By George Ward
Having a great NFT idea is only the beginning of venturing into the world of non-fungible tokens (NFTs), and successfully launching it is another process entirely. The leading NFT marketplace, OpenSea, has over 10,000 digital collectibles under nine categories.
This guide will cover everything you need to know before kick-starting your NFT project.
Making A Successful NFT Launch
Regarding NFTs, what constitutes a “win” can vary from person to person. Some individuals may assume that a new NFT project is doing well if it attracts a lot of attention right away and if all of its items sell quickly.
But for another person, a measure of success is how well all the steps in making the NFTs function. Fairness, impressive user experience, affordability, inclusion, and trustlessness are the top five factors.
Fairness
Suppose you ask any NFT enthusiast their most anticipated aspect of a newly launched NFT project. Their most likely response will be to obtain some of the collection’s rarest NFTs.
At the launch of an NFT initiative, eager collectors can interact with the project’s smart contract to create NFTs with diverse attributes. The scarcer these features, the higher the secondary market values them, hence the higher their price
Many people participate in NFT launches, hoping to obtain rare NFTs with high values. They believe achieving this is random, relying on chance rather than a set rule.
However, past experiences have shown that such systems are prone to user manipulation. As a result, it is not surprising that some people have a higher chance of obtaining valuable NFTs.
One such manipulative method is to get metadata about the NFTs within a given collection. This helps collectors to understand how frequently various traits appear within a rarity score.
The score ascertains the profitability of an emerging NFT in the market. In addition, they can use this information to modify the smart contract of the NFT collection so that only collectibles with high scores are created.
User Experience
One critical aspect of a successful NFT launch is enhancing user experience. Recognizing that blockchain and crypto technologies may appear unapproachable to many users. Developers must adopt minting processes that balance efficiency with accessibility.
This implies using non-technical methods to ensure all participants, regardless of technical proficiency, can participate seamlessly.
Affordability
It is crucial to highlight that the cost of minting NFTs can sometimes exceed the initial price, primarily if the project uses a first-come, first-serve (FCFS) model. This was depicted by the debut of digital land plots in the Otherside and Yuga Labs’ NFT-based metaverse.
Interestingly, the FCFS model implementation caused an increase in gas fees. The excitement surrounding this launch brings about substantial transactions that overwhelm the Ethereum blockchain and cause scalability issues.
As a result, users have to offer higher fees to incentivize miners to prioritize their transactions. Thus, it is no surprise that participants have collectively expended over $176 million in Ethereum as transaction costs.
Inclusion
One of the primary goals of thriving NFT initiatives is building strong communities around their collections. Regardless of people’s sentiments about projects like Bored Apes (BAYC), their communities are often in unison to achieve a common objective.
Accordingly, there have been BAYC-themed restaurants. Also, APE holders proudly wear their collection-themed merchandise to entice users.
Achieving a vibrant community is critical in ensuring NFTs reach diverse users rather than focusing on a specific demography. This inclusiveness enriches the collective experience and fosters a sense of belonging for people from diverse backgrounds and interests.
Trustlessness
Establishing trustless processes is a critical component of any NFT venture. This means that users should not put their trust in the operator’s or developer’s commitment to fair procedures and mechanisms, as the nature of blockchain technology supports this assurance.
Transparency and immutability are inherent features of blockchain, a decentralized ledger system.
Launching A Successful NFT Collection
Understanding the key phases involved is critical for successfully launching your NFT collection. These phases are bidding, clearing, distribution and metadata reveal.
Bidding: This is the stage at which the launch goes live, and prospective buyers submit bids to the smart contract or operator.
Clearing: During this phase, the smart contract compares bids to the remaining supply of NFTs. It establishes a reasonable clearing price and identifies the winning bids.
Distribution: The winners can claim or receive their newly minted NFTs after the clearing phase.
Metadata Reveal: In the final stage, the operator or the smart contract reveals the NFTs’ attributes.
This guide has provided the crucial steps in launching a successful NFT. By following these steps, you can protect your NFTs against potential exploitations, maintain equitable distribution, and reduce the costs of minting them.