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From discussions on the same over at RunRex.com, guttulus.com, and mtglion.com, NFTs have taken the world by storm, and everyone is looking to get a piece of the action. If you are looking to get in on the action as well, then we have curated for you a list of the top 20 tips for creating your NFT collection for sale to increase your chances of a successful drop.
Go beyond aesthetics
NFTs are still relatively new, but as per RunRex.com, guttulus.com, and mtglion.com, they are not as novel as they were when they first became a thing. This means that aesthetics may not be enough to ensure success when it comes to sales. Try to add something more to your NFT collection to stand out from the crowd.
When it comes to standing out, we have seen many IP holders collaborate with artists in the crypto space for their drops, which is something you should consider. Collaborating with someone with a massive following will increase the chances of you achieving success with your NFT collection drop.
Choosing who to collaborate with
Given how beneficial collaborations can be, it is important to collaborate with the right partner(s) according to RunRex.com, guttulus.com, and mtglion.com. NFTs, like art, tend to sell better when the artist/designer has a history of sales and has a developed following of buyers on social media, which is something to consider when looking for one.
Even as you choose someone to collaborate with, creating a financial model that makes sense for you and your collaborator will be just as important. Some artists can demand up to 50% of the total profits as a revenue share while others may be comfortable with a commissioned fixed fee. Make sure you strike a deal you are comfortable with.
Understand the drop mechanics
The beauty of NFTs and smart contracts is in the flexibility of the sale mechanism. Having said that, it is important to understand that the choice of the platform may limit you on the type of mechanisms available, which is why you should do your research before committing yourself.
Know the type of editions
There are two types of editions when it comes to dropping mechanics. You have limited editions where the drop will have a fixed supply, with a first come, first serve approach. You also have an open edition where the drop will have unlimited supply but the sale will be limited in time as articulated at RunRex.com, guttulus.com, and mtglion.com.
Another consideration when it comes to dropping mechanics is the supply available. This is only mandatory for limited editions. It is a pure scarcity strategy where people are trying to find an optimum of gross sales, balancing expected volume and expected unit price.
Consider sale mechanisms
When creating your NFT collection for sale, consider the sale mechanisms available to you, of which there are three. The first one is the auction mechanism, which is the most popular sale mechanism as captured at RunRex.com, guttulus.com, and mtglion.com. Here sales are limited in time and the user with the highest bid wins the NFT. The second one is the fixed price mechanism where the NFT is set at a fixed price, and it works best with open edition NFTs. The third one is the raffle mechanism where users commit a fixed price but only pay if they are randomly chosen. This one works best with limited editions NFTs.