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How to Launch an NFT Collection?  A Complete Guide for Beginners

Explore the comprehensive phases of launching an NFT collection – from bidding and distribution to metadata reveals for NFT’s optimal success.

Jay Hicks

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NFT launch guide article

What are NFTs? An Overview

Non-fungible tokens (NFTs) represent unique digital assets that use blockchain technology to certify their ownership and authenticity. Unlike cryptocurrencies such as Bitcoin (BTC) or Ethereum (ETH), which are fungible and can be exchanged on a one-to-one basis, NFTs are non-fungible, distinct and cannot be exchanged equivalently. Bored Ape Yacht Club, Beeple’s “Everydays: The First 5000 days”, Nyan Cat GIF and NBA shots are common examples of NFTs.

An NFT has certain features which distinguish it from other digital assets: An NFT has specific characteristics which make it unique as compared to other digital assets. Blockchain technology enables the ownership of NFTs to be securely recorded. This provides verifiable proof of authenticity and provenance for digital assets like art, music, videos, virtual real estate, and more.

How to Launch an NFT Collection?

Launching an NFT collection isn’t that complex process and it involves different steps to launch and to make it successful. There are certain things that you can do to optimize the NFT minting event. Before jumping to the NFT minting event, we shall look at the four different phases of launching an NFT collection i.e., bidding, clearing, distributions and metadata reveal.

how to launch nfts

The Bidding and Clearing Phase

The bidding phase is the most significant in launching an NFT collection. In this phase, you determine the right time to go live when investors are ready to bid on your unique asset. During the clearing phase, smart contracts carefully analyze the bids for the remaining supply of your NFT collection and determine the reasonable price.

First, you need to choose how bidding and selling will happen in your launch. In one way, called continuous, bidding and selling happen at the same time. Each bid immediately matches with the available NFTs. This way can stress the blockchain and might raise transaction costs.

Another way is to keep bidding and selling separately. Bids collect for a while before they get matched with NFTs. This helps set a fair price and avoids high fees. Also, it gives people in different time zones a chance since bidding lasts longer and decides if you want the process to be trustless. That means doing most of it on the blockchain, so users don’t need to trust the developer off the chain.

The Distribution Phase

In the distribution phase, it is important to set up ways to create tokens, give them to the right owners, and return money to bidders who didn’t win. The main aim is to do the above-mentioned things as smoothly as possible. To avoid expensive auctions or problems with costs, it’s better to give NFTs to winners in groups rather than all at once. If everyone tries to claim their NFTs at the same time, it might cause fees to increase for everyone on the network.

Also Read: What Are Utility NFTs and How Do They Differ From NFTs? A Complete Guide

To stop this, users won’t directly get their NFTs. Instead, the person managing things will send out NFTs to winners over time. This means users won’t have to do much to get their tokens, except pay a small fee when they first buy the NFT.Top of Form

Metadata Reveal Phase

To keep the launch safe, wait until the end to show the metadata. If it leaks, the attackers can make the rarest NFTs. Keeping it safe until minting ends helps avoid this.

There are three options for you to decide when to reveal new NFT collection details.

  • Full-Collection Reveal: Reveal your NFT collection after the completion of minting. This can boost the NFT hype but can slow down the metadata reveal.
  • Per-NFT Reveal: Reveal the attributes and distinguishing features of the NFT collection before the launch.
  • Batched Reveal: Batched reveal is a more flexible approach. After making an NFT, people can decide whether to show it right away or wait until the operator sets a date to reveal more details about it.

Closing Remarks

NFTs are getting popular with more people into them. That means lots of new collections are showing up because companies and artists see they can make good money with this tech. My Millenial Guide says NFT trading was worth $17.6 billion in 2021, a huge jump from 2020, up by 21,000%.But because of this, it’s tougher to get noticed in the NFT world. Brands and artists find it tricky to make their new NFTs stand out.

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