Want to get it together and build your own NFT project but you’re not quite sure how? Here’s a guide to building your very own NFT project, from scratch!
'NFT Project' Defined
An NFT project is a distinctive collection of NFTs (non-fungible tokens) produced on a large scale.
Find out the purpose behind your project
Before building your own non-fungible token (NFT) project, one must consider the objectives of going ahead with the project. What is your motive behind starting the project? What do you aim to achieve? 🤔
For some businesses, the main aim might be preparing for the metaverse, while few others might want to raise funds through projects. Your motive does not have to be extensively formulated or complicated- there are businesses that take on NFT projects solely to build a close-knit community with their followers and peers!👥
Whatever objectives you're looking for, be sure to define them precisely so that you and your team know the direction your project is taking. This clarity will also help you devise ways to encourage your community to hold onto your NFTs, such as allowing them to mint NFTs in a future collection or offering recurrent airdrops. 📤
The mutant veils for BAYC holders, in which holders of Bored Ape NFTs received an exclusive drop of Yuga Lab's second project, Mutant Ape Yacht Club, is one of the most well-known instances of an NFT airdrop. This free airdrop to Bored Ape owners is valued at about $15,000 as of November, 2022.
Choose the right blockchain
Choosing a suitable blockchain is crucial because users will interact with your NFT project via this blockchain. But how do you arrive at that ideal blockchain that fits your NFT project?
Here are a few things that you must consider before making that choice! 🔽
Transaction speed 🚀
An NFT project's success depends on its transaction speed. Remember that the blockchain on which you intend to mint NFTs should be able to process multiple transactions at once. Otherwise, the blockchain network's inefficiencies will directly impact your project's performance.
Transaction cost 💰
The blockchain's transaction speed more or less determines the average transaction cost. Users must pay this fee to the blockchain to complete their transactions. You might have to pay more when the network is congested to outbid other users and guarantee that validators prioritize your order. If not, it might be turned down. 😔
Security 🛡️
Choosing a blockchain which is secure is very important. If the blockchain has a history of getting hacked or isn’t as well known, your NFT project might suffer. Additionally, it’s good to know that most of the NFT volume resides on Ethereum, because it’s considered to be the most secure blockchain in the world!
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Choose the right marketplace
The digital version of art galleries and NFT platforms are where art enthusiasts go to buy collectible objects. You can trade a variety of NFTs, including online games, cards, and virtual property, through a reputable NFT marketplace.
There are various NFT platforms, including, for instance, OpenSea, Rarible, Atomic Hub, and Enjin. The first step is to research which NFTs are popular in which markets.
The different types of NFT markets
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Open NFT marketplace
Everyone has access to mint, purchase, or sell NFTs on open NFT markets. This is because, they accept all non-fungible tokens (NFTs), including those for art, music, virtual goods, and other things. 😌
Open markets currently rule the NFT space! 👑
Curated NFT marketplace
Curated NFT marketplaces are more exclusive, and select the NFTs that can be minted and sold at auction. To be accepted on these platforms, NFT producers must apply. 🧑💻
For instance, SuperRare is a curated NFT crypto community with onboarding procedures and standards for artists and collectors. This promotes the recruitment of like-minded individuals to their platform, developing an unofficial social layer that primarily aids buying and selling.
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Self-owned NFT marketplace
They are the most rigid and only allow exhibiting NFTs that the market has created. Such needs typically see high demand due to the restricted supply. FanLive Cards is one of the most famous examples of a self-owned NFT marketplace.
How do NFT marketplaces work?
It's pretty simple.😌
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NFT marketplaces allow you to view all their products for sale once you register. You can also add a payment option, some of which enable you to use a credit card, and others require you to attach a cryptocurrency wallet.
While some websites use an auction, others allow you to purchase NFTs directly for a set amount. If the transaction is completed, the NFT marketplace will log it on its blockchain, indicating the ownership shift.
Specify your NFT features
NFT projects can be of various types- hence, it's essential to define the features of your project, which will also give your audience a clear idea about your project. Here are a few features that you can incorporate into your project‼️
Creating a storefront🏪
The most critical component of your marketplace is your storefront. You can find all the information you need here, such as offers, a thorough description of each NFT, its owners, rates, and price history.
