With each new project comes a new idea, new utility, new gimmicks,
new ways of creating hype, and much more
Follow all of these guidelines and your project will have
a better chance of survival and success.
Today the NFT market is flourishing, tons of projects are springing up and the momentum can be distracting. With each new project comes a new idea, new utility, new gimmicks, new ways of creating hype, and much more. With each new NFT drop, there is also the threat of burnout. Though the NFT market is growing and there is tons of potential for growth and success, if developers are not careful then they may see their project crash and burn and buyers may be victims of the all too scary “rug pull.”
What each new developer must have is a proper plan, but plan A may not always be sufficient. To thrive in today’s NFT market developers need to have plans A-Z mapped out for any or all situations that may or may not arise. Reporting on NFT on the Solana blockchain has taught our reporters’ various important things that we want to share with everyone that reads Solanews. Here in this article are a few steps or ideas that you as a developer should take into consideration when developing your project -if you hope to last that is. In order for you to have a successful launch there are a few major aspects you should have taken care of completely- a detailed roadmap, communication with your community, and plans, plans, and more plans.
There is no need to state this but each NFT project should indeed have a roadmap. The roadmap is made to educate the potential buyers of the project on what the plans are for their purchase. The roadmap is usually one of the first areas a savvy buyer will check when deciding to follow a project or not.
Most roadmaps have a simplified explanation of what they want to do but are not as detailed as they should be. Your roadmap should give a complete and clear idea of what the plans are for your project. Details should not be spared when telling your buyers what their purchase will net them. It does not matter if you do not have a game planned but make sure that whatever you have planned is explained clearly and that it conveys who you are as a development team.
Keep your roadmap realistic as well, make sure you keep in mind all of the regulations that could hinder your ideas so that you do not promise something that you won’t be able to keep down the line. If you are promising staking or rewards based on coins you create for your project make sure these are things you can do without causing any type of frustrations for you or your buyers.
If a game is planned don’t just say the type of game you have planned, instead offer a detailed description of the game. Tell them how the game will be played, explain some of the levels, explain how their characters will be involved in gameplay, explain gameplay as clearly and detailed as possible. This will not only build hype for your project but will display to the buyers that you have thought everything through and are serious about what you are promising. It is even better if you can provide some type of visual aid to what you are talking about i.e photos, prototype sketches, etc.
A major component of any great project is always its community. If the community is positive and secure then the future of your project is also very positive and secure. A great community is one that is built on the foundation of complete security and that security is built on communication and honesty.
To be clear with your community is to be one with your community. By participating in the community conversations on your channels and staying in contact you create value for every single potential buyer. Take those questions in stride, make sure no stone is left unturned, and that each and every member of your community feels heard and valued, this will lead to great growth for your project now and in the future.
Leave channels for members to contact you directly, not necessarily DMs but you can create a channel for Q&A in your discord that is meant just for asking you questions directly and getting answers. Keep your announcements complete and detailed and always have a voice of excitement or enthusiasm portrayed in your posts- this builds confidence with the members.
Communication and Community are the spines of the project and if the spine is paralyzed, well so then is the project. Keep communications constant, clear, and captivating. One of the greatest projects seen so far to handle this is the community of the Boneworld NFT. The developers were right there answering questions and information about their project. When the NFT dropped the artists and developers were in the chat room discussing rarity one by one with the buyers.
The market moves fast- outrageously fast, things could change any minute and it takes a keen mind to be ready for any and every circumstance. You should plan for every eventuality. Best case scenario: all of your NFT get purchased, you are sold out. Now don’t get confused, you haven’t made it in the game yet, the next steps are crucial. Do you have the secondary markets ready to go? How many markets are working with you on your project? Do you have the rarities documented and easily accessible for those that want to check? How close are you to showing off the rest of the promises you promised during your campaign? These are some of the underlying issues that must be immediately taken care of right after mint.
Do you have a plan for if you don’t sell out like expected? What would you do if you had 10,000 NFT but only 2000 sold? What does your roadmap say? Can you reach any of the promises made on the roadmap with the amount you did sell? How would you comfort the community that is currently in panic mode because their project didn’t go the way they assumed it would? Do you have another way to get more people’s interest? What can you do to persuade the crowd that is swimming deep in the waters of FUD? Will you be ready to communicate with everyone and get things calmed down?
If you don’t have any backup plans then you will definitely lose the trust and interest of your buyers thus leading to the dreaded burn of your beloved project or worse a terrible reputation, making it even harder to get involved ever again.
These are just a few tips- a few ideas that may help you get yourself on the road to success when it comes to NFTs. The ideas shared in this article are meant for research purposes. Of course, it’s always best to do your own research and make your own decisions but if you can follow some of these guidelines then you will definitely have better odds of becoming an NFT mogul!
The content of this article, analysis, report, or webpage is not investment advice and does not constitute an offer or solicitation to offer or recommend any investment product. This content is for general purposes only and does not take into account your individual needs, investment objectives, and specific financial circumstances. The author may hold some of the digital assets mentioned in this report.