- The three core elements of NFT: design, rules, and rights
- Product & Design: Website Product, Website Design
- Technology: front-end, contract, back-end, testing, auditing, operation and maintenance
- Operations: Discord operations, Twitter operations, other social/media operations
- Market: project cooperation, other promotion, market value management
- How to profit and develop in the long run
1. The three core elements of NFT: design, rules, and rights
As an image-based NFT, specifically speaking about the PFP avatar project, the design cannot be overemphasized.
More important than the appearance of the picture is the core of the design, which is the soul of this NFT. Like the rebellion of CryptoPunks, the world-weariness of BAYC, and the laziness of mfer. The entire collection of NFTs must be a spiritual whole and exactly match its worldview, mission, Roadmap, etc.
The design of NFT is not done by designers, but by all leaders, all team members, product managers, and designers who care about and participate in it together. Although the final actual execution is mainly the designer, the successful design is inseparable from the overall control of the team.
A common avatar NFT will be disassembled into various attributes, and the attributes are generally designed, and then combined to see the effect to choose and modify.
The designers most needed here are artists, graphic designers.
This includes but is not limited to:
- what chain
- To send a few Collections
- If you send 1 Collection, how many NFTs are in it
- Whether it is divided into Public Sale and Presale, how much are they priced, and what kind of sales method is used
- Is it auctioned? What kind of auction
- How much is ready to be distributed in the whitelist, how many Mints are limited in each whitelist, and whether the Public Sale has a single-wallet Mint limit
- How long is the difference between PreSale and Public Sale?
- Is it a blind box when Mint comes out, how long is the blind box Reveal, etc.
Many factors are also very important here. Going to ETH is a logic. Going to Polygon, Solana or other chains is a completely different logic. If you buy in RMB, it is the logic of domestic digital collections. Usually, you need to go to the alliance chain, which is even more completely different.
The number of NFTs in the Collection is actually also critical. Now everyone buys NFT, more than 95% of the motivation is investment, buy low and sell high. It also means that you have to make everyone feel that your thing has a future and can appreciate in the future, otherwise everyone will not come to Mint. If the number of NFTs in the Collection is too large, everyone will think that the risk of not finishing Mint is very high, and incomplete Mint means that the price of the secondary market cannot be significantly higher than the price of Mint, which is basically equivalent to breaking hair, and in turn everyone The lower the Mint willingness. Therefore, the number of NFTs in the Collection will affect the enthusiasm of everyone’s Mint, and it needs to be carefully considered.
Needless to say, pricing is very important.
The overall rules require careful thought and polish.
The general configuration of the current avatar NFT is probably like this:
- Only on ETH, send 1 Collection, there are thousands of NFTs
- Divided into Public Sale and Presale, sold at a fixed price, generally less than 0.1ETH, Presale is slightly cheaper
- There are generally thousands of whitelists, usually limited to 2 Mint, but not limited to Public Sale
- Presale and Public Sale are usually separated by 24 hours
- Mint came out as a blind box, and the Reveal will be carried out in a few days
There are 10,000 CryptoPunks, which is a large collection
I have observed about 40 head NFT projects and some other NFT projects, and the rights and interests involved can be roughly classified into several types:
- Virtual community rights
- Dedicated Discord communication channel
- Exclusive WeChat group (Chinese people project)
- DAO governance rights
- Whitelist Sweepstakes for Other Projects
- Member Sweepstakes for Other Programs
- The right to participate in exclusive events such as The Sandbox, such as Metaverse Land, Metaverse Concert, etc.
- entity interest
- The right to participate in offline activities, such as parties, concerts, art exhibitions, etc.
- Physical surroundings, such as clothes or something
- Other physical prizes/raffles
- Product rights
- Holding this NFT will unlock the paid membership function of this product (common in some tool products)
- In the future, I will be doing chain games, and holding NFTs can enjoy certain privileges (many NFTs have such promises)
- In the future, it will be a social product, and holding NFT can enjoy certain privileges (such as Monaco)
- Token Equity
- In the future, more NFT projects will be issued, and the NFT whitelist will be given away/lottery, or NFT will be given away directly
- Tokens will be issued in the future, and you can receive the token airdrop for free
Equity is inseparable from the project’s Roadmap. The better the project, the greater the benefit as a Holder, and everyone understands this.
2. Product & Design
2.1 Website Products
Usually avatar NFT projects need to make their own official website.
The official website has two major functions: Mint and display . Show the spirit, soul, and character of the project, and express clearly what should be expressed.
A month or two ago, I had a detailed look at the official websites of the top 40 NFTs by market capitalization with a friend, and sorted out their official website modules. The forced classification can be divided into the following categories:
- Project : Project introduction, vision, philosophy, values, world view, story background, brand, rights, Roadmap, partners, media reports, etc.
- Token : NFT Mint/Claim related, data situation, gallery/database/rarity, market (links to OpenSea, etc. or have their own market), their own Token’s Claim or related situation, etc.
- Users : Tutorials, FAQs, Submission Suggestions, Proposal Links, User Agreement, Image Editor, etc.
