Hey, this article doesn’t make me an expert, but it should help you create and launch your own 10,000+ NFT Collection. It will also help you better understand a lot of concepts behind non-fungible tokens. Reading this will serve you as an NFT creator or as an NFT investor.
I’m not going to go deep into the coding or photoshop concepts. There are plenty of tutorials on that.
However, I am going to outline my own in-process launch for my 10,000 NFT collection – No Fun Toads – as a case study.
By following my public building of this through vlogs and blogs, you’ll get the big picture so you know what puzzle pieces you have to solve for, see how I approached them, and gain insight into what works and what doesn’t when launching an NFT.
Also, since I’m building this live — please let me know any feedback or ideas you may have @peerthrough on twitter. I can always use the help.
Here is essentially this post as a more free flowing video version:
Why Create an NFT Collection?
Creating an NFT collection is fun, interesting and profitable.
- Fun because you get to create a world of animated characters and creativity.
- Interesting because you’re working on the front lines of the emerging blockchain industry
- Profitable, because you are selling an easy to maintain product online.
How NFT Collection Creators Make Money
The way NFT launches usually make money is there is an initial sale price per NFT, where customers “mint” the NFT -aka generate the nft on the blockchain. That mint sale gives the creator a bulk payment upfront (ex: 10,000* .04 ETH = 400 ETH).
Then through the power of blockchain, you can program royalties into the NFT that go back to the original creator for every secondary sale.
Usually, all of that initial sale doesn’t go straight to the creators pocket though. Some will, but most will go back to building a roadmap and seeding the community.
What I’ve Done So Far To Create My 10,000 NFT Collection
Over the last 3 months here is what I have done to set up my NFT collection, the No Fun Toads.
- Researched the space
- Created a concept, brand voice and roadmap
- Partnered With A Dev
- Tried to draw it myself
- Partnered With An Artist
- Made a list of traits
- Created those traits
- (The Dev) Finished the smart contract with on chain generation
- Generated the images through code
- Made a bad first website
- Created a more polished mint date announcement animation
- Made a twitter
- Made a discord
- Produced animated NFT News Updates with one of the NFTs using Adobe Character Animate
- Pivoted Names/concept/roadmap (Our name got taken)
Here is what we still need to do before we launch on October 5
- Revamp the website
- Continue with the NFT News
- Do some other marketing techniques
- Make more videos
- Hmm, giveaways?
- Officially launch the smart contract
- Set Website Up For Mint
This article will now be broken down into those steps and I’ll do my best to share what I’ve found most important to keep in mind or understand at each phase.
Researching the NFT Space
The NFT space is amazing and weird. While I’ve been in the crypto space for quite some time, and even sold NFTs back in 2018, I wasn’t hooked into NFTs until I learned about the Bored Ape Yacht Club.
Thank the NFT gods for that one!
Anyway, the NFT space is a bunch of degenerative dudes with too much time and an extreme penchant for risk. It does have it’s own macro culture, with its own lingo like wgmi, and gm.
However, what is starting to become more clear to me is how each collection has its own personality and culture.
NFT collections generally have their own storyline, values, goals and ways of communicating on twitter and discord.
If you’re an NFT collection creator, you’re not just an artist or developer, you’re a community builder.
Finding Your NFTs Brand Voice & Concept
NFTs are like immersive theater on the internet.
My favorite example of a project creating its own brand voice is Jay Pegs Automart. They pretend they are a certified pre-owned 2007 Kia Sedona Dealer in Florida and their marketing is hilarious.
Their launch was hacked for $3 million and they responded to the hacker and resolved the situation all in their brand voice of a used car dealer. It’s a perfect example of staying in your created NFT world.
For me, I like word play and I like to educate. So initially my concept was Cryptoads, and their mission was to “Unite The Metaverse” with educational content, a gated social media site and an animated news show.
Fortunately/Unfortunately, our name was (innocently) taken when a project called Cryptoadz stealth launched before we did. We switched our name to No Fun Toads – because NFTs are very serious business.
Here is one of my animated news round ups about the pivot. I create these animated news round ups relatively quickly/cheaply using Adobe Character Animator.
Developing Your NFT’s Roadmap
While the utility of an NFT is the art, a lot of projects have roadmaps.
Some promise scavenger hunts, live events, animated shows and game integration. The limit to your roadmap is your imagination on what you can do with the money to support your community after the initial sale.
Initially, Cryptoads roadmap included a gated social media site we called “The Pond”. But then our name changed, metalink launched and we got wiser.
After making, what I think is an awesome, animated music video for the No Fun Toads on NFT Addiction – I realized I needed to make this about doing what I love, helping others do what they love and helping people.
No Fun Toads are about having fun sustainably and staying sane. So, I ditched the roadmap and traded it in for 2 north stars that should guide us toward creating more fun and happy people.
Star 1: 20% of sales Go To Creator Grants
My entire life has been about making creativity and passion sustainable for myself and as many other people as possible. NFTs are a great way to amplify that. So for that, we’re going to grant 20% of funds to artists in the community. Toad Holders will vote on who and what to fund.
