Building anything from scratch can be an arduous journey — and when you work with cutting-edge technology, the challenges become even trickier. No matter how well-laid out your plans are, the entire experience is still part method and part madness. It's an experiment where you’re continually testing what works and what doesn’t.
There are no easy blueprints or guides to follow, so most reach success through trial by fire. That’s exactly how my journey unfolded as the co-founder of the House of Legends NFT collection. We sold over 9,000 NFTs in under 48 hours for $4.8 million, and I believe any NFT project can achieve this. The process isn’t easy, but the time and effort invested will best position you for success — not just in financial terms, but also in making the impact you’ve envisioned for your project.
Developing a passionate community and valuable network is an important part of building a successful project, but there’s also a lot more to the process. I’ll share some of the key driving factors that can help you succeed with your own NFT collection.
Have a strong creative vision behind your collection
This is at the core of it all; people want to know the story behind your NFT collection. Having a creative force driving your project behind it creates a community and allows for others to rally behind you and support you in the process. For example, the World of Women (WoW) NFT collection features 10,000 unique artworks representing diverse women. WoW’s creative vision celebrates representation, inclusivity and equal opportunities.
Our project, for example, focused on core values and communicated that to the NFT community. These values included inspiration, empowerment, unity and leadership. We made sure to thread this throughout all of our content and mission statement.
Provide a product with tangible utility
Ultimately, what’s going to help your NFT collection sell is the value it gives to your buyer. The more value your product provides, the more popular it will be.
Other NFT projects like Bored Ape Yacht Club (BAYC) provide value and utility through access to exclusive events and Discord. Be creative with what you offer; there are a lot of different ways to provide value.
Other projects have incorporated airdrops, revenue sharing and much more. Remember, incorporating utility is all about providing value to your holders. That doesn’t necessarily mean it has to be monetary in nature. Find out what your community values most and try to build around that.
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Share a clear roadmap
People love predictability. They love routines and schedules — and part of that is loving a roadmap. Knowing what comes next builds anticipation, which can seriously work in your favor when promoting your project.
Providing a clear and detailed roadmap can get people excited about the future of the profit. This can help build support for the project, which is an essential part of any NFT collection. However, this can also be a double-edged sword. Don’t overpromise and underdeliver. Set realistic goals and expectations that you’re confident you can meet.
Consider contributing to a charitable initiative
Giving back to society is important. When choosing a purpose for your collection, it can be extremely impactful to rally people to contribute to a charitable cause. Social causes bring people together, and people are drawn to initiatives that resonate with their beliefs. Consequently, connecting your project to a charitable cause can both build community among your current members and attract new buyers — all while leaving a real impact on the lives of those in need.
For example, World of Women donates 2.5% of all primary sales to three causes that support women, including a charity that educates and empowers girls and a non-profit organization that fights against child marriage.
Partner with like-minded NFT communities prior to launch
Building excitement and anticipation for your launch is crucial for the popularity and success of your collection. The more excitement you can build up, the better for your project.
The buildup is most successful when you strategically partner with other communities and leverage them prior to the launch. When you have a fanbase, it’s much easier to achieve success. You don’t have to convince people or explain the benefits of your NFTs to those who are already raving fans.
Reach out to like-minded NFT communities on social media and build your networks — be sure to share the story behind your NFT collection. The cryptocurrency community is a lot smaller than you think. Reach out to influencers, crypto-enthusiasts and other project owners and start building relationships.
Planning ahead for your success
Intentional and thorough planning is at the core of building a successful NFT launch. It's important to build a story that resonates with others while also incorporating your mission.
NFTs are an entirely new platform for self-expression, investment and community-building. Keep that in mind when you are designing your own project. A strong story and mission can provide just as much of an incentive as a monetary value.
The information provided here is not investment, tax, or financial advice. You should consult with a licensed professional for advice concerning your specific situation.
Tamara Yannay is the CEO and founder of Meta Brothers, the creator of the House of Legends NFT collection.
This article was published through Cointelegraph Innovation Circle, a vetted organization of senior executives and experts in the blockchain technology industry who are building the future through the power of connections, collaboration and thought leadership. Opinions expressed do not necessarily reflect those of Cointelegraph.