- Media link, contact information
- Account system and login
Of course, most of the official websites will not have such detailed content, many of which are the functions of mature head projects that have been gradually improved, and each project can be selected depending on the situation.
AZUKI-like Mind map
2.2 Website Design
Although website design is not as important as NFT image design, it also has a head start effect, which is also a key factor.
The special designs seen on the official websites of the top 40 NFTs by market capitalization mainly include:
- The home page is full screen and cannot be swiped
- Cool dynamic effects, or a combination of dynamic and static
- play music
- News/Update Air Window
- drop effect
- 3D space activities, etc.
In the official website of this project, we believe that the official websites of these projects can be used for reference:
- Azuki: The most thoughtful, fulfilling and reasonable product design
- CryptoPunks: Old, Simple and Comprehensive
- Punks Comic: Comic style, comprehensive information
- BAYC: Club-style website, typical, more comprehensive
- World of Women: Big pattern, heavy concept, detailed and comprehensive roadmap
- Art Blocks: Collection of artworks, representative of special types
- RTFKT: more gorgeous, 3D
- Meebits: partial pixel wind, more comprehensive
- The Sandbox: game land and more, special type representative
- Loot: NFT gameplay, special type representative
- Hape Prime: Extremely simple but high-end
- Creature World NFT: 3D, ugly style?
- Adidas Originals Into the Metaverse: Simple Kanban Form
- Hashmasks: Dynamic scarcity, a sense of Mayan civilization
- NFT Worlds: Land, Technology
- PhantaBear: Standard, less information
- Vox Collectibles: Exploratory introductory projects with strong interaction
- Pudgy Penguins: Warmth and Memory
AZUKI’s homepage effect, although there is no cool dynamic effect, but the overall effect is definitely the best
Overall, the technical difficulty of the avatar NFT project is relatively low, and the technical workload is relatively small.
3.1 Front end
The front-end work is mainly concentrated on the NFT official website. Usually, it’s relatively simple.
But if the modules are complete and the design is complex, there can be a lot of work.
The front end also considers whether to do some anti-bot work.
3.2 Contract, backend
This block is mainly an NFT contract. You can refer to the open source code of major NFT projects, and you need to avoid many pits.
For example, it is necessary to restrict that Mint cannot be directly passed through the contract, and Mint must be carried out through the front end of the project.
Reducing Gas is a relatively important point. For example, AZUKI uses the ERC-721A protocol. At the same time, Mint’s multiple NFTs can significantly reduce Gas. It was also an important point in project promotion at that time, and it played a very good role.
It is not excluded that sometimes there may be backend work.
3.3 Testing, Auditing
Usually, the front-end, back-end, and contract engineers are self-tested, products, designs, etc. are walked through, and team members can test by public. Generally, special testers are not required.
For large projects, you can consider looking for an auditing agency for auditing, and the security is more guaranteed. But ordinary NFT projects may not be willing to pay this six-digit cost in the early stage, and to be honest, most users do not care whether the code of the NFT project has been audited.
3.4 Operation and maintenance
The so-called operation and maintenance work here mainly refers to renting and maintaining servers, etc., which requires a certain cost.
There are concurrency issues to consider here. The concurrency level may reach thousands, 10,000, and 100,000 levels. In the NFT bull market, for popular NFT projects, the possibility of reaching a larger magnitude is not ruled out. The key point is that there will be a large number of robots in popular projects, repeatedly making related requests, causing various problems.
Of course, for the vast majority of projects, it is estimated that there is no need to consider concurrency issues. Mint is not finished and then breaks are the norm.
4.1 Discord Operation
In addition to the three core elements of the NFT project, the external core of the NFT project is the community, and the community is generally built on Discord. Discord’s strong community support and open spirit make it an integral part of NFTs. Discord operations also often become a key element in determining the success or failure of a project.
Discord operation is a heavy task, but by learning from the leading project community, you can also learn quickly, including but not limited to channel building, use of third-party tools, holding AMA and other activities, Mod recruitment and management, a large number of The issuance of whitelists, etc. If you are doing a global NFT project, English is a more critical issue. For example, doing an AMA requires a very high level of English, otherwise it will be difficult to cope with. In addition, you need to manage Mods from all over the world and Mods in different time zones to achieve 24-hour duty.
There are exceptions to everything. A few NFT projects only set up a shelf on Discord and hardly operate, or even if there is no Discord community at all, they can also be mint and achieve certain development. But this generally relies on its unique design concept, and such examples are few and not easy to last.
The tip of the iceberg of a typical NFT Discord, there will be a large number of channels
4.2 Twitter Operation
If you want to do a global NFT project, you need to use more authentic English to interact with people around the world on Twitter, and you can use the pop culture elements of English to help your project, which is not easy for most Chinese people. . As a result, many generations of operating teams have also been born in Discord and Twitter.
If you do Twitter step by step, you can generally consider posting three types of content: synchronizing your own project information, interacting with industry hotspots, and doing activities (such as forwarding and whitelisting, etc.). Synchronize the content that your project wants to express, and make good use of the whitelist for fission, even if it is a pass.
