusted record of provenance. A short list of digital assets can be seen in Figure 1.
NFT launching mechanism.
Theme selecting
Based on cultural references, meme-ability, with the awareness and instinct you have, find out what the market likes. Think about what you the creator like, take the intersection. Every NFT project start with a character that all tokens are based on.
Define the trait types
Investigate projects that have already been seen as successful, find the cross-over trait from them. Add those ideas on the natural trait that you found in real-life. Make some variations, think about the selling point. An example was cited in Figure 2.
Create Art Now art can be created in Photoshop with the guidance of trait types.
Set up canvas
Layer arts in line with trait types
Smart Contract Put your art on Ethereum chain as an example, hence your metadata will exist as long as the chain dose. Tools like OpenZeppelin’s ERC721 contract can be employed, which provides several features for tokens minting. For more details on writing codes, youtube videos and github are helpful platforms.
Front-end Considering smooth experience for investors, a front-end web is needed to build, although NFTs could be easily minted through Etherscan in the contract. There are several aspects should be considered when building front-end web, such as wallet connection functionability, tokens minted live tracking, Mint function, timing. And make sure the final front-end web can communicate with the smart contract for your tokens.
Launch Create an official twitter account and a discord community with carefully chosen media profiles, buy a domain name which is related to your project, sell your collection on large marketplaces (Opensea, Looksrare). Marketing is of vital importance as well, investors need to be aware of your project. Hire community moderators or make announcement to explain exactly what your project is about. Keep the momentum moving with roadmap.
Project Analyse
The analyse of TheHeartProject can be seen in Figure 3.
