As someone new to the nft space, you may be wondering, “How do you launch an NFT project?”. Starting an NFT project for the first time is scary and challenging, especially when putting yourself out there publicly while doing it.
We interviewed an upcoming nft artists about his journey on getting started and compiled the best NFT project launch checklist for first timers.
Investors, entrepreneurs, and artists are learning to leverage this new medium (the blockchain and cryptocurrency), producing new business models focused on launching nft projects.
You’ve seen the headlines; major brands’ NFT projects sell out quickly as brands take this new medium seriously and make a splash in the crypto industry.
- “Budweiser’s First NFT Collection Sells Out Within an Hour” – Entrepreneur.com
- “Valiant Sells Out Debut NFT Launch in Less than 24 Hours” – BusinessInsider.com
- “Simpsons NFTs nearly triple in value after selling out in 3 days” – Yahoo, Finance
What about the artists and small, agile teams that are launching NFTs? Blockchain creates an equal opportunity for everyone to win, and you do need much to get started.
Let’s dive in:
Best NFT Launch Project Checklist
Learning how to launch nft project isn’t easy, and we put together a detailed NFT project launch checklist to stay focused on selling out quickly like the big brands. Our nft collection checklist helps new project owners get clarity on the exact steps they need to take before launching.
1. Identify Your Marketplace for Selling NFTs
Be aware of creator fees.
Determine if you’d like to bundle NFTs on a marketplace. For example, on the WAX blockchain, you can bundle up to 80 NFTs in one transaction. However, any more of those can’t complete fast enough and would be rejected, ultimately failing the transaction.
- SuperRare MarketPlace: Total Number of NFTs Listed ~29,554+
- OpenSea MarketPlace: Total Number of NFTs Listed ~450,000+
- Nifty Gateway MarketPlace: Total Number of NFTs Listed ~6995+
2. Decide on What You’ll Put In the Smart Contract
Smart contracts allow artists to control subsequent resale value after a launched project. For example, if Tom sold an NFT piece of art, the original artist would receive 10% of any resale amounts. In other words, if Tom’s sale were a million dollars, then the artist would earn $100,000.
Over time, that artwork could appreciate and lead to substantial financial success.
Average profits breakdown from a sold NFT would be
- 75% to the artist
- 15% to the secondary marketplace (platform)
- 10% royalties of any resale
Also, you’ll want to consider what terms or conditions are in the smart contract after a sold item. For example, NBA Tops Shots has an end-user agreement restricting users from modifying the art post-sale.
3. Provide Unique Non-Replicated Utilities for Your NFT
Are you talented at drawing and storytelling? Providing a comic book and releasing each chapter can be great examples of unique non-replicated utilities.
Access to exclusive events, tickets, or membership opportunities helps build community. For example, will you offer giveaways every week? Or royalties for every transaction for resales made on the blockchain?
You can raffle off ten free nfts for the first few weeks, incentivizing collectors to hold your nft for longer.
4. Build a Website and Display Your Roadmap
You don’t have to share every item on your roadmap with the community or your NFT holders, only the items you’ve committed to for the year.
Your website doesn’t have to be over complicated. You can set it up using WordPress or basic HTML to position your message and have details around your project.
Most nft project websites are only one page and have the following components:
- Frequently Asked Questions
- Contact Info
- How To Mint (or Mint Button)
- Usage Rights as a holder
For example, Rebel Rabbits does a great job sharing a usage rights cheat sheet describing what you can use your NFT for and how not to use it.
Your website will become the hub for all information regarding upcoming drops and your updated roadmap.
Provide a clear understanding of what benefits nft holders of your collection get like:
- Early access
- Exclusive merchandise
- Private events
5. Plan to Promote Your NFT Project Before and After Launch
Consider doing an ‘airdrop’ where you reward your early adopters with a specific amount of cryptocurrency, or new NFT dropped ahead of time.
How to Plan Your NFT Project Launch
To get started, begin with asking yourself and your team the following questions:
- Launch Date: When will launch your NFT collection?
- Number of NFTs in Collection: How many NFTs will be a part of your nft project?
- Support Team: Who can help you? Do you need a web developer to design your website? Do you need investors?
- Mission Statement/Purpose: What’s the story and message you’d like to bring to others? And explain your Promise?
- Reward System: How will you encourage early purchases? What will keep collectors holding your NFTs in their portfolio?
- Number of Phrases for Launch: How many phrases will you have to build your community? For example, launch a Discord, create a metaverse and develop a cryptocurrency.
- Utility Offerings: How will your NFT project be different? Will it offer an exclusive resources library full of blogs, courses, workshops, and networking events? OR will you produce merchandise like clothing or action figures? Any giveaways like a loot box every week for holders?
- Pricing and Financials: Will you drop an nft collection priced all the same? How will you price each nft when it’s dropped? Will you bundle any nfts, or will you mint a 1/1?
- Reputation/Brand: Are you a well-known artist or have previously worked for large brands? What expertise or credibility will you introduce? Like making an nft collection made of all Disney and Pixar artists only.
