Skip to Content

6 Things to Know before Starting an NFT Collection

NFTs – we’ve been hearing a lot about them in 2022, but the hype exists for good reason! NFT collections can provide access to some of the best opportunities available in digital media right now, whether you’re a creator or an investor.

NFTs give creators the power to build a platform around projects that are meaningful to them, while at the same time giving investors the chance to be involved in a communities with people that share their common interests and values.

Knowing what most investors look for in an NFT project can help you define your goals as a creator. When deciding whether or not to invest in an NFT project, investors will analyze the founder’s manifesto and observe the project’s community interactions; doing so helps to provide a good idea of how the founder treats their community, and how knowledgeable they are about their product and overall goals.

If a founder’s values appear to be entirely different from their community’s values, it could mean that their intentions for the project are less than honorable, which also means that the investment could be risky. The best NFT projects have good synergy between founders and their community, and adhere to the roadmap they’ve presented to the public.

With that in mind, here are six things you should know if you’re wanting to launch your own NFT collection.

1. Crafting a Narrative – What story do you want to tell?

The first and most crucial step to starting your collection: create a narrative for your project. Storytelling is everything, and the manner in which a story is told will dictate how your audience responds. Some of the best NFTs available in the marketplace right now have compelling, inspiring, and/or intriguing stories behind them – stories that have the ability to pull people into the lore of the project and keep them hooked.

It’s important to ask yourself the big questions right away: what outcomes are you aiming for? What do you want your community to do with your NFTs? Who will benefit from your project, and why? What role do your NFTs play in your overall concept/story? Why is your NFT project important?

These questions will help you understand where you’re going with the project, but it’s important to then consider the journey it’ll take to get there. After getting a firm grip on what your narrative is and how your NFTs play into that narrative, you’ll need to map out the steps and milestones from idea to implementation.

2. Design Your Roadmap

Developing a roadmap is an effective way to share your project’s commitments and goals. It also helps you manage expectations and keep your community up-to-date on progress. Having a strong community behind your NFT project can often lead to great things, especially when it comes to listing it on exchanges!

TL;DR – a good roadmap helps you, your team, and your community keep track of what’s happening with your NFT project.

The excitement and energy your community gets from watching your roadmap take shape can provide extra motivation to keep the community engaged; the more excited they are about your roadmap, the more likely they are to advocate for your collection and tell anyone who’ll listen all about it.

There’s nothing quite like the feeling of watching your NFT community grow and become a thriving ecosystem. On every step along the path, you and your audience get to celebrate – together.

If you’re looking for tips on how to build a roadmap, you can check out my other blog post here, or purchase my customizable Roadmap Template to help get you started!

3. Choose a Blockchain + Marketplace

Picking the blockchain and marketplace that best fits your project might take a bit of research.

For a bit of background here: a blockchain is a distributed ledger technology that creates trust and immutability of digital items using cryptography, and every blockchain is different. Cryotocurrency, however, is a digital currency in which transactions are verified and records are maintained by a decentralized system using cryptography (rather than by a centralized authority).

Marketplaces are online platforms (associated with specific blockchains) where NFTs can be bought and sold.

There are several blockchains available to launch your NFT collection. Ethereum is the most popular choice, but other options include Solana, Binance Smart Chain, Cosmos, Polkadot, Avalanche, Fantom, etc.

Fun fact: by selling your NFTs in a marketplace with a smart contract, you’ll receive royalty payments on all future/secondary sales.

4. Choose Which Features/Utilities your NFTs will have

There are thousands of NFTs available for purchase in marketplaces across the web right now. While the process for minting them is slightly different for each, there are some basic questions you’ll need to ask and answer for yourself.

For example: what is your maximum mint amount? Who will mint the NFTs – yourself, or the public? How will you determine who has voting rights within your community – will it be according to how many of the project’s NFTs they own, or will it be determined by the amount of crypto they’ve invested into the project? What features will determine how rare or common your NFTs are?

Deciding these things early on will help with the longevity of the project, and will help you scale growth more easily as your project gains notoriety.

5. If You Build it, They Will Come: Start your Twitter and Discord communities

Community is everything when it comes to NFTs. Since web3 is still in its infancy, investors and NFT holders have to fall back on communities to research NFT projects and gain intel. The world of NFTs is nebulous at best right now, so the only way to get reliable information is to go straight to the source.

And the source is, you guessed it, the community.

Before jumpstarting your community, you’ll want to:

  • Identify your target audience
  • Create your vision for the community
  • Generate hype around your project

Right now, Twitter and Discord are the most well-known platforms for marketing in web3. The moment you decide on a name for your NFT project, start a Twitter account for it, and get your Discord server going for the project.

Your roadmap will come in handy when planning out your Discord; try not to keep the server too simplified, but don’t overcomplicate it either. Over-complication tends overwhelm new members and scare them away. 

6. Create, Innovate, Build Value

Your success in the NFT world is not a given, so try your best to keep community and audience engagement at a good level.

Some creators choose to do this by offering valuable benefits for NFT holders (partnering with companies to provide discounts to holders, giving holders exclusive + early access to newly minted creations, hosting/planning community retreats so everyone can meet in person, etc).

Other creators start out with a simpler approach: tell a good story that resonates with people, and build an ecosystem of like-minded individuals who are looking for a place to belong.

There are many ways to make your story more compelling, and there are always ways to incorporate new ideas and fresh marketing approaches. The key to that, however, is ensuring that your NFT project has an original story.

When your story is strong and provides openings for new pathways to be fleshed out, it will continue to evolve organically with time. Think about your favorite book, television, or movie franchise; if Stan Lee had ended his work after creating the Human Torch, we’d never have Iron Man or the Black Panther. Build the foundations of your story now so you’ll have room for innovation down the line, and remember – J.R.R Tolkien didn’t build Middle Earth overnight.

Keep creating, keep innovating, and your project’s value will continue to increase.

 

Being on the ground floor of the web3 creator economy might be mysterious and daunting at first, but it is equally exciting, refreshing, and filled with untapped potential!

The best time to start your NFT project was yesterday – the next best time is today. Trust yourself, root down in your purpose, and refuse to let your project be lost in the sea of NFTs out there. If you believe in your project, you can get others to believe in it too.