paint-brush
How To Launch an NFT Project in 2024by@sergey-baloyan
316 reads
316 reads

How To Launch an NFT Project in 2024

by Serge BaloyanMarch 7th, 2024
Read on Terminal Reader
Read this story w/o Javascript
tldt arrow

Too Long; Didn't Read

CNN.com will feature iReporter photos in a weekly Travel Snapshots gallery. Please submit your best shots of the U.S. for next week. Visit CNN.com/Travel next Friday for a new gallery of snapshots from around the world. Please share your best photos of the world with CNN iReport.
featured image - How To Launch an NFT Project in 2024
Serge Baloyan HackerNoon profile picture


Mastering the technical and strategic fundamentals will separate winners from losers as the NFT wave grows again. Our comprehensive guide provides best practices to launch your project successfully in 2024. More and more projects gain big results, and it’s very interesting to see how they act to do so. Last time, I explained how the Autoglyphs NFT project did a phenomenal sale. I reviewed its marketing campaign that led the project to the success. This time let’s see what basic knowledge do you need to launch an NFT project in 2024. If you need my advice on NFT marketing, promotion and community building, you can also message me directly.


Source: moralis.io



Blockchain Basics are Key to Capitalizing on Crypto Collectibles


NFTs represent unique digital assets like artwork, cards or virtual lands through non-fungible tokens on Ethereum or other blockchains. But why have they sparked a frenzy?


Blockchain's decentralized ledger brings unprecedented transparency to authenticate scarcity and prove ownership through public transaction histories impossible to manipulate. Understanding these underlying mechanisms like Proof-of-Work consensus is essential to leveraging the tech.


To-Dos:

* Grasp the fundamentals of blockchain technology

* Learn about different blockchain networks and their features

* Understand the role of smart contracts in NFTs

* Familiarize yourself with popular NFT standards like ERC-721 and ERC-1155


Vet Platform Partners to Optimize Exposure and Monetization


Platforms are the storefronts bringing projects and collectors together. Thoroughly evaluate features, transaction fees (which can be 5-15% per sale), communities and supported blockchains at top marketplaces OpenSea, Rarible, SuperRare and Foundation to choose where your creations will find the best audience. Consider engagement, popularity within your niche and growth potential when weighing platform alliances.


Also, don’t forget that behind buying NFTs stands a psychology. You can read more about it in my ‘Cracking the NFT Code’ article on HackerNoon.


Marketplace comparison. Source: moralis.io



To-dos:

* Research various NFT marketplaces and their unique selling points

* Compare fees, supported blockchains, and user experience

* Engage with the communities on each platform

* Choose the platform that best aligns with your project's goals and target audience


Develop Distinctive Digital Creations with Developers’ Design Depth


Whether coding complex cryptoart or modeling virtual worlds, developing compelling, high-quality creative assets is paramount. Delve deep into multimedia software and game engines to craft one-of-a-kind pieces. Tweak textures, lighting, animations and more to optimize visual and functional appeal. Be sure formats will upload efficiently to marketplaces by adhering to maximum file sizes and standards like ERC-721/1155.


Also, don’t forget that your NFT should have some utility, not only art. You can read more in my article ‘Nobody Buys NFT Just for Art’ on HackerNoon.


Some of the NFTs are featuring components of augmented/virtual reality


To-Dos:

* Master digital art tools and software like Adobe Creative Suite, Blender, and Unity

* Learn about 3D modeling, animation, and VR/AR experiences

* Understand the importance of storytelling and world-building in NFTs

* Optimize your creations for various platforms and devices


Engineer Error-Free Ethereum Contracts


Flawless smart contracts are the backbone of trustless transactions. Choose standardized templates that support your collectible case use while customizing functions like public minting, private sales, royalties and ownership transfers. Rigorously test your Solidity code for logic errors or exploits before deploying permanently to the blockchain to avoid costly bugs down the line.


To-Dos:

* Learn Solidity, the programming language for Ethereum smart contracts

* Understand the security implications of smart contract development

* Utilize established libraries and frameworks to minimize risk

* Regularly audit and update your contracts to ensure their integrity


Curate Credible Whitelists for Early Advocates


Whitlists allow selective access before general release, cultivating advocates. Software like OpenZeppelin Access Control enables managing membership tiers. Consider including influencers, supportive community members, or prior project backers. Promote on socials with clear instructions on gaining access. Their feedback from presales could influence broader appeal.


To-Dos:

* Identify potential early advocates and influencers in your niche

* Develop a tiered whitelist system to reward loyalty and engagement

* Communicate clearly with your whitelist members through email, social media, and Discord

* Gather feedback from presales to refine your project and marketing strategy


Execute Exemplary Launches with Strategic Savvy


Mastering pre-launch hype and rollout tactics is pivotal.



Test pricing psychology and undertake presales. Introduce limited initial quantities to tease scarcity. Time launches rhythmically across social channels, partner promotions and key industry events for maximum visibility. Combining private and public sales may attract dedicated collectors and broader speculation.


To-Dos:

* Develop a comprehensive launch strategy, including presales and public sales

* Utilize scarcity and exclusivity to generate interest

* Coordinate launches with marketing efforts and partnerships

* Monitor market trends and adjust your strategy as needed


Leverage Multi-Channel Marketing to Magnify Visibility

I’ve written a big NFT Marketing Guide on Hackernoon earlier, but let’s check the basics here.


Great creations still require industrious promotion. We’ve worked with lots of NFT projects during these years, and we see what marketing strategies wors best on this market. These are the strategies you could consider leveraging:


  1. Develop Compelling Branded Content: Create engaging and visually appealing branded content across various mediums, including social media, websites, and email campaigns. This content should effectively communicate your project's narrative and attract new audiences.
  2. Engage Complementary Influencers: Collaborate with influencers who align with your brand and target audience to co-promote your NFT project. Influencers can help amplify your message and reach a wider network of followers.
  3. Utilize Email Campaigns and Social Strategies: Implement sophisticated email marketing campaigns and social media strategies on platforms like Discord, Twitter, and more to engage with your audience. These channels can help you connect with your growing following and keep them informed about your project.
  4. Community-Building through Interactive Events: Organize interactive events, such as virtual meetups, AMAs (Ask Me Anything sessions), or live Q&A sessions, to build a sense of community around your NFT project. These events can foster engagement, loyalty, and continuity within your community.


Multichannel marketing breakdown. Source: ActiveCampaign



To-Dos:

* Create a strong brand identity and messaging

* Utilize multiple marketing channels to reach a wider audience

* Engage with influencers and collaborate on promotional efforts

* Foster a strong community through interactive events and consistent communication


Chart Post-Launch Course with Care


Long-term vision is crucial. Monitor secondary sales data to shape further development or pricing strategies. Solicit constructive criticism through surveys to evolve offerings desirably. Release roadmaps build trust. Supporting your collectors community through responsive assistance keeps sales volume steady in changing market climates. Establishing consistent quality and care secures resilient success.


Source: ActiveCampaign


To-Dos:

* Monitor secondary market data to inform future decisions

* Gather feedback from collectors and the community

* Regularly update your roadmap and communicate changes transparently

* Provide ongoing support and engagement to maintain a strong community and ensure long-term success



P.S. Check out some of my previous articles at HackerNoon:



Lead image from moralis.io