The NFT market exploded in 2021, with sales volume surging to over $25 billion as speculative crypto wealth, pandemic boredom and hype-fueled mania sent jpeg prices through the roof. However, 2022 brought a rude awakening as the crypto market crashed, buyers pulled back and sales for many projects dried up – exposing shoddy foundations built mainly on hype.
Now in 2024, following a period of consolidation, a cautious NFT resurgence seems to be on the cards. But investors today are older, wiser and far more discerning compared to the feverish “noobs” of last cycle. Having been burned all too recently, people are now looking for long-term sustainability, real-world utility, and projects with fundamentals beyond mere short-term speculation.
The days of cheap hype and cynical cash grabs are over – projects peddling such schemes today will face immediate community backlash and rejection. The breakout NFT projects in this next wave will be the ones offering substance and value that can stand the test of time. So how do you make sure your NFT launch has that winning combination?
Focus on Strong Art and Design
At its core, an NFT derives fundamental value from the underlying art, music, collectible or whatever creative work it holds. Trying to hype up something with weak artistic quality is doomed to fail in the long run. Invest in excellent visual artists and designers to create visually stunning NFTs that people truly want to acquire and show off. Uniqueness, stylistic consistency, thoughtful themes, and interesting stories behind the NFTs are artistic dimensions that make them pop.
Create an NFT Press Release
Once you have developed initial artwork and roadmap details for your collection, creating an official NFT press release can help drive credibility and visibility. Submit it to leading NFT and crypto publications, get it picked up by press release distribution services, and publish it prominently on your project website and social channels.
The press release should outline key details like what makes your NFTs unique, founder bios, confirmed partners, launch timing, and access details for media inquiries. Having a polished press release that clearly sells your vision to journalists and potential fans establishes that you have put serious thought into introducing your project professionally.
Build a Community, Not Just Hype
Many NFT drops try to drum up temporary hype and FOMO by using influencer promotions and giveaways alone without nurturing a genuine, engaged community. To give your project staying power, focus on attracting and cultivating a community of superfans who connect with the art and vision for the long haul. Not only will they become buyers and supporters, but they can help evangelize and spread authentic enthusiasm in a way that hype alone cannot replicate.
Add True Utility and Benefits
While strong artwork and design gives your NFTs inherent value, you can augment that through added utility features and benefits for NFT holders. For example, metaverse, PFP and gaming NFT projects offer various in-world powers, privileges and access unlocked by holding the NFT. Music NFTs can come with direct artist engagement or VIP real-world experiences.
Or NFT holders can be granted exclusive membership, voting rights or commercial opportunities only for owners. When you essentially turn your NFTs into “keys” that unlock meaningful value, you create exciting incentives for engagement far beyond hype.
Commit to Your Roadmap
In the crypto-native world, dropping an unbacked collection of profile pic NFTs with a generic website and the mere promise of future developments will no longer cut it. Logan Paul’s CryptoZoo put the final nail in that coffin.
Serious projects need to show their commitment by publicly disclosing a multi-phase roadmap for how the founders plan to systematically expand the capabilities, integrations, benefits and long-term vision of the ecosystem over the next 1-2+ years. Not only does this signal dedication, but it gives buyers clarity on how their prospects may appreciate over time.
Incorporate Mechanisms for Scarcity
While artificially limiting supply through things like ridiculously small mints can seem gimmicky, when done right, scarcity mechanisms like mint passes, randomized mints and burning/staking functions can greatly reinforce demand by introducing an element of unpredictability, luck and increasing competition for a finite number of “spots.” Allowing your early adopters to tier into different phases of scarcity rewards them while creating pressure on newer entrants to jump in.
Partner With Established Players
You may have an awesome idea for an NFT collection with amazing art. But are people going to trust that you have the credibility, connections and track record to successfully execute? Give your project a huge boost in legitimacy by partnering with established crypto/NFT ecosystem leaders like marketplaces, investment funds, influencer networks and cross-brand initiatives. Their stamp of approval signals that serious industry players have vetted and believe in what you are building.
Final Word
In the fast-moving world of NFTs, a hot project emerging today can easily flame out by tomorrow. Sustainability and longevity come not from hype alone, but from understanding the key ingredients of delivering real, lasting value at multiple levels. Focus on these substantial elements in your launch strategy and community-building approach to give your NFTs their best shot at standing out with substance that will convert hype into opportunity.
