Let's start from Step 1: Launching a Project.

I like to differentiate between projects with the initial NFTs being the product, projects with the initial NFTs being used to crowdfund the product, and projects building around the ecosystem.

Let's put them into 3 categories:

A - NFTs as product (BAYC, Doodles, Azuki...) B - NFTs as crowdfunding (Parallel, Treeverse, RECUR...) C - Building around the ecosystem (OpenSea, Fractional, Gem/Genie...)

First step is, finding the category.

Right now, A and C projects are the most popular because they have an actual product. B projects (like Treeverse) will take a while to develop.

This doesn't mean anything long-term, but short-term it matters because they can be valued, some approaching 11+ digit valuations.

What do you want to build? Don't use $ as the motivation to think about it. Use your personal needs as the motivation, what is *needed* in this space? Does it make sense for it to exist? These usually fall into the B & C category.

Now, what is popular in the market?

Those in the A category. Collectibles (& Veblen Goods?) like BAYC.

When I say "NFT as product", I mean the whole ecosystem that will be built, is designed to favour the original NFTs. And the secondary NFTs.

Some hate the word "community", but it's extremely obvious that this is a huge reason why Yuga Labs is so successful.

$APE coin would have not been on major exchanges or have the highest demand in an NFT token at launch if the hype didn't exist.

The B category.

With NFTs as crowdfunding, the beauty is you can sell NFTs to anyone who wants to support your vision if they have a wallet. This allows the bigger goal to come into play, like building a blockchain game that will eventually bring more utility to the tokens.

Utility is a meme... till it's not.

It takes time to build games, films or an ecosystem. Just because the NFT space moves 1000x faster than the traditional world, it doesn't mean things can be rushed.

When they are built, utility tokens will thrive.

The C category.

Arguably the one that adds the most value to the ecosystem. Helping improve the experience for users trading NFTs.

So many things that many of you may have recently used: LooksRare, Manifold, Flips Finance...

Tapping into all NFT buyers.

So, what are you trying to build?

Once you know, you move on to the next step, what do you need to successfully launch/ship?

Let me give you an example:

A - Avatar collectible with upgrading mechanism.

B - Blockchain game with virtual land.

C - Data platform for NFTs.

A - Artists, developers, solidity devs (can be outsourced)

B - Solidity dev, artists, developers, designers (can be outsourced... recommend full-time)

C - Developers, artists (full-time) This is the minimum you would need for your project to come to life.

If you are a developer, or an artist - that's great.

If you aren't, that's also fine. It's not the end of the world.

You speak with people and share your vision. You incentivise them (co-found with them or give shares/tokens) and you've found yourself a partner.

I do not recommend giving away a % of primary launch (unless you have to!) for your NFT drop.

If it’s a simple task like a website or a contract to mint, you can do that for a flat fee.

And make sure your treasury receives a high % of sales.

Mint prices.

Maximising the amount you can get from primary isn’t the way to go. There is no set figure I would recommend, it’s dependent on your vision.

No "right" or "wrong" figure.

But, just because Pixelmon raised $70M, doesn’t mean you need to try and raise $7M

Do you need $ to execute your vision?

Luckily getting outside investors isn't the only way to go, even for the C category. You can drop NFTs. This way you can hire more people to help you build.

Sometimes applicable to all categories.

How do you build a team?

This isn’t an easy question to answer. But, my advice from how we scaled fast

(& Yuga Labs) too is that you try to hire 2-3 big hitters and they will help bring on others if you have good incentives.

Selling NFTs isn't the easy part, we just dismiss the 1,000 projects that don't sell, and focus on the few that may sell.

So, if you have the vision and a small team, you now need to "market" your NFT.

(if you go this route)

Now, don't get me wrong:

• This doesn't mean hiring a marketing agency.

• This doesn't mean paid shills to influencers.

This could mean:

• Hiring a respected community manager.

• Creating honorary NFTs for "influencers".

I personally don't believe paying for marketing actually works, and the top projects speak for themselves (they don't pay).

It's a long thread on building a community, one for another day.

But be genuine and transparent when reaching out to people about your project.

The other route is raising funds from VCs. You can do this too. I personally don't recommend this *unless* you can't sell your NFTs to fund your vision.

If you do, I would align incentives by getting them to do a SAFT so you work for future token holders and VCs/angels.

Quick pause.

At this point, you should understand that you need:

• A vision.

• Team members.

• Funds.

The hardships & and expectations.

If you take the NFT route, listen up. Because this is important.

After you release your NFT and announce the roadmap (if you have one) - you now are responsible for the holders that have trusted you with the money.

Any announcement you make, any progress you make, or any funds you spend... will impact the NFT price. The holders are dependent on you.

Having a bad community is the worst thing here, which is why I don't recommend "whitelist grinding" as holders are purely in it for $.

Even if you do things for the good, you have to be ready to mentally deal with it.

Things that are out of your control, people who may FUD for no reason, the market dumping, holders blaming you.

This is all part of the journey.

The DONT's (self-explanatory):

• Don't lie to your community about where their funds have gone.

• Don't release projects to then randomly quit them.

• Don't capitalise on hype by releasing a project and disappearing.

• Don't ever give financial advice about your project.

The DO's:

• Be transparent about what you are doing with the funds.

• Be transparent about the delays/issues you are facing.

• Hire people that specialise in the sectors you may not be as knowledgeable on if you have the money.

• Clarify the purpose of any NFTs you drop.

Last one, underpromise and overdeliver.

In a space where we are moving 1000x faster than usual. Laying out your whole plan prices everything in, and regardless if you don’t care about your NFT price/volume short-term.

It IS important and will directly impact your project.

I hope this helped you / helps you when you decide to create a project.

There is no 1 formula to a successful project. But there are pointers you can follow.

Good luck soldier.