NFTs have become a sensation over the past few years in the digital world and launching them successfully have been a dream of many. You must have read about NFT in the top headlines when celebrities try to tap into the NFT space to earn big. It can also be said that NFT is taking the collectibles and digital art world by storm. Earlier we believed that Bitcoin was the only answer to the digital currency but today, NFT has emerged as an alternative digital asset and a life-changing opportunity for the crypto audience. If you want to explore more about NFT and launch one yourself, this is the correct time to dive into the field through which creators have made millions.
What is NFT?
To begin with, NFT is a non-fungible token that is created by programming similar to cryptocurrency. The cryptographic assets are based on blockchain technology and cannot be exchanged or traded like another cryptographic asset. In other words, NFTs are unique tokens that cannot be interchanged or replaced with the other due to their one-of-a-kind nature.
Most of the NFTs are launched on the Ethereum blockchain as this cryptocurrency act as a distributed public ledger recording every transaction. NFTs are like individual tokens where you store valuable information that can be further bought or sold like other physical assets. Since NFTs comprise unique data, they can be easily verified and validated in regards to ownership and further transferred between token owners.
Pre-planning NFT project launch
Before you get started, there are a few things to consider for a successful launch including:
- Deciding upon the appropriate launch date
- Number of NFTs that will be a part of your NFT collection.
- Who will be your support teams like website designers, web developers or investors?
- NFT Project’s mission, vision and primary statement stating the message or story you want to convey to others. This may include what you intend to promise in return for the investor’s money.
- What will be your reward system through which early purchases get encouraged or holders intend to keep the NFT in their portfolio?
- Deciding upon the community that will show interest in your NFT launch.
- Determine how your NFT project will be unique or would you like to provide buyers with rewards such as giveaway boxes for each holder?
- Make an estimate about NFT pricing and other expenses which will be required for the NFT launch. What will you do if the price of your NFT drop or would you like to bundle it up with the others?
- Lastly, you can think about getting associated with a reputed brand or with the ones who have worked with larger brands.
Resources required for a successful launch of NFT
Since making and launching an NFT is a huge project, conducting all kinds of work alone is next to impossible. With a good team, project success will be ensured while all your tasks will be completed timely. Although there is no specific formula for team selection, you may consider hiring experts in the following fields:
Creator or an artist
Once you have pre-planned all your NFT project requirements, you can choose a creator for your collection. The creator or the artist must be someone who can respond to your project’s vision and create NFT according to your imagination.
Chief Technology Officer
To handle technical parts, you may consider hiring specialists who have past experience in the NFT-related field or show an interest in your project.
Once your project is created and the technical part has been taken care of, it is time to involve marketing managers and media specialists who can manage your NFT collection promotion through their community. Your marketing team may include content writers, influencers, PR specialists and other professionals.
All the organizational matters like finance and paperwork can be handled by project managers. They ensure NFT project-related issues are solved besides monitoring task implementation set for various departments. If you build such a strong team comprising all the above-mentioned experts who understand their responsibility well, your NFT launch will surely succeed within no time.
How to launch an NFT collection successfully by yourself?
Firstly, it is essential to decide upon which bidding and clearing method will be better for your NFT launch. The clearing and bidding are continuous processes and take place simultaneously. In an NFT, every bid is matched with the remaining NFT collection supply. In the continuous model, it will be first come first basis and thus pressurises blockchain infrastructure to some extent. It may also hike transaction fees a bit. Therefore, a good model will be a sequential method to implement the clearing and bidding phases.
The sequential model sees that bidding and clearing stages do not overlap. As a result, the smart contract’s first collectors or the operators’ bids for a specific time after which the remaining supply is matched to them. The operator’s ability to choose a fair clearance price is one benefit of this strategy. Additionally, because consumers are not attempting to beat the rush, there is no scope for an excessive increase in transaction costs. Furthermore, because the process of collecting bids typically takes days, it enables players from different time zones to take part in the minting process.
This phase includes the distribution phase where mechanisms are implemented to mint tokens and sent to the rightful owners or refund losing bidders. The second phase must be processed efficiently since it is critical for ascertaining profits from the secondary markets. Other competitors may drive users to claim their NFT which might put the entire network at risk of a gas fee hike. To prevent gas auctions, you can prefer NFT distribution to the winning bidders in batches as opposed to settling
The characteristics of the NFTs are revealed in the final phase. The metadata reveals phase must be the final phase to guarantee that the entire launch is not vulnerable to attack. Keep in mind that a metadata leak of an NFT collection can provide attackers with all the information they want to produce their own NFTs. The strongest defence against such exploitations is to protect the information up until minting is complete. You can one of the three options to reveal metadata of your newly launched NFT including batched system, full-collection reveal or per-NFT basis reveal once the token has been minted.