Steps for a successful NFT drop: Hype, fairness & fun

    With NFTs becoming more mainstream, it’s becoming more difficult for new NFT collections to stand out. From start to finish, we’ll walk you through the 9 essential elements for a successful NFT drop in this post. We discuss NFT communication tactics, blockchain and marketplace possibilities, utility creation, community building, and the value of fairness.

    Tell a compelling story

    Certain questions must be answered before anything else in a successful NFT project. The most successful ventures also present a captivating tale to ensure that their target audience is aware of the same value propositions.

    Choose your marketplace and blockchain

    While the majority of NFTs are created on Ethereum and sold on OpenSea, many larger projects profit from using different blockchains or even forming their own exchanges. Creating your own marketplace provides you with greater control over the NFT launch, allowing producers to earn more money while also saving fans money on Ethereum’s expensive gas prices.

    Set up smart contracts

    Because aspects like royalty, rarity, and mint amount are fixed after the initial minting, these early decisions are crucial. Even for features that aren’t set in stone, you should plan ahead of time what your NFTs will offer and include. If not through smart contract code, then through website copy and information in your whitepaper.

    Build community and hype

    There’s no better way to start a product launch than to sell out quickly. The NFTs that sell out quickly make headlines, attract NFT fans’ attention, and grow in value on the secondary market. However, selling out is impossible without first building a supportive audience for the product. So, in the weeks preceding up to the release, focus on gaining as much publicity as possible for your NFTs.

    Create fairness for customers and fans

    In the NFT world, fairness is a prominent concern. Given the community and creator-driven nature of the NFT economy, a fair NFT launch is a crucial method to convince customers that you care and that your product can be trusted. The greatest method to promote community participation and enthusiasm, according to Vitalik, is to provide as many people as possible with a fair and straightforward NFT launch. This strategy cultivates a big and diversified stakeholder community that believes in your project’s long-term success.

    Know your customers

    Proof of personhood is a critical component in making the NFT space more equitable (PoP). PoP requires each player to show they are a real person, as the name implies. Know your customer (KYC) is a regulation notion that applies to both financial institutions and the physical art world.

    PoP and KYC allow companies to authenticate each client when imposing purchase limitations, ensuring that clever users can’t take advantage of the sale by employing shopping bots, VPNs, or numerous devices.

    Prepare the staff

    All of your hard work culminates on the drop day. Payday has arrived. When your project will receive the greatest attention. When the audience is pumped up and ready. It’s the most important day of the year, so make sure your entire staff is ready.

    Make a well-optimized website for heavy traffic

    We’ve talked about the significance of creating buzz throughout this post, but there are also risks to being unprepared for too much buzz. Aside from high petrol prices, website crashes are a major concern when introducing high-demand NFTs.

    Create lasting value and innovate

    The advantages of this form of innovation are cyclical: producers provide value to fans, others see this value and desire to participate, and the NFTs’ value rises. Furthermore, as individuals realize the value that original holders of particular NFTs are earning, they are more willing to participate in the next release. Both Gary Vaynerchuk and the BAYC founders experienced this phenomenon, with their follow-up releases selling out significantly faster than their originals.

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