NFTs are quickly becoming part of the mainstream. With greater interest and popularity, naturally more collections are becoming available as brands turn their attention to this lucrative new technology. According to MyMillenialGuide, trading in NFTs hit $17.6 billion in 2021, an increase of 21,000% from 2020.
However, this also means that there is greater competition for attention in the NFT space. It is hard for a brand or artist to launch a new NFT collection that stands out from the crowd.
In this post, we explain the simple five-step strategy for a successful NFT collection launch. We cover NFT marketing strategies, blockchain and marketplace options, building a community and preparing your staff.
We are going to start by assuming that you already have an NFT idea.
Whether the asset that you are turning into an NFT is an image, video, merchandise, or anything else, the core question you need to ask yourself is: why will people want to buy it?
Your marketing team should sit down and create a compelling story that will entice customers to buy your NFT. Some questions you can ask yourself include:
One of the fundamentals of launching an NFT collection is establishing where you will sell it.
Two decisions that your brand needs to make early on are:
The majority of NFTs are minted on Ethereum and sold on OpenSea. These are the most popular blockchain and marketplace for NFTs. However, there are more options out there.
Many NFT projects may find that they benefit from using alternative blockchains or possibly even creating their own marketplace.
Building your own marketplace gives you greater control of your NFT launch. By having your own marketplace you can earn more revenue and also offer lower costs for your customers due to the removal of the high fees that come from using Ethereum.
Different NFT marketplaces have different customer bases and may be of benefit to your launch for different reasons. Some to consider are:
A contract is an essential part of an NFT sale. Some of the things to consider when writing your contracts include:
NFT launches are all about creating hype and excitement around your collection. The more excited you can get your community, the more valuable your NFTs will have to the buyers, and the more people will be interested in buying.
A few key steps to include in your marketing for your NFT launch include:
It pays to be prepared when it comes to an NFT launch. Your team will make or break the launch of your NFTs so it's important to give them all the information they need, checklists, and prepare them for the incoming workload.
Drop day will be hard for your team if they are not prepared. You don't want your staff to be overwhelmed by excited fans and customers.
To avoid this situation, you need to ensure:
It's not only your staff that need to be prepared but your website too.
A flood of users can crash your website. It has happened before when big NFT collections drop and even marketplaces as large as OpenSea have gone down.
Website crashes are a key threat to prepare against when releasing your NFT. Most smaller brand websites are not built to take excessive volumes of traffic. If you see a lot of hype growing around your launch, you need to work with your IT team to ensure that your website is prepared.
An NFT launch is no easy feat. With growing competition, you need to work hard to stand out from the crowd. Follow the steps listed in the guide above and you will be able to have a smooth and successful NFT launch.
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