Do you wish to begin working on an NFT project? Are you curious in how a successful project managed to sell all of its collections?
You will discover how to design and carry out a complete launch of an NFT in this article. Topics covered include brand alignment and the creation of pre-mint community value, as well as the establishment of a presence on social media and a website.
Why Business Owners and Entrepreneurs Should Create and Launch an NFT Project
As of right now, there is a lot of potential in the Web3 area, and starting an NFT project may benefit just about anybody in any organisation, provided that they are certain of the goal of their project, and that it is in alignment with their brand.
Launching an NFT project may be done for a variety of purposes, including marketing an already established business or product, providing access to a private community or premium content, and bringing in extra money through product lines that do not compete with one another.
One of the most significant benefits for the owner of the project is residual money from the sale of secondhand NFTs. This benefit exists regardless of the original purpose and usability of the NFTs. Every new financial token (NFT) is programmed with a smart contract. This contract allows you or your company, as the inventor of the NFT, to designate that a portion of any re-sales of the NFT automatically goes back to you.
Take, for instance, the case where your NFT project is designed to provide a certain service or utility. When one of your holders chooses to sell their NFT to a new buyer because they no longer need it, you will immediately earn a share of the proceeds from that sale through the blockchain. This occurs when the usefulness of the NFT has been exhausted. This source of income will continue to accrue indefinitely, regardless of who owns the NFT at any given moment.
However, there is a catch. It is essential that you have a clear understanding that stating that you have a new side project will not be sufficient to complete this task, despite the fact that the prospects seem to be limitless. You are, in all intents and purposes, beginning an extra company. The undertaking will need for the same amount of time, focus, and care as would be required for any other commercial endeavour.
- Some Helpful Hints Regarding the Construction of the NFT Community Ahead of the Project Launch
Twitter is now the most popular site for discussing non-fungible tokens (NFTs), cryptocurrencies, and the metaverse on Web2; but, in the future, we may see more Web3-based dialogues taking place on platforms such as Instagram or TikTok.
You, the project you’re working on, or both of these things need to maintain an active presence on Twitter.
You’ll also need a venue to create your community, and Discord is your best bet for doing so.
Keeping in touch with your community, keeping them informed of your progress, and even soliciting their input on potential new features for the project at any point throughout its development are all made very simple with the help of a platform like Discord.
You can also segment access to your community on Discord. This means that you can give the general public access to sufficient of the conversation so that they can learn about the project and decide whether or not they want to invest, while simultaneously gating other parts of your community for exclusive access to people who are holding your NFTs.
As soon as you have these two platforms operational, you will be ready to begin building your following on Twitter and inviting others to join your Discord server.
Establishing a Presale Community Through the Use of Twitter
After you have created your presence(s), you will be able to put your plan into action and present your work to the appropriate audience. These are the individuals who are most likely to be interested in the project that you are working on.
To get started, you need start following the #NFT hashtag. Keeping an eye on these tweets will help you locate the proper individuals to create connections with. These are people who are thought leaders in the Web3 community and have an alignment with the project that you are working on. These are the individuals from whom you will get knowledge and potentially form partnerships. The next paragraph, which is about working together, goes into more detail on this topic.
Collaboration, as opposed to transaction, is at the heart of Web3, which is one of its many appealing features. As you develop your profile, zero in on your purpose, and articulate your “why,” the individuals whose values fit with your objective will provide their support.
Do not make the mistake of instantly asking everyone to purchase from you once you have established connections with individuals and created a sense of community on Twitter. This will only serve to undermine your efforts. Instead, make it a point to actively discuss the reasons why they should work with you on your NFT project or partner with you. Describe the outcomes that will result from your initiative, the ways in which the community will be able to participate, and the incentives that will be offered to the community as a thank you for supporting your endeavour.
For instance, if you are beginning a project that will centre on music, you might announce that you will be having a raffle in which you will give away concert tickets to various members of the project community.
This will act as an enticement for the appropriate audience to join you on Discord, where you will be able to further develop that connection.
Establishing a Community Prior to Launch Through Coordination With Other Communities
When you locate others working on initiatives that are similar to yours, you frequently have the opportunity to form partnerships with those people and projects in order to reach the community they serve.
Twitter’s Dedicated Public Spaces
Cryptographic Technologies Collaborations on Twitter Spaces with other projects, whose missions are extremely similar to those of Women, such as Crypto Chicks, Boss Beauties, Women and Weapons, Fame Lady Squad, and others, made perfect sense given that Women’s purpose is quite similar to that of these other projects. It is an excellent method to get in front of audiences who have interests that fit with your project to co-host or speak at events that are being held by other initiatives that are called Spaces.
