The word “goblin” has two meanings. In folklore and fantasy, it refers to a mischievous, grotesque creature that looks like a dwarf. But in modern times, the term is also used for human-made financial products — known as NFTs — that have nothing to do with goblins or their legends at all!
As of this writing, these Goblin digital collectibles are now being sold for 1.46 ETH, or around P130,000 each — and those who minted them when it was first launched can enjoy Starbucks White Chocolate Mocha Venti every day if they want!
With this in mind, you can see why so many people are keen to hop onto the NFT craze and secure themselves a piece of what could be a very lucrative pie. But, how can you spot these types of NFTs before even the hype starts so that you can drink a lot of Starbucks White Chocolate Mocha Venti afterward?
With non-fungible tokens (NFTs) gaining popularity, it is becoming more difficult for new NFT collections to attract attention. And, so many developers are starting to use the same language and features, which can make it difficult for users to differentiate between one NFT collection and another.
In this article, we draw on insights from some of the biggest NFT projects to outline the key preparations you need to make and tough questions you could ask yourself to feel more confident about your ability to succeed with NFTs on your project watchlist.
Tells a Fascinating Story
In order for a project to be successful, it must tell a compelling story that communicates its value proposition
Do you know what makes your NFTs stand out from the crowd?
Is there anything special about them that will make people want to collect and trade them for years after they launch?
Are these “rare” items exclusive enough that only a limited number of users can even have access to them at any given time/on the first sale?
By contrast, Bored Ape Yacht Club (BAYC), for example, launched with a narrative and vision. The Apes — who exist in some future world where early crypto investors gather at a yacht club to celebrate their wealth derived from cryptocurrencies — are just 10,000 images.
The project created a roadmap that outlined its future, what benefits it would offer to early buyers, and how the team planned on delivering those benefits. It also had a professional website with fun and lighthearted copy written by experienced professionals in their field.
This story, voice, and vision captured people’s attention. And the community’s dedication to this vision (which became a driving force for many early users) sustained the initial value and largely accounts for why its holders continue to embrace it today.
Great Hype and Strong Community
The purpose of an NFT launch is to build excitement around your collectible. The more excited people are about the asset, the more valuable they will think it is and thus be willing to pay for it. Once you’ve created your new tokenized assets—it’s time to start building buzz!
Successful NFT projects all have certain elements in common:
- Established and an active Twitter account and Discord server
- Connection with well-known NFT influencers and celebrities
- Clean, modern design of the website
- Awesome promotional videos, photos, and written content
It is no surprise that NFT enthusiasts are captivated by the quick sell-outs, which make headlines and capture their attention. As a result, these tokens realize increased value on the secondary market. Quick sell-outs can also often indicate how engaging and active the project’s community is.
Based on Vitalik’s suggestions for a successful and fair NFT launch include the model: Each participant must be able to buy up to a certain number at one price. They can then bid on those in an auction if they want more units.
Many high-demand products follow a similar format for their release: ticketing, sneaker drops, and even PS5s. If you want one of the consoles but cannot obtain one other than through an official sale, you need to look on eBay for auctions—or pay more to buy it from someone directly
Putting a limit on the number of NFTs that can be held by any one individual or entity makes it difficult for cryptocurrency whales to use bots to snap up large portions of these assets. By implementing purchase limits and authenticating each customer, everyone has fairer access to the limited supply of NFTs.
NFTs are exciting because fans and the community drive their value. If you want to keep this hype going, creating lasting value is key.
Once these questions have been answered and all of the steps on this checklist are completed, you are now more confident that the NFT project you are trying to grind will be worth it!