A system for token research🧑💻
This feature will be helpful when your users need to locate the token rapidly. NFTs should be divided into categories in this section, such as music, photos, movies, etc.
Configuring a wallet👜
Having a framework that will allow users to configure a crypto wallet will make it easier for them to purchase and bid for NFTs from your project.
Create a transparent roadmap
An NFT Roadmap is a document that outlines the objectives and tactics of an NFT project you're considering to convey its long-term worth. NFT roadmaps often include essential project milestones, including short- and long-term goals and strategies for marketing and expansion. (Similar to how conventional businesses operate!)
Having a clear vision of your project is essential before going ahead with it. What is the primary purpose of your project? How do you plan on marketing your project? What do you aim to achieve through this project? When and where do you plan on launching your project? And so on.
Your audience will be able to manage their expectations for your NFT project with the aid of a roadmap. It will also assist in keeping them interested and motivated, which will help you to keep your community vibrant. Their propensity to support you and spread the word about the project increases as their enthusiasm for your roadmap increases.
Build a community around it
Building a thriving community base around your NFT project is one of the most crucial aspects of building your NFT project. There will never be a perfect time to launch your project, so you might as well do it!
Here are a few tips that might help you build a thriving community🥳
- Reach out to crypto enthusiasts and NFT investors
- Lend your support by purchasing the original, 1/1 NFT art
- Twitter and Discord are the niche social media platforms for web3 enthusiasts, so try and build a solid social media presence on these platforms!
Your project will quickly garner interest from investors, supporters, and the media if your community is sizable and powerful enough. Therefore, it is essential to start building your audience right away. The community-based approach allows you to create a solid network of connections inside the blockchain ecosystem.
Create a social media presence
A solid social media presence is essential to creating a brand for your project. It helps you get noticed, appreciated, and valued, which is a HUGE plus for your project!
How do you go about it?
Start with the big guns- Discord and Twitter
Discord and Twitter are your holy grail regarding social media marketing. NFT creators regularly share insights and news about upcoming projects and events in the web3 space. As a creator, engaging and getting noticed in this community is essential.
Engage, engage, engage!
Engaging with your audience to create hype and build a close-knit community behind your project is essential. Reply to comments, participate in giveaways, and create viral, relatable content to keep your audience engaged! Additionally, identify and reach out to social media influencers on Twitter and other platforms to help promote your project.
Don't envy; level up.
Observe and analyze social media marketing strategies used by your social media rivals to level up your game. Try and note what methods work and what don't, and apply them in your project
Contests and giveaways
Contests and giveaways excite everyone- it's a great way to engage users in your project. There are various types of projects that you can conduct- food contests, meme contests, art contests, and so on! 🎊
One of the simplest and most popular ways to give away allow list seats and expand your community is through Twitter and Discord promotions.
You can set up a channel just for giveaways on Discord and install a bot to randomly choose winners from the entries.
Meaningful collaborations🫂
A great strategy to promote your project is to collaborate with well-known NFT initiatives. But be sure to approach it strategically. Please research and look for industries with a comparable target demographic to yours, or get in touch because you admire their work or vibrant community!
Host NFT airdrops
Airdropping NFTs to influencers, funders, and community members of another NFT project is one of the most popular ways to promote your NFT project.
An airdrop for NFT projects entails giving existing NFT holders new NFTs or fungible tokens as compensation. NFT airdrops frequently use a snapshot strategy, similar to fungible token airdrops, in which wallets holding NFT at a particular moment qualify for the airdrop. ⌛
As an alternative, a typical approach is to permit wallets to claim an airdrop if they have the NFT at the time of the airdrop.
Finishing Up
NFTs are not just a niche; they are an entire industry. This sector of the economy is precious and has enormous growth potential. NFTs are easily one of the most significant technologies ever produced for the digital art industry, especially- well, at least, only time can tell.
Let's move on to the following article, where we take you through the many different use cases of NFTs! 🚀