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How to Start Your First NFT Project

The NFTs (non-fungible tokens) have exploded in the virtual art world and have lowered the barrier to entry for artists looking to earn a living selling their creations. For many artists, NFTs have leveled the playing field in an otherwise homogenous art culture. Novices and crypto experts alike can benefit from starting an NFT project. That being said, an endeavor like this must have a certain level ‘stickwithitness,’ transparency and a thick skin.  

Success in the NFT art market also requires additional skills beyond that of being an artist.  Continue reading to learn more about how you can be successful in selling your NFTs. 

Community 

Your community comes first. The key to building an NFT project is building a community that is excited about your NFTs and they in turn will become evangelists and spread the word, otherwise known as “pumping.”  

Creating Telegram and Discord groups have become common practice in NFT community building. These groups provide easy access to your developers and team members. That is a plus for investors looking to fund NFT projects. Afterall, Web 3.0 is about breaking down barriers. Potential investors and NFT buyers can ask questions about the emerging collection and get insight into team members responsible for bringing the project to life.  

Social Media 

Even though social media as we know it is Web 2.0-based, it is key to building a strong Web 3.0 presence. Twitter Spaces has emerged as the crypto thought leader forum. The audio only feature enables any Twitter user to start a room and invite like-minded individuals as speakers on a particular topic and all are welcome to listen in and learn. NFT project leaders and admins can “shill” (promote) in Twitter Spaces. It is an interactive and lively experience for all involved and crypto know-hows and to-dos are shared. Celebrities like Alicia Keyes, Jay Z and Gary “V” Vaynerchuk have been known to pop in random Twitter Spaces.  

Fimi Market Inc. hosts bi-weekly Twitter Spaces Wednesdays at 8pm.  

Set a Fair NFT Price 

Sure, we’ve seen NFTs sell for millions of dollars. Like stupid money! However, they didn’t start there. The hype from the community and rarity, enticed buyers to drive up the value of NFTs. If you charge a high minting price upfront, you risk losing your momentum and the support of your buyers in the community. 

Website 

This may seem like a no-brainer, but having a website that lists a roadmap, a clear mission, a whitepaper and the project’s team members will help prove validity. The NFT space is rife with scams and people have lost money to projects that didn’t get off the ground for one reason or another.  

 Above all, communicate clearly and often on all these mediums. The worst thing you can do is go radio silent on your NFT project. Commit to a regular communication schedule and stick to it. Share updates on the project’s process, positive (Ahead of schedule? Tell them!) or negative with the community.  

It is a very exciting time for NFTs. 2021 was a record-breaking year with a reported $41 billion spent in various marketplaces and the NFT boom is anticipated to grow even more. We are still on the ground floor. NFT projects not only take creativity, but dedication and transparency. To make your NFT launch a success, you have to put in the work to reap the lucrative rewards.