Ideally this funded content involves the toads. This means the artist/creator builds further awareness for the NFT collection. Ultimately though, the goal is to give talented people money for sharing their talent with the No Fun Toad community and the world at large.
Star 2: 20% of sales Go To Mental Health Initiatives
Mental health is a huge issue, particularly in the artist and NFT communities. We will donate 20% of sales to mental health charities and/or to fund other mental health initiatives. NFT addiction is real y’all.
Creating The Art for a 10,000 Piece NFT Collection
You don’t have to draw 10,000 toads to make a collection of 10,000 NFTs. We’ll use code to help generate them. This also helps with rarity as you can set the rarity % for each trait.
For the art part, you draw a base toad (or whatever your thing is) and then draw each trait as it’s own layer.
Think of it like legos
Is a mash up of these traits:
You create that mashup through code, by naming each trait and giving it a %, which dictates a collection’s rarity.
Coding The Smart Contract for an NFT Collection
An NFT needs a smart contract that is often referred to as a token factory. I’m going to take an overly simplified approach to explaining this so that you get the main concepts of what’s going on. There’s a lot of variation between projects on what happens on chain and off chain, but that’s too much for this article.
Think of an NFT collection’s smart contract as like an internet vending machine, where results are randomized – so more like an internet gumball machine.
The token factory smart contract is deployed onto the Ethereum blockchain.
Inside that contract is code that says, if someone sends me (creator chosen sale price) amount of ETH, then run the code that picks the traits randomly based on their %. The smart contract spits out the traits, the images overlay to create the final image, that image is logged to IPFS, ownership of that image, aka Non-Fungible Token, is logged on Ethereum as transferred from the token factory to the address of the wallet and that image now shows in the wallet of the buyer. Most of the time, not all of this actually happens on chain, but you get the point.
Even more simplified, if the wallet pays sale price, then create a random toad and send it to that wallet. Do this (size of the collection) amount of times then stop making new ones. Just monitor secondary sales and send royalties accordingly.
A United Collection But Unique Items
Most every NFT collection has some pieces that are programmed to be more unique or special than others. Those pieces are usually worth more than the “floor” price. The floor price is the cheapest NFT in a collection. (More on NFT Investing Strategies here)
NFT mints are particularly fun for the initial customer because the smart contract makes it randomized.
In the initial NFT drop, all collection pieces are the same price, rarity is luck, but on the secondary market people will browse individual NFTs with all traits revealed and the rare “cooler” ones will likely be priced higher.
By minting an NFT you are hoping not only that the collection overall explodes in popularity and the floor rises on secondary markets like OpenSea, but also that they are lucky enough to get one of the rarest in the collection.
Here is a calendar we keep up to date with upcoming NFT Drops.
A Website or Launch Pad for your NFT Collection
You’ll need a destination UI where you can send people to mint the NFT. Platforms like OpenSea, SurperRare, Foundation App do have options for you to launch a collection straight from their platform. However, I like to think that all the best projects code their own smart contracts and mint from their own platform.
That being said, once you have the smart contract coded, you need a website with a mint button. Basically your website, which is considered Web 2, needs a button that can interact with your contract and the customers wallet.
I’m not sure if that’s possible with something like wordpress or squarespace. It probably is. But the industry standard tends to be websites designed with ReactJS on the front end.
You can find templates for React sites on EnvatoMarketplace, and if you need it – designers / developers on Fiverr or Upwork.
Building A Community For Your NFT Collection
You’ll need a twitter. Crypto Twitter is where all the NFT marketing goes on.
Then, once you have some audience, you direct them to discord, which is more interactive and a platform for the community to talk amongst themselves.
Once you launch, you can set up Collab.Land, to make gated discord channels where only verified Hodlers of your NFT have access to the chat. This is particularly valuable for high priced collections like bored apes.
You kind of do NEED these things not only for marketing, but also because they are good to have to release official announcements from your team.
There’s a lot of scammers out there that will pretend to be you if your project is successful. You need a secure place to let your NFT holders know what’s really going on.
Something To Make You Stand Out
There are already a HUGE amount of NFT collection projects. We’re passed the days of just putting out 10,000 cute animals and people buying them.
I’m hoping to make No Fun Toads stand out with our clever media and by just f*cking grinding to get people to our NFT shop and mint. Once the mint is sold out, I’ll continue creating content like this, and creating fun content and growing the community by recruiting artists to also make amazing content.
Also, I do a lot of work in the cryptospace, so I’ll always be keeping the No Fun toad Hodlers in mind with any new project and opportunity. Hopefully, they’ll get first access to a lot of fun and profitable new ideas by gating access to toad holders only at first.
So if you dig No Fun Toads, please visit our shop and mint a toad – www.nofuntoads.com And if they’re sold out, find us on OpenSea (make sure it’s the real project collection by checking our Twitter – https://twitter.com/NoFunToads.
And join our Discord: https://discord.gg/UTRm2xxYFg
I hope you found this big picture NFT collection outline helpful. I also hope you enjoyed the No Fun Toad videos and like the idea of watching me experiment with it and build in public.
Please Mint a toad, find me on twitter @ peerthrough to stay up to date. Or sign up for the Peer through newsletter.
Thanks for reading! I hope it was fun!