How To Drop an NFT Collection and Enter the Market Successfully
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Since NFTs are approaching the mainstream, people are not only able to create one NFT and sell it on an available marketplace. They now can craft the complete collection of NFTs. An NFT drop is a buzzword that you will highly face on a regular basis being an NFT creator and collector. These digital assets are booming, and according to Statista, sales of non-fungible tokens generated approximately 1.26 billion U.S. dollars in the first half of 2021 alone.
However, the demand also increases the number of competitors. The market is so complex and varied now, so it is getting harder for new NFT collections to attract customers and stand out from the crowd. The first thing required is to get more knowledge on NFT and how it works, which you can read here.
The second step is to understand what this industry is now looking for and how you can enter the domain most successfully. And we’ve got you covered. This guide shows NFT drop meaning, best NFT communication strategies, available and worthy blockchain and marketplace options, creation of community, and the importance of each stage. So let’s dive deeper and create something unique.
What is an NFT drop?
First things first – what is an NFT drop? This represents the release of a non-fungible token. But to be more specific, the word ‘drop’ refers to the exact time and date when the NFT minting is going to happen. It is a common practice where NFT drops provide a thing called White Lists which allows potential buyers to get in earlier.
Purchasing an NFT during the drop usually means you have a higher chance to get your NFT much cheaper. This is because later, the price usually rockets. However, most NFT drops have a particular purchase limit, meaning only several tokens are minted.
An NFT drop works through the ERC721 standard on the Ethereum blockchain. This helps coders to build unique and non-interchangeable tokens called ERC721 tokens. Later these tokens can be used in different ways, such as creating collectibles, games, or digital trading cards in some cases.
In addition, these ERC721 tokens are dropped into a particular group of people who can get them as gifts from each other. This works since each token comes with a unique ID that can be tracked via blockchain ledger, which ensures the uniqueness of tokens and helps users to verify they received their token from the right person.
What are the Benefits of NFT Drop?
Create a Viral Loop
One of the main benefits of starting an NFT drop is that most users find it engaging and fun. This allows you to incentivize users to try new dApps while also providing a viral loop that boosts user retention rate in the long run. This also helps to bring greater attention to dApps and get more users in an extra competitive market.
No Extra Fees
This is another advantage of an NFT drop. Users will use NFT to pay for all of the fees during the token sale. Therefore, clients who will buy tokens won’t need to pay any extra fees, meaning they will receive the full amount of their purchase.
Perfect Trial Step
Since an NFT drop requires only a collection without any large plans and concepts, this may become a perfect trial step for developers and companies who can use this method to create a first user base and try their idea before providing a full-scale service or product.
This also provides an excellent opportunity for newcomers in the NFT market to present themselves to pre-existing communities as well as build proper relationships with them. This is the best way for new projects to get listed on exchanges, as the community working with the project may later help vote for the token to be listed on exchanges.
What are the Best NFT Drops?
This drop allows players to own digital Silks horses in the digital world. What is more, Silks makes the experience even more engaging by ensuring each Skills horse is linked to a real-world thoroughbred racehorse. This has been achieved by using complex datasets on elements including horse lineage, training progress, and racing results.
According to the Silks whitepaper, being an owner of this horse offers owners a way to generate income within the Silks metaverse. Therefore, players earn revenue when the horse’s real-life counterpart wins a race. The rewards come in $STT, which is Silks’ native transactional token.
The Meta Triads contain 10,000 NFTs, where each represents a cyberpunk-themed character. Each Meta Triad is also defined as a Human, Humanoid, or Hybrid. In addition, only one rare Meta Triad is unassigned and is part of a broader storyline. Alongside ownership of unique art, Meta Triad also comes with many benefits.
The most popular benefit among buyers is that the ownership of the art provides shares in the Meta Triads Marketplace. The tech team of Meta Triads develops an aggregator marketplace, allowing fashion companies to present their clothes virtually.
Guild of Guardians
Guild of Guardians is a popular fantasy play-to-earn (P2E) game where users are able to team up and receive various rewards. By adding the latest Web3 technologies, the Guild of Guardians tech team strives to provide a mobile RPG. This will lead to an NFT adoption by a completely new demographic of users.
According to the latest data from the Guild of Guardians website, today, the game has over 130,000 members on the waiting list who are waiting to play the game upon release. The game also provides its inner assets like items and ‘Founder Heroes’ that are going to be placed on the Ethereum blockchain.
6 Steps For A Successful NFT Drop
If you want to know how to drop an NFT collection efficiency, you will need to follow the steps below:
1. Create a Compelling Story
Let’s imagine that you have already done the collection of assets you can turn into NFT. Whether it’s photos, artworks, videos, or music, there always will be a question you need to answer: why should people buy your assets?
To answer that, consider these questions.
- Why are my NFTs worth buying?
- How do they differ from others in the same niche?
