Introduction
This is perhaps one of the most complicated issues that we encounter every day when developing consultancy for projects. Since the public is constantly receiving news about NFT collections that are very successful and that bring great benefits to their creators. But we overlook the thousands and thousands of collections that populate the Marketplaces day by day without any kind of value or possibility of success.
This is why many entrepreneurs decide to venture to create a piece or a collection but without carrying out the corresponding business plan. In the same way as for any project or business, to launch one or more nft collections you have to plan and anticipate many factors to achieve the desired objectives.
In the post on how to associate value to your nft we already talked about the importance of them or the collection having a value of Utility, Tangibility and Rarity in addition to many other value propositions.
What to consider when budgeting for a collection:
Art:
Art is the centerpiece of every project, but it is not necessarily the most complex or expensive. It is essential that the piece of art is attractive and that whoever acquires it wants to have it in their collection. But it can be from a photo to a generative design made with artificial intelligence, going through 2d and 3d illustrations, music and much more. Sometimes the value of NFT will be more associated with art and other times with its associated value proposition.
Associated value proposition:
Some NFTs are not simple collectibles, since they can be used in games, allow us to access a certain community or simply function as a ticket to any event both in the metaverse and in the real world. It is in these cases where the associated value proposition becomes more relevant than art in its price. Some NFTs are even tied to real world objects, providing value in terms of tangibility.
Marketing and viralization campaign:
For a collection to be successful, the Marketing and Social Media campaign behind it is key. No resources or efforts can be spared to disseminate it by all means and reach as many potential stakeholders as possible. Twitter, Discord, Reddit, Telegram, Facebook, Instagram are just some of the means that must be used to achieve a community of followers interested in the fundamentals of the project and therefore in acquiring a piece from the collection.
Blockchain and marketplace selection
In the current state of affairs and with highly variable mining rates depending on the network where it is carried out, being able to previously assess different alternative networks, platforms and their costs for both the creator and the purchaser of the piece is fundamental to the time to achieve the success of the project. We believe that these are the fundamental pillars to take into account in the costs of a project and that none should be left to work meticulously.
“To launch one or several NFT collections, you have to plan and anticipate many factors to achieve the desired objectives”
Conclusion
To conclude, it is important to consider several factors when budgeting for an NFT collection. Art is the centerpiece of the project, but not necessarily the most expensive. Additionally, some NFTs have an associated value proposition that can increase their value. The marketing campaign and viralization are key to the success of a collection and must be considered when budgeting. It is also important to take into account the selection of the blockchain and the market in which the collection will be launched, as well as the costs of mining, storage and transaction. Taking these factors into account can help ensure the success of an NFT collection and maximize its value.
From NFT Smart Design we can advise you to budget and put together a business plan for your blockchain or NFT project. Click here and register to get in touch and together we can see how we can help you.
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