The NFT industry is growing quickly. But out of all of the projects in this industry, only a few will make a lot of money. So how can you make your project stand out? How can you tell the good projects from the bad ones?
If you want to invest in NFTs, or create your own NFTs, keep reading.
Non-fungible tokens (NFTs) have captured the attention of artists, entrepreneurs, crypto investors and art collectors. They see the potential in NFTs for avatars and have jumped on this trend. Projects like CryptoPunks and Bored Apes are some of the most popular collections out there. CryptoPunks are digital characters that people can buy. Some of them are rare and cost a few million dollars.
Hundreds of new projects like these launch every week. They are usually about creating a collection of different things that buyers can use as profile pictures. It may sound simple, but that formula has made millions for hundreds of NFT artists.
However, that does not mean that there are no risks. There are hundreds upon hundreds of projects with potential that will go to zero. That’s why every NFT artist should consider these points before launching a collection.
This guide will help you figure out if the projects you want to support are doing well. This information can help you tell the difference between good and bad projects.
Recognize Your Audience
Hundreds of new projects are released every week, so it can be hard to compete. That is why it is important to do the right kind of marketing. Luckily, there is a marketing strategy that can help you deal with competition.
You should think about what kind of art your audience would like before designing your NFTs. Finding the right niche is important so that your art can be seen by the right people.
Knowing who is likely to buy your NFTs will help you reach them more easily.
There are many different communities on the Internet. That is why you need to know your audience before you start promoting your NFTs. If you just spam people without knowing anything about them, they might not be interested in what you have to offer.
NFT buyers are likely younger and more tech-savvy. That is why you should target them with digital marketing. Digital marketing is cheaper and gives you more control over your messaging.
For example, what is your target audience on Twitter, Discord, Instagram or TikTok? What kind of content do they like to consume? What kind of influencers do they follow? Marketing is all about reaching the people who want to buy from you anyway. So answering these questions will help you understand where they are.
Always Work Harder
Many people invest in NFTs to make money. Few people will spend a lot of money on a profile photo just because they think it looks cool. Most people will only invest if they are confident the price will go up. And for that to happen, new buyers need to hear about the project.
That is why marketing is an important part of being an NFT artist. Marketing helps the project reach people who might want to buy it. When more people are confident in the project, they are more likely to invest in it.
Here are a few tips for social media marketing.
In social media marketing, it is important to be consistent. This means that you should post content that your audience wants to watch often. However, you should not post too much or your posts will not show up as often in people’s newsfeeds. People like consistency. If you are consistent with your content, it will be easier for them to stay interested and click on your posts.
Make sure your audience knows about your NFTs. Post regularly on social media and connect with other artists and influencers to show that you’re promoting your product. If you market your NFTs well, buyers will appreciate that. They will be more likely to buy them because they know that you are helping to protect their investment.
Remember that people want to connect with a person, not a brand. So give your audience a way to reach you directly through social media. Talk about yourself and what you do. Show how your account is related to your work. Share your work process on social media, and talk about how you market your work.
Yes, It Is Art
Making art is very important for a successful NFT. The images you create will be the core of your NFT’s identity. So even if you are making utility NFTs, they need to look good. However, NFT artworks are different from the art we see in galleries.
Making art is hard. People often make the mistake of trying to do everything themselves. But this isn’t the best way to go about it. If you want your art to be popular, you need to make a lot of pieces. And if you want them to be valuable, you should make them rare.
Uniqueness is not the most important factor when it comes to avatars. In fact, many popular avatar projects use a computer program to create images. This lets them use a small number of elements to create many different “unique” art pieces.
In order for a project to go viral, it needs to have a lot of people own it. When more people own it, that is called social proof and it means the project is valuable.
Think of NFTs as collectibles. Just like with baseball cards or trading cards, some art is essential. However, you don’t have to create every single one by hand.
The Image Of Ourselves
NFT art is not all about showing your skills. You don’t need to use the most complex techniques to make good art. Some of the most expensive NFTs use a simple art style. For example, take the CryptoPunks project. This uses simple pixel art. Another project, Bored Ape Yach Club, was even called “ugly” by many users.
However, NFTs are not about artistry or appealing to everyone. They only need to look cool to the people who buy them. This is often enough for many successful NFT projects. The collection has a unique style. The avatars are interesting and have personality.
People who invest in the NFT space often come from the crypto world. They see themselves as rebels and outcasts, which is why you often see rebellious themes in NFT art. People like characters that are similar to themselves – people who are rebellious and don’t care what other people think.
People who see your NFTs on social media will want to use them as their avatars. This is free advertising for you! But people need to be proud of your NFTs and like how they look. People also need to see themselves in the art.
The art style of your project should match the audience you are targeting. If your audience is not crypto investors, then you need to think about what they like. What do they want to communicate about themselves?
Digital Communities – Not Just About Me
In the competitive NFT space, it is important to stand out. You can do this by doing a project that is not just about yourself. Why should other people support you if you’re just in it for the money?
No NFT project can succeed without the support of the community behind it. This means that you need to think about the community and what it would want from the project. What are some things that they might be interested in, other than just making money?
A good way to think about this is to ask yourself the same question. If I didn’t care about the money, what would I want this project to achieve? If you have chosen your audience right, chances are they will have a lot in common with you.
Do your NFTs have a message that you want to share with others? Do you want to help people or raise awareness about a cause? Or maybe you just want to make a statement about something? However, not all NFT projects need to have these overarching goals. They could also be just for having fun. Maybe they can be about creating a small, tight-knit community of people who share your interests?
Beware of Whales and Bots During the Launch
Many projects have problems from the start. Bot activity, whales and gas wars are some of the biggest problems for new projects.
Many people are interested in buying NFTs. However, this is usually not what is best for the project. A project with many owners is more likely to be successful than one with just a few.
Why? A person who owns just one NFT from a collection is less inclined to sell it. In contrast, someone with 10, 20, or 200 NFTs most likely doesn’t want to keep them all. Because lesser owners have a smaller share of the pie, prices are more prone to rise.
Artists should discourage whales from buying too many NFTs. It is true that bulk offers may seem enticing, but it is better to sell to more people at a lower price than risk a price collapse.
That is why it is important to use counters to bots. As whales want to buy up as many NFTs as possible, they often use bots in their purchases. Bots can go around some anti-whale rules by simulating multiple users. However, artists have measures in place to stop bots.
Gas Wars – How to Stop Them in their tracks
Additionally, artists launching on Ethereum face a risk of “gas wars”. These happen when many traders try to process transactions quickly. This can cause the fees for processing transactions to increase and the processing time to slow down.
However, artists have found several ways to get new NFTs on Ethereum. These include early rewards, stealth drops and mint passes. These are the most popular ways to get new NFTs on Ethereum. These also give people an incentive to get involved with the project early on and promote it before the drop.
Stealth drops are a way to reward people for learning about and following the project. This will help to get the word out about the project, and also increase its social media reach.
However, artists who launch their work on Solana or Polygon don’t have to worry about gas fees. This is because the gas fees on these networks are very low. That said, this does not negate the usefulness of those tactics for artists on these networks. The competition is fierce in this market, and providing a better user experience might help you stand out.