Guide for a Successful NFT Project
Let's start by saying there is no secret formula or steps to follow, that will 100% guarantee the success of a project.
Even though NFT’s are new to the market, they still follow the same trends in their development as any other product or service. Not only do you have to build a product, but also define your roadmap goals and build an audience to sell to. This is a list of the most important things you need to consider when building your project:
1. Creating a Roadmap
An NFT project is based on two things, the art pieces, and its roadmap. A very low percentage of people will buy into an NFT project based solely on the art. In fact, the most important feature that gets people to buy-in is the roadmap. To start your marketing efforts, you need to have a clear and fixed roadmap to promote.
To create your roadmap you need to put yourself into the buyer's mind and have a clear answer to these questions:
⦁ What makes these NFT’s valuable?
⦁ What will I get from buying this NFT in the long run?
Also, you should remember people invest in people and it’s better to under-promise and over-deliver than to over-promise and never deliver. A clear example would be making pretentious promises such as “giving away a Ferrari '' and promoting that roadmap item to your audience and failing to provide it. This type of dishonest and false promise will tear your project apart. On a different note, should you over-deliver results and benefits to your followers and surprise them by giving them valuable benefits, chances are your project will quickly gain traction and follow your desired growth.
2. Have a DOXXED team
This is not 100% necessary but it is highly recommended since people are now getting away from projects where “rug pulls” are on the horizon. Having an anonymous team is one of the biggest RED FLAGS when it comes to this type of scam.
Any serious business has a face or a team behind it, and growing an NFT project is no different. Real people show professionalism and clearly state that the team behind it is in it for the long run.
3. Choose the blockchain that best suits your project
The blockchain you choose will have a huge impact on the potential of your project. Every blockchain has something different to offer and different downsides too. For example, we all know ETH is king even with its huge gas fees, the upside is the number of users, which also translates to potential buyers. Polygon on the other hand has almost inexistent fees - nearly 0 - but the user count is far smaller than Ethereum´s.
Some projects have "dynamic" NFTs where the NFT changes throughout the day, these changes imply a gas fee so having these NFT's on the ETH blockchain can be expensive in the long run. You always need to think about the long run for your project to see all your possibilities and needs, to make sure the blockchain you are choosing is the correct fit.
4. Community and Social Media
Having a solid social media presence is really important. When it comes to NFT projects the most important thing is having a community built around the project to support it.
The community will back your project based on the Roadmap that you created, so it is important that you establish it before starting any promotion. Do not ever change the roadmap, unless you are to add value to the project.
5. Understanding Conversion Rates
Before minting you should understand something crucial: not all followers will end up buying an NFT from the project. Even though NFTs are a new trend, the market behaves just like any other product you are trying to sell, and the number of followers you have will not be equal to the number of buyers/users who will buy your product or service.
This is why conversion rates come in place. You can determine the percentage of people that will end up buying into the project, by comparing the number of users to the amount of minted tokens. A common rate is between 10-20% so if your supply is 10k you will need to build a community of around 50k to 100k real followers. And by real we mean actual people, stay away from bots and fake accounts as they will only damage your brand and goals.
To fully understand this, take for example Bored Ape Yacht Club (BAYC). Their audience is spread across 900k Twitter followers and 190k Discord users - but only 6.3k audience members are actual NFT holders.
Of course, there may be exceptions where a project with a 10k supply and 20k followers (combined twitter/discord) can get sold out at mint, but this is not usually the case, so you want to keep the 10-20% rate in mind when setting the mint date.
Another thing to consider is that Twitter is currently filled with bots so the follower count there is not the most accurate. The number you should be more focused on growing is the active discord users. This is the best way to determine how many real people are actually invested in your project since the conversations on a discord server are from person to person, so bots are unlikely.
To wrap it up…
There are a lot more factors that will determine your success but some of them can’t be controlled by you, so in this article, we wanted to guide you a bit further and give some tips on the things that are actually under your control.
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OneMint´s focus is to provide you with all the necessary tools to create a good NFT project, with gas-efficient contracts, and a user-friendly no-code generator so you only focus on creating amazing art.