If you are simply creating your own NFT collection to use as promotional images, consider if it is worth the cost and effort of creating them. If you are looking to actually sell them, think about how many will be created and whether they should be exclusive for sale or part of a larger set that includes other brands’ products (you may want to check with a legal team for more information on creating an NFT collection exclusive to your brand). In any case, be sure to talk with multiple community groups and get their feedback once you have developed the product.
Why create an NFT collection for your brand?
One reason brands may consider developing a branded collectible is because of what it can do for them in terms of branding. NFTs are a great way to bring your brand to life in a new, dynamic format. They can attract interest and provide value by adding another layer of discovery for users within the marketplace.
For example, if you’re developing an NFT collection for your clothing line that is inspired by popular brands’ influencer lists, include relevant people in your actual nft collection (e.g., create nft tokens representing each person in your influencer list). This way, when users see someone wearing one of your dresses in their ERC-721 portfolio they would also see the corresponding nft token next to it (in addition to other metadata like name or date created) allowing them to learn more about the influencer who is wearing the dress, which would ideally have a positive effect on your brand.
Exclusive vs. non-exclusive NFTs
There are two types of NFT collections: Exclusive and Non-exclusive. An exclusive nft collection is only available to purchase from one store/brand; for example, Prada’s exclusive or limited edition token sale in May 2018 or this Adidas shoe that was sold exclusively through Stadium Goods in August 2018. A non-exclusive nft collection (also known as an “open” nft collection) can be purchased by anyone; for instance, Cryptokitties is an open nft collection that anyone can buy into because there are no exclusivity rights attached to any of the game’s assets. There is no right or wrong answer as to whether a nft collection should be exclusive or non-exclusive, it simply depends on what you would like to accomplish with your brand and the purpose of creating the NFT.
What makes an NFT valuable?
NFTs can be valued in many different ways. They could be created for promotional purposes (in which case, they may not actually have any value) or they could be collectibles that people want to trade and profit from – either way, it all comes down to how much demand there is for them. One thing we know about humans is that we like things that are scarce and unique; Cryptokitties understood this early on and based their game around breeding rare kitties with different rarity scores – this helped them spread quickly and generate a large community of adopters.
What do you need to start creating an NFT collection?
First you will need to decide if you would like to develop your own protocol or use an existing one. If you choose to create your own, it’s important to remember that the process can be challenging and time-consuming and may lead you towards using an existing protocol instead (if so, we recommend starting with ERC 721). Another factor in the decision making process is how many copies of each nft token will exist. Whether they’re limited edition tokens only available through a sale (like Prada) or tokens that can be sold/traded on any marketplace (like Cryptokitties), both types should be accounted for during the initial development process.
Development of the NFT / Blockchain programming
Each NFT collection requires a core development team responsible for developing the actual token and supporting features as well as one or multiple community managers to reach out to NFT communities to bring awareness of the project and share updates.
If you’re looking for a 360 perspective on the NFT development and distribution processes, you’re in luck. Get in touch with us, at www.DancoVision.io for a complete solution.
How long does it take to create an NFT Collection?
It’s important not to underestimate how long it can take to develop an NFT collection from start to finish, including integrations with existing marketplaces (or building your own if you don’t want listings on other marketplaces). At minimum, we recommend starting 2-3 months prior to a product release date but ideally 5+ months in order to account for unexpected complications that may arise along the way.
After deciding who will be responsible for building the NFT, you will need to consider what kind of NFT collection you want to make and decide how many copies of each asset will exist. The number of unique assets in a NFT collection is important because it directly impacts the value and demand for your tokens – if there are only 10 “sharks” available in a game (for example) and 1000 people want one, the price would rise dramatically compared to having 100 sharks available that can be given out freely or sold on multiple marketplaces without fluctuation.
As with any brand-related endeavor, whether introducing an NFT collection is right for your company requires careful consideration and planning across all departments (Marketing/PR/Social Media/Branding/etc.) since your NFTs aren’t just a tangible element of your product, they’re also an extension of your company and what it stands for.
We know it’s a lot to process, but you can use a company with a proven track record, as Danco Vision, to help with everything, including the whole concept and mechanism.
Thank you for taking the time to read this article about how to build an NFT collection. We hope we’ve been able to provide useful insight into how complex this process can be and hope our guide will help anyone who’s interested in creating their own nft collection!