Launching your own NFT project can be overwhelming. This is why today, our NFT Marketing Experts reveal this confidential 5-step Formula they’ve used to sell out dozens of NFT projects successfully.
So you want to launch your own NFT collection. Maybe you want to make money, or you like the technology and want to gather experience in the Web3 space. Or maybe both. Whatever it is, you’ve landed on the right page. NFT Marketing Expert Oscar Schnell, who helped to sell out several NFT projects in the recent months, will reveal his 5-step process he and his team uses to sell out NFT collections with ease.
There are many different types of NFT projects. In this guide, we will focus on launching an NFT collection with several hundred or thousand NFTs with some sort of utility or promise to the holders, such as Bored Ape Yacht Club, Azuki, Invisible Friends, etc. Many strategies we share will also work for other types of NFT projects, but some cater specifically to those types of projects mentioned above.
Launching an NFT collection is hard. Really hard. You will need to manage smart contracts, art generation, community building, Twitter growth, etc. Preferably, you should have an experienced team or a partner on your side who knows what he is doing. Furthermore, the launch of your own NFT project will take a lot of time. Most of the time, a project founder will need to work more than 50 hours a week, so if you’re serious about launching an NFT project, you might need to consider doing this full time for at least 2 months. Building an NFT project is not cheap, either, but we will go into the detailed costs in the next section.
There are several expenses you need to consider when building an NFT project, such as team & consulting, influencer marketing, paid ads, your website, and more. Of course, not all of these parts are necessary, and you might be able to do some of them on your own. In general, we would recommend a total budget of around $10.000, but this can depend on many factors. The bare minimum you will need is about $2.000, but you will realistically not come too far with that. On the other hand, we have seen projects spend upwards of half a million Dollars without a profitable return, so understanding how to spend your budget is crucial for an NFT project’s success.
Here is an overview of what you need and the corresponding costs:
As you can see the expenses vary significantly (especially in the marketing section). If you want a cost calculation based specifically on your project, please schedule a free strategy call with our team.
We will now outline the exact process we use for most NFT projects we work with. Normally, we only share this strategy with our paying clients (starting at around $5,000), but we will outline a basic overview of our system in this article.
Before you start with anything, it should be clear what type of NFT project you want to build. The branding, utility and idea of your NFT collection have the most significant impact on how successful your project will be. It is important to mention that every successful NFT project needs a differentiation factor compared to other projects. Your project needs to provide at least one (better if more than one) of those three things to potential investors:
If you can’t think of anything your NFT project could offer to potential investors then you need to question if you should start building an NFT collection in the first place.
If you have an idea of what you could offer potential investors, you need to bring your thoughts and ideas to paper. Brainstorm as many ideas as possible, see what other NFT projects are currently doing, and think about any utilities you could offer your future NFT investors.
We like to ask our clients the following questions to help them develop their project and idea:
What is your number one motivation for the project
How long will it take to get there?
How much do you want to make in profit?
How much is the value of one NFT worth in $ for the holder at mint?
Why should somebody mint your NFT over purchasing another one with (similar feature/idea)
Once you have an exact idea of what your project is going to be about, create the Twitter account for your NFT project. No website, no Discord. In the beginning, you just need a Twitter account, and potentially a coming soon page similar to this:
On the Twitter account, post only one thread that explains your NFT project, the utility, plans and value propositions in a few sentences. Don’t reveal everything, just a basic overview of what you want to build! Don’t post more than this one thread. Less is more when it comes to tweeting, but more about that in just a second.
Next, you will need to get people to see your freshly created Twitter account and follow you. The way we normally do that is using Twitter NFT influencers and whitelist giveaways. You will post a Whitelist Giveaway like the one below and pay around five to ten NFT influencers to retweet this giveaway. Usually, a campaign like that will cost around $1,000 and bring in anywhere from 1,000 to 10,000 Twitter followers.
Keep in mind that many of these followers will not be the most engaged, but this step is crucial to building an initial reputation for your project by boosting your Twitter profile with real followers.
After this giveaway has been posted and you have reached the first few thousand Twitter followers, you want to start tweeting sneak peeks, behind the scenes and other informational content about your NFT project every two to three days in order to keep your followers engaged.
Next, you want to start reaching out to other NFT projects of a similar size as yours to collaborate and perform cross giveaways. You can simply DM different NFT projects and owner accounts on Twitter. Keep in mind that Twitter limits the amount of DMs you can send, so take your time with messaging. This is how a message could look like:
Get Regular NFT updates straight in your inbox for free.