- Will people want to buy them and hold them for years to come?
- What value do they give my buyers?
When you want to know the best answer on how to do an NFT drop successfully, this is an essential step you need to perform. All questions have to be clearly answered, and you will get a concept of your future collection. Then try to create a compelling story to make sure the audience understands the same value these assets bring.
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2. Choose Blockchain & Marketplace
These two inner decisions directly affect the success of the project. Although most NFTs are minted on Ethereum and then sold on OpenSea, there are different options where every project can benefit. In addition, there is an excellent option for any company is to build your own marketplace that will give you higher control over the NFT launch. As a creator, you will also get revenue and help buyers avoid the high gas fees that are common with Ethereum.
Each NFT marketplace provides different benefits and has a particular group of customers, so it’s worth examining all options before choosing where to launch your NFTs. The most common marketplaces are:
- OpenSea: The pioneer and now the largest NFT marketplace
- Nifty’s: Mainly focused on big brands and creators
- MakersPlace: Great option for digital creators
- Rarible: A community-owned marketplace that also uses its own currency
If you want to build your own marketplace and learn more about NFT marketplace app development.
It is also worth noting that choosing the right marketplace and a blockchain go hand in hand. This is because some sell only Ethereum-based NFTs, while others have their own blockchains. Let’s take a look at the most available blockchain options below:
- Binance Smart Chain
Like a marketplace, every blockchain boasts various benefits, proponents, as well as selling points. Some are more beginner-friendly, others have high fees. Before starting minting your assets, we recommend you perform in-depth research and choose what suits you best.
3. Set Up Smart Contracts
Once you’ve done the previous steps, you will need to write NFT smart contracts. They are essential as they bring the value proposition to future buyers.
Here are the top decisions you need to make:
- Will your NFTs live on-chain or off-chain?
- Are you going to take royalties from the resale of the NFTs?
- What will be the maximum mint amount?
- What will be the built-in features?
These early decisions are vital. Features like royalties, rarity, and the mint amount will be fixed after the initial minting. Even for those features that aren’t set yet, you will need to know what your NFTs will provide and include them from the beginning.
4. Create Hype & Enter Community
Even though NFT is popular by itself, the launch is always about building hype and community. The more engagement around your NFTs, the more chances you have to attract people. So, when you have your assets, the next step is to make people excited about that fact:
Here are a few great ways shared by successful NFT projects:
- Create social media channels (Instagram, Twitter, and Discord)
- Try to attract some NFT influencers, and you may even donate NFTs to them to get their support
- Perform giveaways
- Talk with the community
- Make sure you have a professional website
- Make videos, photos, and various written content
- Add your project to the NFT calendar
There’s no better sign of your success than the quick sell-out. But only those projects having all things above and community support are able to get increased value.
5. Know Your Customer
A key thing that makes the NFT market fairer is proof of personhood or PoP. As the name applies, PoP means each user needs to prove their identity as a real person. This reflects the concept of knowing your customer (KYC) that has long been here with Fintech and the physical art world.
Once you set purchase limits, both PoP and KYC help your business to authenticate all customers, so unfair users will not be able to exploit the sale using bots, VPNs, or other threatening hacks.
6. Prepare Your Team
During high traffic on the NFT drop, you will need to make sure the whole team is ready, the website works efficiently, and every team member knows what plans A, B, and C in case of issues coming your way are.
This thing involves making sure:
- All key partners are aware of the drop
- Every team member knows responsibilities, and everyone is online
- Your customer service team is here
- You are monitoring social media channels
- You have a space, virtual or physical, where the tech team can quickly gather to solve problems
How Interexy Can Help You
Whether you want to create your own marketplace, start your NFT drop, create assets, or get trusted support for all points above, Interexy has got you covered. We are a renowned app and web development company that has worked in over 15 spheres, where most latest projects have been done for the NFT and blockchain industry.
Our team comprises top-notch specialists who have worked with the niche you need, ensuring the product will be done only by highly-skilled engineers and designers. We are proactive and can provide unique products for your business growth regardless of complexity. With the NFT development services we provide, we can realize any idea and ensure your NFT drop will attract numerous buyers.
NFT is a trend today. The market is vast, and you will probably face numerous competitors. This is why you need to make sure your NFT drop is engaging, informative, and valuable for potential buyers. Even though there are plenty of things you need to consider, our guide will help you make everything clear and efficient. If you need a team of experts in this field to achieve success in a highly compelling market, reach us out and let us know your idea!
What is an NFT drop?
NFT drop is the release of your NFT collection, where the term “drop” means the exact time and date when the release is happening.
How big is the NFT market?
The NFT market is growing every day at an immense speed. Today, the market is estimated at over $17 billion.
How to Drop NFT Collection?
There are many things you need to create to drop the NFT collection. The main ones are choosing blockchain, marketplace, creating smart contracts, communities, social media channels, and more.