Pre-Sale Spots
Additionally, Crypto Tech Women distributed a certain number of pre-sale places throughout the communities of several other projects. A seat on a reserved list (also known as an allow list) that gives the holder the ability to acquire a token before the public sale is made available to the general public is referred to as a pre-sale spot.
If you have the wallet address of the person who wants a pre-sale slot, you may send it to them. There are a number of methods available, such as PREMINT and Google Forms, that may be used to collect these addresses. Once you’ve provided your engineer with the addresses, he or she will do everything else.
Establishment of a Community Prior to Launch: Maintaining Engagement
It is essential that you continue to keep members of your community interested and active in your project on both Twitter and Discord as you begin to develop your community.
You might have weekly trivia competitions with prizes, ask-me-anything sessions (AMAs), and invite members of your community to listen to any podcast interviews or Twitter Spaces you host to promote the project.
Community Development Prior to Product Launch: Timetable
Building a pre-launch community may take anywhere from one to three months, but the exact length of time required to do so is contingent on the size of the community you need to have in place in order to generate demand for your NFTs when you do finally release them.
If your project intends to distribute 10,000 tokens at launch, then it is quite unlikely that 2,000 community members would generate the initial demand that is necessary for the product to take off in the public sector.
At the time of the mint, Crypto Tech Women had roughly 15 thousand followers on Twitter and approximately 20 thousand community members on Discord. They made the announcement about their debut date three weeks before mint, which resulted in a significant increase in the number of new members. On the first day of minting, the project was completely funded.
It’s quite unlikely that you’ll ever feel completely prepared to release a product or service, regardless of whether your objective is to make money quickly or gradually over time.
Bear in mind that your most rapid period of growth may occur right before you launch, in much the same way that a sudden surge of sales may come in at the very last minute of a time-sensitive launch for a physical product. Keep this in mind because it is analogous to the situation in which a sudden surge of sales may come in at the very last minute.
Maintain a frequent check on your progress toward your objectives, and use Discord to keep in touch with the rest of the community. They will let you know when the launch is appropriate by letting you know when they are ready to make a purchase!
2: Insights Gleaned From the Initiation of an NFT Project
Until around three weeks before the mint date, Gigi was managing practically every element of the Crypto Tech Women initiative on her own. This is not something that she suggests doing. You are just one person, therefore you shouldn’t expect to be able to and shouldn’t try to accomplish everything by yourself. Build a team and ensure the success of your project by following the macro-timeline that is provided below.
Construct Your Website and Doxx Your Staff Members.
Include your road plan, any sales milestones, and any other facts about the project that people will want to know. Gigi suggests using Webflow since it provides do-it-yourself templates at a price of twenty dollars.
Keep in mind that everybody who is interested in your idea is placing a wager on you and your group. Although many teams do not doxx their team members, doing so will assist you in gaining the confidence of potential supporters. You are able to do this by incorporating connections to social media platforms such as Twitter, Instagram, and LinkedIn, amongst others.
Commence the Process of Constructing Your Community on Twitter and Discord.
It will become difficult and time intensive, if not impossible, to monitor and respond to each conversation that occurs on Twitter and Discord involving members of your growing community as it continues to expand. The moderating of the community should be given to a reliable group. In this manner, your community will be taken care of, and you will be able to stop by and be totally present whenever you have the opportunity.
Before the initiative was launched in February, Crypto Tech Women had a community that they had been building over the previous six months. In retrospect, Gigi believes that a shorter timeframe of three months is appropriate for the majority of projects.
Create your own works of art.
You will need an artist if you are not one yourself. The encouraging news is that there are organisations that can put you in touch with creatives who are experts in generative art.
Keep in mind that the amount of time necessary to build your NFTs is directly proportional to the number of distinct qualities that are already present in your collection. More distinct features imply more time in development. The Crypto Tech Women coins each contain between 300 and 400 distinctive characteristics, which resulted in 8,888 distinct NFTs.
It is recommended that all NFTs be available at least three weeks before the launch.
Construct the Digital Agreement Necessary for Your Launch.
If you are not an engineer yourself, you will need to find and hire a solidity engineer in order to build out the back end of your project and generate images for it. Find someone who can do the task in less than a month and make sure they test the contract on the test net before it is put into production on the main net.
Keep in mind that your contract will always be stored on the blockchain, and that anybody with access to Etherscan may view the full of your contract. Hold off on the deployment of your project until the day before your launch goes live so that you can ensure its safety.
Complete the Last Steps Before Your Launch.
Aim to have everything finished three to four weeks before the launch of your product. Because of this, you will have plenty of time to double-check everything and identify any errors before they become a problem.