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NFT Creators are currently doing almost *every* project wrong.
A thread:
A thread:
Many I see are optimizing for price out of the gate.
"We've got 10,000 pieces and each costs 0.1 ETH (~$210). Come grab them while they last. They sure are gonna go fast!"
If you do this, your project will likely fail.
"We've got 10,000 pieces and each costs 0.1 ETH (~$210). Come grab them while they last. They sure are gonna go fast!"
If you do this, your project will likely fail.
Why?
Because everyone is competing for the same attention right now. NFTs are bubbly.
Optimizing for price up front? You're going to have 9,500 of your 10,000 items unsold and your audience will move on.
Because everyone is competing for the same attention right now. NFTs are bubbly.
Optimizing for price up front? You're going to have 9,500 of your 10,000 items unsold and your audience will move on.
Instead, focus on getting all of your pieces claimed and then build a community & secondary marketplace on top of that ownership.
Give your pieces away at gas cost or sell them for $20 each! Do community events for rare pieces to help bring attention to your project.
Give your pieces away at gas cost or sell them for $20 each! Do community events for rare pieces to help bring attention to your project.
Once everything is claimed, people are bought in. They're invested and now they want to make money too!
The fun starts when your community can share, debate, compare scarcity traits, and buy and sell on those.
The fun starts when your community can share, debate, compare scarcity traits, and buy and sell on those.
Between OpenSea and smart contracts where creators get a piece of secondary sales, that's where the real money is for NFT Creators...
...if they can forgo an up-front payday (which I don't think is actually that likely right now!)
...if they can forgo an up-front payday (which I don't think is actually that likely right now!)
Disclosure: I've spent too much $ETH in the last month on fun, but ultimately probably dead projects because the starting price was too high & people moved onto new, cheaper NFT projects.
Cryptopunk Aliens didn't fetch millions in 2017. They did start a community though.
Cryptopunk Aliens didn't fetch millions in 2017. They did start a community though.
tl;dr – Give first. Then ask.
Advice as old as time.
Advice as old as time.
Also, to clarify, I’m talking about X of N projects (10,000 pieces, for example).
I’m not suggesting artists selling one-offs of their work should give them away.
I’m not suggesting artists selling one-offs of their work should give them away.