Resources for you:
Here’s a trusted 17-page ultimate guide to successfully launch an nft project and come up with the most competitive, realistic nft launch strategy. Also, learn what it takes to promote an nft from scratch and go from making $0 to $5K in nft sales within 48 hours.
How Do Artists Launch an NFT?
Launching an NFT as an artist requires patience, hard work, and dedication. Also, doing it with a team can take the pressure off and make it easier.
We interviewed a fellow artist passionate about robots, creative designs, and fighting against burnout for those starting their careers. Learn how this artist approached getting started with his nft project.
While BurnOut Bots hasn’t officially launched yet, Ryan Hoebbel nft project will launch within the next few months in 2022. He’s building an exclusive community on Discord and making the “dopest bots imaginable” for his supporters—also, Ryan’s most passionate about connecting with people who support his artwork and nft project.
He appreciates everyone who cheers him and hopes his message could inspire other artists like him.
1. What Advice Would You Give Artists Looking to Start Their First NFT Project?
I would say to go for it! Simple as that. Get your art and ideas out there however you can, in any form. Just make sure you believe in what you are doing first before anyone else.
So many of my friends and supporters said my style would work perfectly for NFTs, so Burnout Bots was born.
I knew very little about NFTs when I initially started my project, but I didn’t let it stop me, and I have learned so much about the NFT environment while creating/drawing them.
One big thing is to try to build a team however you can, it is a challenging task to do alone, but I have been lucky to meet some impactful people along the way.
Also, join Discord; it is such a great hub for meeting people and building your community. The Burnout Bots discord and website will be out soon. Believe in yourself, believe in your art, and believe in this new digital world and how it can allow artists to get paid for their beautiful minds and designs.
2. What Lessons Have You Learned When Starting an NFT Project?
I’ve learned to have more patience in my process, making sure this project is thoughtful, promoted, and genuine to who I am. I do not just want to throw this NFT collection out there on Open Sea as a GET RICH mentality, this is my baby, and I want to make it as excellent and impactful to everyone interested!
I plan to do so many cool things with Burnout Bots and have unique utilities down the road. Another lesson is how driven and courageous I have to be to pull this off.
I’m putting myself and my work out there more than ever before, and I want people to know that it means the world to me to have their support. And DREAM BIG! Never stop thinking of a better future as an artist. I know I will get to where I want to be one day with my work.
3. What Inspired You Most to Create Burnout Bots? (Plug Projects Purpose as Much as You Want!)
I love drawing robots and have drawn them my whole life. They can always be unique in design, and the message of Burnout Bots is so transparent with my perspective on life. Fresh out of college, as a creative person, I got into sales and marketing but never really enjoyed any of the jobs and lost my way a bit. I have to be doing something I love and am passionate about, or I’ll turn to stone (figuratively speaking).
I became burnt out (wink wink) early on, not having a sense of purpose and creativity in the workplace. So I focused on finding a career path in design, and I put myself and my work out there and found a creative, consistent gig several months into the process. Shortly after, my freelance work started kicking up a notch.
Overall, I noticed this significant change in perspective and drive; I did what I loved and something so powerful. So, to bring it all back around, Burnout Bots is my voice and message to all young people, creatives, and anyone really to go after your passion and make it your primary source of income, and you’ll be free!
The bots I create have personalities and a purpose that they cannot express in the 24/7 workforce in this dystopian world. Humans have automated everything, so do the Bots burn out at what point? It all just came together so organically, and I ran with it. I hope everybody loves them.
4. What Challenged You Most When Creating Burnout Bots?
Jumping in and making it happen, the idea and message were there from the start. I’ve been living and preaching it to friends and others for a while.
But yeah, the most challenging part was me saying, “okay yeah, I can make this into something special and get my message out there in the right way,” all while taking on the beast that is the NFT world.
Also, just doing all of it on my own pretty much has been challenging, but I met someone beneficial who believes in the project, and he’s helped tremendously since. Samuel, thank you.
Another big challenge is figuring out how to outsource certain collectibles and utilities; getting things set up and structured will take time and incredible multi-tasking skillllllz. But, I’m up for the challenge; I know people believe in the project.
5. How did you decide on which platform and when you’d launch your NFT?
Using Open Sea makes the most sense right now, and I plan to run a link to my open sea collection through burnoutbots.com (which I am currently building) and then possibly an artist-invited marketplace that will be up and live in a few months.
I am not trying to complicate things with where my collection is.
Remember, don’t burn out on not doing something you love, and grab your very own bot when they drop!
What First Timers Can Expect When They Launch an NFT
Everyone starts with an idea, whether a brand or a small artist with a team. Getting started is the most challenging part and the most essential.
Read through our NFT launch project checklist and start with setting a launch date you’re comfortable with hitting. Once you’ve committed, it’s off the races as you determine how many nfts you’ll mint in your first collection.
Next, pick your marketplace and partner with developers to help you set up your website. Finally, you’ll get to launching your first nft project through planning and consistency.
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