6 Steps to Creating Successful NFTs By Wilson K. Lee

May 4, 2022

How to Create Successful NFTs in 6 Steps

Image version
Text version

The most valuable NFT is worth up to $91.8M.

As of 2021, there are around 360,000 NFT owners.

However, only 9% is contributing to ~80% of the market value (Financial Times and Chainalysis).

Interested in creating your own NFT? Read this.๐Ÿ‘‡

Who is Wilson K. Lee?

  • Wilson is an entrepreneur and a very well-known business branding development strategist.
  • He aims to make Web3 a better place for everyone by sharing his tips, tricks, and experiences!

The Steps

Identify Your Niche

  • NFT isnโ€™t always about the art. Itโ€™s about filling a void in the marketplace.
  • Who do you want to target?
  • Once you know who you are targeting, how do you want them to feel?
    - BAYCs aims to make their holders feel trendy
    ย - Cool Cats are wholesome

What is Your Mark?

  • NFTs are still growing.
  • They started with art then collectibles, and now gaming. What will your NFT provide to the market and what will it become?
  • Donโ€™t think copy paste!
  • #Crypto + #NFTs = All About Innovation

Team Assembly

Keep in mind that one person can execute several roles in your team. Just make sure the workload is workable for the person.

- Artist - generation of the art
- Gen artist/developer - random image generation
- Backend developer - smart contract
- Backend developer - mint site
- Front end developer - mint site
- Community manager - discord/twitter management
- Marketer - collaborations and outreach
- Founder - cheerleader/waterboy

Timeline

  • Time for the project > 2 months
  • Set a launch date and add 2 extra weeks to that
  • Double-check, triple-check, check and check.

Budget

  • Usually a Flat Rate or Percentage of Sales
  • Development: 10-30% of sales or ~$50k-100k
  • Art: ~$10k-50k (depends on style & effort)
  • If you are confident that you will sell out, consider a flat rate. If you arenโ€™t, go with percentage of sales.

Marketing

  • This is where you get your word out. How do you plan to do so?
  • What tactics are you going to use?
    - Hype
    - FOMO
    - Scarcity
    - Brand collaborations
    - Influencers
    - Contests
    - Paid
    - Build in public
  • You can use more than one marketing tactic, but make sure it provides value.

Whether you want to create NFTs for fun or to earn money, remember these 4 things.

Be honest with yourself and just be a good person.

Communicate, communicate, and communicate!

Always deliver VALUE.

And finally, build your community and trust!

Good luck!

NFT People To Follow:

โ€

Sources

https://fortunly.com/statistics/nft-statistics/#gref

https://findstack.com/nft-statistics/#:~:text=As%20of%202021%20there%20are%20around%20360%2C000%20NFT%20owners&text=According%20to%20the%20Financial%20Times%20and%20Chainalysis%2C%20there%20are%20approximately,80%25%20of%20the%20market%20value

https://learn.bybit.com/investing/top-nft-artists/

โ€

Community Highlight

Join the Smoothie Newsletter

This is a special newsletter. Every week, we deconstruct the best crypto trends and share those insights with you.

Thanks for subscribing

We will send you an email shortly
Oops! Something went wrong while submitting the form.