NFT Project Beginnings and Basics

2022-05-20 by EPR Staff

One of the popular terms in the last couple of years online has been the creator economy, which is a movement where creators can build their own ecosystems around communities. More recently, the focal point of this type of movement has become NFTs. These non-fungible tokens have started giving the creators in that creator economy the ability to create platforms around meaningful projects and communities.

Most of the creators involved with the development of NFTs have already created successful communities on various social media platforms, but with the way that NFTs are changing the way that people do business and build communities, these communities developed by creators serve as the creators’ platforms. When a company wants to develop and invest in an NFT project for its brand, before even outlining a plan for that project, it’s important to look at its current community and the type of relationship that the brand has with its community.

Project goals

The first step in developing an NFT project is to decide the desired goals of that project. Some of the most popular goals that businesses tend to have these days are building a strong community, providing something of value to the target audience, or simply getting ready to join the metaverse space. There are a handful of companies that have decided to use NFT projects as another way to fundraise, but whatever the goal of the business is, it’s important to define the goals as early as possible so that everyone working on the NFT project will have a clear idea of where that project is heading.

Art

The second step in developing an NFT project is deciding the type of art that the company will be creating, or working with a professional to create. It’s important for the piece of art to attract the people that the company wants to become members of its community, and the size of the overall NFT collection. In fact, if a business wants to create an NFT collection, the best option would be to work with a professional who can create different variations of the same base project. Additionally, working with a professional is beneficial because they have a degree of expertise in the space and can help the company in the overall NFT project journey.

Long-term plan

Companies that want to launch projects within the NFT space need to have a long-term plan that details where that project is headed to give the target audience assurance that the business is committed to the success of that NFT project, as well as the community built around it. This plan should detail what people should expect to get down the line for taking part in that community, which can be as simple as creating a giveaway at a certain milestone or giving an NFT holder some special access to an experience in the future. The target audience of the business is going to be a lot more interested and invested in the success of the NFT project if they get the opportunity to take part in the overall project, and not just be a subscriber, or a community member.