The market for NFTs (non-fungible tokens) is experiencing unprecedented growth. The value of these digital assets has skyrocketed in recent years, with some going nominal even before they’re released.
Now everyone wants to buy them, but not all are worth the hype; only those backed by real world use cases make sense at high prices — like Bored Ape Yacht Club which are sold for thousands of dollars and with a growing number of high-profile celebrities owning it.
Now BAYC has generated billions of dollars with its cartoon apes.
The explosion happened quickly though, so now there’s fear things may crash down again. But don’t fret, NFTs are here to stay.
Now say you have a website and you want to drop some NFTs to your subscribers. What are you waiting for? This article will go over some tips and details, given that you already have a collection to drop.
What Are NFTs?
In case you are new to this, NFT stands for non-fungible token, which implies there’s a unique data kept on a digital register using blockchain technology to provide proof of ownership buried in those odd artworks like BAYC.
To guarantee the uniqueness of each NFT and to verify who owns it, the same or equivalent technology used for cryptocurrencies like BTC and ETH is used.
Each NFT, unlike Bitcoin, is fully unique, therefore it cannot be swapped like-for-like. The file contains additional data that raises it above the domain of pure cash and into the world of, well, anything. As a result, NFTs have evolved into collectible digital goods with monetary worth, much like traditional art.
In order to identify the original copy, any readily duplicated digital file can be saved as an NFT. NFTs may be generated from any type of photography, art, audio, or video file, and are most commonly seen or read about in the context of psychedelic futuristic motion artworks.
NFTs have even been created using tweets and memes. NFTs can be made out of nearly anything unique that can be stored digitally and has value. NFTs are also popularizing a lot of terms.
They’re similar to any other collector’s object, such as a painting or a vintage action figure, only you’re paying for a file and documentation that you own the original copy rather than a tangible thing.
What Is An NFT Drop?
The release of an NFT token is called a ‘drop’. It sheds light on the exact time and date that these NFTs will be minted. With NFT drops being so common, it’s only a matter of time before new brands and businesses jump on board to take advantage of this technology as a marketing strategy.
5 Steps To Drop NFTs To Your Website Subscribers
1. Know Your Use Case
Understand which and why people would purchase your NFTs. What can you offer that is unique and different? As mentioned above, NFT drops are so abundant that you need to have a very strong use case to get people interested. Dropping NFTs and not knowing your audience and objective with its campaign can be a costly mistake.
Also, decide if you are planning to make or add utility to an NFT. A utility NFT can be a real piece of art that corresponds to the NFT that was purchased; it might also be an exclusive entrance to an event, in-person memberships, or future usage in a marketplace.
2. NFT Implementation
Given that you already have a collection ready for dropping, the next step may sound technical; but it’s important. In this step, you have to choose a blockchain like Solana or ETH. Create a crypto-wallet on the chosen blockchain. This will hold and manage your NFTs post-drop.
Generate your token on the chosen blockchain and specify the following: symbol, name, decimal places (18), and total supply. You may also want to include a website or logo URL.
The next step is to create an ERC20-compliant smart contract on Ethereum that will mint and distribute the tokens you generated. The URL for this contract should be publicized prior to the drop so people can verify its legitimacy.
3. Marketing/Promotion
In order to have a successful NFT drop, it’s important that you market and promote it accordingly. This means creating social media posts, videos, and articles well ahead of time — at least two weeks before the actual drop.
You’ll also want to make sure that your website has a dedicated landing page for the drop and that all necessary links are clearly visible (i.e. smart contract, wallet creation, etc.).
Participants should be able to view all pertinent information without having to search for it. As with any marketing campaign, you’ll also want to have a call-to-action to increase participation.
Lastly, make sure that you are prepared for the influx of participants and have the necessary infrastructure in place to handle the traffic (servers, bandwidth, etc.).
4. The Drop
Finally, the drop. You need to have a specific launch date and decide on which minting strategy will you use (e.g. auctions). You’ll also want to create a timer on your website that counts down to the drop (make it more dramatic).
Regulate onboarding features like gas minting stations and on/off-ramps. Plus, it’s also crucial to run stress testings to make sure that your website can handle the load.
In order for everything to run smoothly, you’ll need to have a team of people who are responsible for different aspects of the drop (e.g. customer service, marketing, etc.)
Your drop’s website should also have a terms and conditions page that outlines the rules and regulations for participation. This will help to avoid any disputes or confusion among participants.
On the day of the drop, send the ERC20 contract address to your participants and have them send Ethereum to it in order to mint their tokens. Post-drop, you will distribute the tokens to their respective wallets.
5. Don’t Lose The Engagement
Dropping NFTs isn’t the last step. It’s important that you keep your community engaged by continuing to offer new and unique content. This will keep them coming back for more and increase the value of your NFTs.
You can also create events and provide exclusive perks to your participants to keep them engaged.
Final Thoughts: NFT Drops
NFTs offer a unique and interesting opportunity for businesses and brands to reach new audiences. By following the steps above, you can make sure that your NFT drop is successful and drops relevant tokens into the hands of those who will appreciate them most.
