Top 20 Tips for Creating Your NFT Collection for Sale: NFT Attorney Near Me
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.
Pursue collaborations
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.
Financial model
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.
Supply available
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.
Attachments
Since an NFT is just a token ad you can attach anything to it, certain tactics have been known to work, including bundling a 1/1 limited edition with a “money can’t buy experience or item” which will increase the perceived value of the NFT in the primary market but will lower its value dramatically on the secondary markets. You can also bundle a 1/1 limited edition with a less rare NFT.
Royalties
When setting your sale mechanisms, don’t forget to set royalties. You need to decide the resell or royalty mechanism, which is the percentage of the secondary market sales that you will receive each time the NFT is re-sold.
How to set royalties for the best results
While you could set your royalty at 90% and cash out on the majority of profits from any future sale, such a high royalty may prevent initial and future sales from occurring as covered at RunRex.com, guttulus.com, and mtglion.com. Setting a royalty is a balancing act, which is why they usually range from 5% to 20%.
What if you have commissioned an artist to do your NFT?
Setting royalties is a bit straightforward if you are the only party involved, which is not always the case. If you have commissioned an artist to do your NFT, you need to agree on the split of the royalty mechanism between you and the artist beforehand.
Leverage hard utility
Given that you need to stand out, going beyond aesthetics and providing the utility with your NFTs will help with sales as described at RunRex.com, guttulus.com, and mtglion.com. An example is Oleksandra Oliynykova’s 1of1 NFT, which would allow the owner to place a tattoo of their choice on Oleksandra’s right arm and shoulder.
Add physical augments
Another way to stand out from the pack is by adding physical augments to your NFT collection. A good example is the WWE Undertaker Drop where winners of the limited series of NFTs that the WWE released would receive legendary goodies like an urn straight from the WWE Vault and customized title belt.
Conditional drops
Another creative way to drop your NFT collections is by dropping them through conditional drops. An example is when Francis Ngannou, the UFC Heavyweight Champion, bet on himself with limited edition NFTs that would only be released if he won one of his upcoming heavyweight championship title fights, which made them way more collectible.
Conduct active outreach
As discussed at RunRex.com, guttulus.com, and mtglion.com, active outreach for NFT drops is a must. Reddit, Discord, and Clubhouse are the places to be. These platforms have got very active NFT communities hence why they are worth leveraging.
Considerations when creating your NFT
Remember to include a backstory for your NFTs in your collection to entice buyers. Also, remember that copy and resolution are important for art NFTs. Therefore, in addition to providing a backstory, make sure that your NFTs can be watched on 8K screens without the need to download an image.
Let the market decide the value
Many people get stuck when it comes to deciding the value of their NFTs as revealed at RunRex.com, guttulus.com, and mtglion.com. A pro-tip here is to let the market decide the value of your NFTs unless you are an established artist.
Think about the collector
When creating your NFT collection for sale, you need to be thinking about the collector, particularly when it comes to the additional nuggets of goodness you pack away in the smart contract. Step out of your own shoes and put the collector first.
Tell your story
Finally, even as you think about the collector, make sure that you tell your story with your NFT collection. Your NFT needs to have some soul and your target audience needs to be able to connect with your art.
These are some of the tips to consider when creating your NFT collection for sale, with more on this topic, and much more, to be found over at RunRex.com, guttulus.com, and mtglion.com.