You may be new to the NFT space and wondering “How do I launch an NFT Project?” It can be scary and difficult to start an NFT project, especially when you are putting yourself out there.
Interview with an upcoming NFT artist about his experience and we compiled the best NFT project launch checklists for first-timers.
Artists, investors, and entrepreneurs are learning how to use this new medium (the cryptocurrency and blockchain) to create new business models that focus on launching nft-related projects.
What about artists and small agile teams who are creating NFTs? Blockchain offers everyone equal chances to win and there is no cost to get started.
Let’s dive in:
Best NFT Launch Project Checklist
It’s not easy to learn how to launch an NFT project. We have put together a checklist for NFT project launches to help you stay focused on selling quickly, just like big brands.
1. Identify Your Marketplace for Selling NFTs
Beware of creator fees
Decide if you would like to bundle NFTs in a marketplace. On the WAX blockchain, for example, you can combine up to 80 NFTs into one transaction. But, more than 80 NFTs can’t be completed fast enough, so the transaction would ultimately fail.
SuperRare Place: Total NFTs Listed29,554+
OpenSea MarketplacePlace: Total NFTs Listed 450,000+
Nifty Gateway Marketplace Place: Total NFTs Listed 6995+
2. Decide on What You’ll Put In the Smart Contract
Artists can control the resale value of their projects through smart contracts. If Tom sells an NFT piece, for example, the original artist would get 10% of any resale proceeds. The artist would then earn $100,000 if Tom sold the piece of art for a million dollars.
This artwork can appreciate over time and lead to significant financial success.
The average profits from a NFT sold would be
- 75% to the artist
- 15% to secondary marketplace platform
- 10% royalty on any resale
You should also consider the terms and conditions of the smart contract that govern the sale of a product. NBA Tops Shots, for example, has an end-user agreement that prohibits users from changing the art after it is sold.
3. Provide Utilities
Do you have a gift for storytelling and drawing? You can create a comic book, and release each chapter. These are great examples of non-replicable utilities that are unique.
Community building is possible through access to tickets and exclusive events. Will you, for example, offer weekly giveaways? Oder royalties for each transaction that is resold on the blockchain
For the first few weeks, you can raffle off ten nfts. This encourages collectors to keep your nft longer.
4. Build a Website and Display Your Roadmap
Your community and NFT holders don’t need to see every item on your roadmap. They only need to see the items that you have committed to for the year.
Websites don’t need to be complicated. It can be set up with WordPress or basic HTML. This will position your message and provide details about your project.
The majority of nft website pages are one page long and contain the following components:
- RoadMap
- Frequently Asked Question
- Contact Info
- How To Mint (or Mint Button)
- Use Rights as a Holder
Rebel Rabbits, for example, does a wonderful job sharing a cheat sheet on usage rights that describes what your NFT can be used for and what it cannot.
Your website will be the central hub for information about upcoming drops as well as your current roadmap.
Give a clear understanding of the benefits that nft holders get from your collection:
- Early Access
- Exclusive merchandise
- Private events
5. Plan Your NFT Launch
Start by asking your team and yourself the following questions:
- When will your NFT collection be launched?
- Number of NFTs in collection: How many NFTs are included in your nft-project?
- Support Team: Who can you turn to? Are you looking for a web designer to create your website? Are you looking for investors?
- Mission Statement/Purpose – What is the story and message that you want to share with others? Your Promise.
What To Expect From Your NFT Launch
Everybody starts with an idea. The most difficult part of starting is also the most important.
Start by reading our NFT Launch Project Checklist and setting a launch date that you are comfortable with. Once you have committed, you can start to make your first collection.
Next, choose your marketplace and find developers who can help you create your website. You’ll finally launch your first nft project with consistency and planning.
