A successful NFT drop guide

5th May, 2022
Software, Application

Now everyone is jumping at creating their own NFT collection and eventually dropping your NFT to the public so that people can buy them. What is NFT drop?
Put simply, an NFT drop is the release of a non-fungible token project. A drop refers to the exact date, time, and generally the minting price of the NFT.
To make money with your NFTs you should prepare to launch the NFT collection successfully.

Choose your blockchain

First, you should answer the question of which blockchain you’ll mint NFTs on.
Despite most NFTs being minted on Ethereum, many projects benefit from using alternative blockchains and often saving fans from the high gas fees associated with Ethereum.
Major available blockchain options include Tezos, Cardano, WAX, Polkadot, and Binance Smart Chain.
Each blockchain has different benefits. Some of them are more environmentally friendly, others have lower gas fees. You should dig deep into the different options available and choose what’s suitable for your NFT project.

Choose or create an NFT marketplace

NFT marketplaces have different benefits and focus on different target audiences, so it’s worth exploring options before you choose where to realize your NFTs. A few of the larger marketplaces include OpenSea, Nifty’s, and Rarible.
Some NFT marketplaces only sell Ethereum-based NFTs, while others have their own blockchains and currencies.
Also, it is a good idea to create your own NFT marketplace. Creating your own marketplace gives more control over the NFT drop, allowing you as a creator to capture more revenue.

Write your NFT smart contracts

NFT smart contracts are vital to the value proposition you give people who will buy your NFTs.
You should outline all the features of your NFT collection and establish what your NFTs will offer from the start.
Do you give buyers the intellectual property rights to the NFTs? What are the built-in features such as rarity and voting rights? Will you take royalties from the resale of the NFTs? Can buyers access exclusive media using the NFTs?
There are many questions you should answer to launch the NFT collection successfully.

Use the concepts of PoP and KYC

Proof of personhood (PoP) and know your customer (KYC) are key concepts for making the NFT space fairer. KYC is a requirement for almost all financial institutions, from banks to cryptocurrency exchanges.
PoP and KYC allow digital businesses to authenticate each buyer, so users can’t purchase using shopping bots, VPNs, or multiple devices. Usually, NFT marketplaces use bot protection features and enqueue token SDKs with unique user identifiers.
Most NFT marketplaces are currently not integrating KYC checks, but with the market growing fast many experts suspect that soon will be.

Build your community

NFT drop is all about building community because selling NFTs isn’t possible without people who believe in the project.
First, you should answer several questions. Why are your NFTs valuable? How are your NFTs different from other NFTs? How exclusive is your NFT collection? These answers will help you to get people excited about your NFTs.
You should use marketing channels to create a community.
Using social media Twitter, Instagram, and Reddit allows you to reach potential users and NFT influencers. Build a professional website with promotional videos, photos, and written content. Promote your NFT drop on popular media, YouTube channels, and blogs.
Your goal should be a quick sell-out because NFTs that sell out fast can capture the attention of the NFT buyers on the secondary market.

You can be a talented creator, but many other factors influence the results of your NFT drop. This is why you need a reliable technology partner that can consult you and create the NFT marketplace and professional website.
You can use the services of Exotic Tech. It is an experienced company specializing in blockchain technologies, the creation of NFT marketplaces, and crypto exchanges. Visit https://www.exotic-tech.com/ to learn more.

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