Since the advent of NFTs in the digital world, there has been a severe buzz surrounding their potential and nature. With millions of individual NFTs flooding the space already, competition levels have increased immensely. Many creators and NFT-embracing individuals have opted to launch NFT collections for business, owing to the relatively easy process and vast market potential. In this blog, we will focus on how you can launch an NFT collection through drops and how our NFT development services can aid you in the process.
Table of Contents
- NFT Market’s State Today
- NFT Drop: The Basics
- How to Launch NFT Collections Through a Drop?
- How Can Our NFT Development Services Aid You Here?
Before going any further into conducting an NFT drop, we will look at the NFT market’s state today. While the perception that “NFTs have become worthless” has continued in the latter half of 2023, the market is only shifting from the hype-induced buzz to a more matured state. This can be justified by how global brands like Lufthansa integrated NFTs into their consumer operations.
- The global NFT market, during the time of writing, had a capitalization of $2.694 billion, with a 30-day sales volume of $456.89 million.
- The NFT market has also rebounded in terms of weekly sales, as $106.32 million worth of NFTs were traded, indicating an 18.3% increase from the previous week.
- During the same period, the buyer and seller numbers have spiked by 17.77% and 15.82%, respectively, fueled by the broader optimistic sentiments in the crypto market.
An NFT drop is an event where NFTs from a collection will be sent to users’ wallets directly at a pre-set time. For users to be part of such an event, it is essential for them to be part of the allowlist that entitles them to collect NFTs during the allocation. It has been one of the popular ways to launch NFT collections, as well as a way to gather market attention in the competitive space.
- There are no restrictions or unsaid rules on who can drop NFTs in the market. Creators, Web3 businesses, and brands – all can conduct NFT-dropping events as a way to launch their NFT collections.
- These events can be conducted on-site of the individual NFT venture or an external entity like an NFT marketplace. Both tactics come with their own benefits and challenges, which we will discuss in a later section.
- While the actual drop event might take mere minutes or hours, the background process before the event takes much longer for businesses to achieve the desired results.
Launching NFT collections seamlessly is crucial for a new NFT project to taste success in the incredibly competitive market. While an NFT drop can aid ventures to an extent, getting optimal results depends on a lot of factors that can be achieved by following a well-defined process.
- Form a Compelling Background: Before creating your NFT collection, ensure to form a strong story for your NFTs. Be sure to answer some points like the NFTs’ significance, their unique factor, their long-term presence, underlying value, and exclusiveness.
- Choose the Blockchain and Drop Mode: Based on your NFT collection’s nature, choose the blockchain your NFTs will exist in, with Ethereum, Polygon, and Solana being popular choices. Also, ensure to select the drop mode, as you can conduct a drop yourself using a custom-built website or through an NFT marketplace.
- Code Smart Contracts: Create smart contracts representing the NFTs with all conditions they will have to handle over the years. Ensure to include conditions about their storage nature, royalties, mint limit, minting nature, utilities, and other rights.
- Build Community Buzz: Generating hype about the NFT collection in the market is essential for your NFT drop to fill the allowlist. Use a multi-thronged approach for promotions to reach target audiences using numerous NFT marketing strategies.
- Ensure Fairness All Around: Once your NFT drop’s allowlist becomes full, it is time to ensure that all prospective token holders will receive their tokens promptly. The drop’s mechanism should ensure fairness, even distribution, accessibility, fun, and optimistic returns.
- Verify Your Customers: It is vital for you to verify your customers to ensure the NFT drop occurs fairly. Using mechanisms like Know-Your-Customer (KYC) and Proof-of-Personhood (PoP) can aid you in verifying the participants of your drop’s allowlist.
- Prepare Your Team: Before dropping your NFT collection, it is important to prepare your team for the big day, as there will be many uncontrolled variables at play. This involves communications with internal teams and external service providers and forming a dedicated team for technical support.
- Conduct the Drop: It’s now time for the NFT drop in your website or an NFT marketplace. In either case, it is important for the dropping platform to stay robust even during high user flow. Prepare alternative plans in case any inevitable delays or technical malfunctions occur.
- Justify with Long-term Value: After dropping your NFT collection to the market, it is essential to justify your NFTs’ value proposition by offering everything as promised. You should also ensure to implement changes according to market trends to stay on top of sales charts at all times.
Do You Want to Conduct an NFT Drop?
As a well-known provider of NFT development services, you can conduct a high-class NFT drop for your collection. Our team of experts can aid comprehensively in creating and dropping NFT collections of all niches for creators, businesses, and brands. With a focused work approach and data-driven strategies, we can bolster the chances of your NFT collection being featured among the market’s top grossers.
- From NFT development to promotions, we have you covered every aspect of your NFT drop event.
- With our extensive access to world-class technological stacks, you can launch NFT collections on renowned layer-1 and layer-2 blockchains.
- Our services even extend as far as full-fledged promotions, NFT art creation, and post-launch support, which you can tap into for extravagant business operations.
Therefore, we have seen how to launch NFT collections through a drop and the associated intricacies. With the NFT space evolving rapidly, it is important to understand the market has become more mature than ever before, making it necessary for upcoming businesses to offer worthwhile utilities backing their NFTs. If you are a creator aiming to build a closer fan community, a business planning to provide utilities powered by NFTs, or a brand wishing to tap into NFTs for tailored experiences, starting things off with a drop can be perfect. Searching for a reliable provider of NFT development services? We’re here to offer comprehensive assistance with creating and launching your NFT collection. Get in touch with us now to take your NFT venture to the next level!