Is it easy to launch an NFT project? A founder’s perspective.
2021 was the year when NFT (Non-fungible token) market sky-rocked🚀. Being ‘Brainwashed’ by NFT influencers on TikTok and YouTube, I thought I can become an NFT made millionaire too! And… I was wrong… very, very wrong.
Near the end of 2021, I learnt that investing in NFT during the minting stage was what most NFT made millionaires does to get the cheapest ‘ticket’ to 10x, 100x, 1000x gain on NFTs. So, I started exploring and choose Solana Blockchain over Ethereum Blockchain due to the insanely high gas fee.
Long Story Short…
After I got scammed a couple of times from projects that rugpulled the minters… I decided to launch my own NFT collection, with the ambition to give new NFT investors an authentic NFT project that doesn’t scam people hundreds and millions of dollars. But, that spontaneous decision did not lead to a glory success story that I can brag to everyone on the internet. It flopped.
◾ Lesson #1: Learn the NFT market the same way as shopping in a boutique shop. Don’t buy because it is affordable, but because it is worth it.
The booming NFT market means tens and hundreds of new NFT projects are launching mints to investors. You got to build the skills to identify gems from trashes before bidding your money 💰 into it. ‘Don’t get fooled by it’s cover’
I recommend Messari for up-skill your NFT knowledge!
Messari — Best Research Company on Cryptocurrency related technologies
◾ Lesson #2: Founding NFT project requires high quality original artwork.
One and the most important key 🔑 for an NFT project to succeed during the mint phase is Marketing! And you simply cannot mass attract potential investors with poor quality of art. Yes, there are a number of projects that did succeed with poor quality of arts (some of them were even copy and pasted from Google). BUT! High quality of art will boost your project’s mint stage probability to succeed significantly.
- High quality art means easy to draw people’s attention!
- High quality art improve the project trustworthiness and showcase the capabilities of the team.
- High quality art give investors the reason to collect for art.
“Avoid hiring freelancers on Fiverr to copy, paste and apply filters for your next project! NFT projects are the same as any Start-up businesses! Treat your potential investors like Venture Capital firms! Don’t blow your trust and quality of work.”
◾ Lesson #3: Don’t launch a $1Million Capital Value NFT project without the skills to manage the fund and have a strong and dedicated team to produce values to the investors.
Disclaimer: This is not saying that passion, dedication and motivation are not important to become a successful NFT founder
To this date, NFT project is the quickest, easiest and weirdest fund sourcing project on Earth!
With an average standard collection being 5000 NFTs at an average price of $150 USD, a successful sold out project can gather ¾ of $1Million USD dollar! This is 10x more than small start-up firms at pre-seed stage.
Plus NFT project don’t need a MVP (minimal viable product), a proven track record, or craziest of all — NO REAL IDENTITY required. This highly trust-based crowdfunding method deserves to be protected, respected and appreciated! Hence, you should never launch an NFT project without the skills and team.
💬 Final Words
“I know that NFTs will be here for the rest of my life” — Gary Vaynerchuk
You — a bright individual should turn this untapped opportunity into motivations to grow capabilities and build a strong team.
Prepare yourself for the opportunities you desire before they arrive. So, you can be the first to take off before anyone else.
👋 Thanks for reading this article! I hope you found it enjoyable! Leave a comment below if you want to discuss any NFT topics or have any questions.
Arice is an Engineer, Artist and Designer who joined Medium to learn and share her experiences. She also a co-founder of a local charitable trust and a slightly active investor in stocks, crypto and NFTs.
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