Q: How do you launch an NFT project? [Free #25]
NFT projects are increasingly being looked at as product and marketing avenues for artists and brands. What can we learn from commercially successful NFT projects about launching an NFT sale?
Well hello there!
So, time for a shameful (or perhaps not so shameful!) admission: A lot of what I write for this publication exists before I “write it” the day of publication. My routine is usually to sit down on a Tuesday, take a look at the news we’re including for the week, and write up an explainer piece that vectors into the news. Very rarely do I spend more than four hours researching, writing and editing the entire post.
That’s because I’ve been doing explainers on cryptocurrency for many years - going back to 2011, and I’ve written scripts and blog posts for a lot of the concepts we cover in the newsletter over the years. What’s interesting now, ten years into my journey in crypto, is that I’m starting to see echos of previous concepts and trends in such a significant way that I can easily analogize and describe how to undertake a project that’s currently en vogue (like NFTs) by re-purposing instructions and content from a concept that’s deader than a door nail (like ICOs).
ICOs, or “initial coin offerings,” were a major driver of the crypto-economy in the 2016-19 years, but were pushed to near oblivion by enforcement actions in the US and China by securities regulators.
Almost all the same bits of promoting a project are the same, as are all the same misconceptions (as I noted dryly on Twitter earlier this week: “Maybe I should just scratch out ICO and replace it with NFT on my old ICO Consultant business cards”).
For added fun, watch this old unreleased “How to launch an ICO” video I did back in 2018 with this week’s newsletter on your screen to see how closely these processes are to one another.
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Blockchain Bulletin
Visa buys a CryptoPunk NFT for $150,000. Credit card company Visa Inc. bought a piece of NFT history with a $150,000 purchase of CryptoPunk 7610 a female punk with a mohawk, green eyeshadow and red lips, reported ArtNews.
PayPal expands its cryptocurrency platform into the UK. In the coming weeks, users of PayPal’s website and mobile app will be able to buy, sell and hold four different cryptocurrencies in the United Kingdom, reported The Guardian.
Cuba now recognizes cryptocurrencies such as bitcoin. Cuba’s central bank will now recognize, and regulate, cryptocurrencies through legalization in what is deemed a historic decision by the island nation, reported CNBC.
Blockchain Behind the Scenes
Fox becomes lead investor in blockchain media startup Eluvio. The Fox broadcasting network has strategically invested in the Eluvio media management blockchain as part of its plans to launch the blockchain-based animated series Krapopolis.
Justin “3LAU” Blau launches music royalty blockchain site Royal. Justin Blau, also known as “DJ 3LAU,” has launched a song investment and music royalty sharing blockchain site after raising $16 million in investments.
Blockchain Deep Dive: How do you launch an NFT project?
The real distinction we’re making here is how to successfully launch a commercially viable NFT project.
Anyone can just randomly mint an NFT, and it will very likely get lost in the noise of millions of others.
The process, as I’ve described it, is very close to my 2018 instructions on how to launch an ICO.
In my experience, that means looking at your list of todos and breaking them up into a development track, the marketing track, and the PR track.
There’s a variety of ways of structuring an NFT sale technically, where if you’re going to be targeting a large swath of NFT collectors, flippers and investors, or if you’re going to be a small group of more elite buyers. Evaluating which way to go is going to depend on what type of project you’re undertaking.
You can easily expect to spend between $20,000 to $250,000 on marketing your sale, depending on what size splash you’re expecting and which tactics you take to get there.
Content Marketing and Influencer Marketing are tactics that play heavy in most of these campaigns.