Another consideration is whether to make the Twitters of the founding team members public. If it is inconvenient to put your large size, do you want to register a small size, and then do some deliberate operations.
4.3 Other community/media operations
Projects sometimes involve Instagram, YouTube, Medium, Facebook, LinkedIn, etc. Domestic projects generally involve WeChat group operations, sometimes involving WeChat public accounts, Weibo, etc. But generally speaking, Twitter and Discord are the main battlegrounds.
Clone X’s Instagram
5.1 Project cooperation
Project collaboration is one of the main forms of distributing whitelists. Generally, they help each other to promote and give each other some whitelists. Or unilaterally give a project its own whitelist, and let it give away a whitelist lottery in their community.
Of course, there may also be other ways of cooperation. But in any case, the quality and character of the project itself is important. If the quality of the project is excellent, a small number of whitelists may be able to cooperate with many high-quality projects. If the project is stretched, even if you give money, you may not be able to negotiate a lot of cooperation.
The core team members of the project cooperation can talk, and some projects also allow recruited mods to talk.
Click to participate in the whitelist lottery
5.2 Other promotions
In addition to cooperating with other project parties, there are actually many possible ways of promotion and cooperation.
For example, talk with Magic Eden about LaunchPad, and talk with Binance NFT market (centralized market) about listing. If they can negotiate, it will be very helpful to NFT’s Mint and the follow-up market, but it is also very difficult.
Another example is talking about promotion with some KOLs, that is, asking them to help call orders and bring orders.Sometimes it may just need to be given some whitelists, and sometimes it may be necessary to pay some cryptocurrency.
More specifically, if you make a toy NFT in the Metaverse and cooperate with well-known toy manufacturers in reality, it will definitely have a better effect.
Even for example, you can advertise in various products of Web2. Although it is not very common, this channel is not completely unthinkable.
There are actually a lot of promotion methods that can be considered, depending on how to weigh them.
LaunchPad by Magic Eden
5.3 Market Cap Management
Most NFT projects do not need to consider the issue of market value management, because the first consideration for most projects is how to cross the threshold of “Mint completion” first. Before Mint is completed, it is unnecessary to talk too much about market value management.
The market value management referred to here mainly refers to the project party’s buying and selling behavior of its own NFT. There are many situations and possibilities here. For example, the transaction royalties are put into the project treasury, and then the floor sweeping behavior is selected. Will these NFTs be sold at the same time; or the project party has kept some NFTs and sold them at the later time; or The project hopes to use large funds to control the disk to a certain extent to achieve price increase, decrease or maintenance.
There are also specialized NFT market-making teams on the market, but for most NFT projects, there is no need to do this.
How to profit and develop in the long run
Common sources of income are
- Mint income : If the Mint is finished, it is generally considerable. Assuming that the price is 0.05ETH, 6000 are issued, and the income is 300ETH. At the current price, it is about 6.6 million yuan.
- Royalty income : The royalty income of most projects is not much, but the income of the top projects is considerable, even far exceeding the income of Mint. Assuming that the final transaction volume is 100ETH, the royalty is 10%, about 10ETH, 220,000 RMB
- Income from NFT trading : The income from the trading of NFTs by project parties and team members is difficult to estimate. And to do this kind of business, you need to take into account industry rules and community responses, not just do what you want to do
Loot trades 74K ETH on OpenSea
The usual cost comes from
- Team costs : Designers, product managers, technology, operations, marketing and other personnel costs, design, technology, operations, marketing, etc. may all face similar outsourcing. Need to consider whether to audit, sometimes may need to consult or hire a consultant
- server cost
- Cooperation/promotion costs : possible IP licensing costs, possible project cooperation costs, possible paid promotion, etc.
- Gas cost : the cost of gas consumed in the process of research and development, testing, market making, etc.
- Subsequent commitment fulfillment costs
- Community operation requires a minimum of several hundred thousand RMB per year. If you want to do it well, it may cost millions of dollars.
- If you promise to do chain games in the future, that is at least a million-level investment. If you want to do it well, it will not be capped.
- If you want to do tools, SocialFi, or to issue coins in the future, it will cost a lot of money.
- The advantage is that in the future, if you want to do chain games, tools, and SocialFi, and if you want to issue coins, there will be new income, not just costs.
A fraction of the Roadmap for blue-chip project CoolCats, all at cost
- In addition to selling pictures and letting users make avatars, avatar NFTs can also have longer-term value
- As a pioneer, BAYC parent company is raising the ceiling for all avatar NFT projects, setting industry benchmarks
- Learn from all leading, blue-chip, and quasi-blue-chip projects
- Build a good community, maintain and develop the spiritual core, and do ecological expansion
- CC0 protocol, users create two, IP ecology is more prosperous
- Release more related NFTs to form a system
- Better, bigger, richer communities, and even SocialFi
- Online and offline linkage, offline activities, physical peripherals, various rights and interests
- Expand to ACG and make games
- Become a Metaverse brand, target Metaverse consumption
- Acquire other NFT projects or other non-NFT projects to do more linkage
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/how-to-make-an-avatar-nft-project-step-by-step/
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