March 3, 2023
SKALE your NFT audience with MADNFT Part 2
In part 1 of this series, we learned how to get started as a creator looking to enter the NFT space through the right channels of education and communication. Now let's talk about your first steps towards making a sale by creating a great NFT drop (drop meaning a release of NFTs to market) and promoting it effectively.
Creating a great drop
NFT drops can vary widely depending on what you plan on listing or what you plan to do with your NFTs, but there are some basic principles to follow that will apply to most people starting out with their first drop.
1. Firstly, watch module 3 of the MAD Academy to discover walkthroughs on creating a drop using the platform, as well as extra advice on deciding how to structure your drop.
2. If you’re a long term artist then you’ve probably already discovered your own style or niche. If you have, then use this style to develop your own brand. Select a few pieces of artwork that are preferably part of the same series rather than uploading random individual pieces. Distinguishing your own style is extremely important for curating an audience of people who want to buy art from you.
For those of you who are new or developing artists, don’t worry if you haven’t found your own style yet. People love to see an artistic journey, not just the final piece. So make sure to share every step of your journey and let your audience engage with you. Upload your experiments, explain your thought process and engage with your community by asking their opinions.
Overall your drop should ideally either contain fantastic artwork, artwork that tells a story, (such as your artistic journey), or both. Utilize all the customization tools available on madnfts.io to make your collections look professional and create them with ease.
3. Other key points to consider when creating a drop is your supply number and pricing.
When deciding on the number of editions to produce per NFT, the key here is research. A 1/1 NFT drop for example has the highest scarcity, which means the supply is very low and this can result in higher-priced sales. However, if you haven’t yet developed an audience of collectors, then don’t get carried away with your pricing. Pricing can be built up after you’ve sold out a few drops. The key here is not to rush and build steadily. If you price too high at the start without developing trust and interest with your audience, your drops will remain unsold.
Another option is to have a higher NFT supply such as 10 or 20. Since there is less scarcity, NFTs with a higher supply should be priced lower than what you would charge for a 1/1. There are positive and negative points to both a high supply and a low supply. A low supply can be priced higher, but are less accessible and may not sell for the price you were hoping for. A high supply can be more accessible for a larger audience since they’re cheaper and there's more of them, but they are less desirable to collectors so may not sell out unless they come with an added utility.
For a new NFT artist it’s recommended that you start out with a smaller edition size and a lover price point. This gives your audience a chance to purchase your work and hold a scarce NFT. As your drops begin to sell out, you can slowly scale your price or edition size.
If you scale this well, then you’ll also bring value to your original buyers who purchased your NFTs at a lower price when you were just starting out.
Start promoting yourself
It’s not enough to just create the perfect drop and expect it to sell, you have to let people know about it through promotion. We’ll discuss some of the best ways to promote yourself as well as how to do it in a passive way that doesn’t spam your audience.
1. Firstly you should work out your best channels for promotion. Where do you see your audience / community being the most active? Is it on Twitter? Discord? In a group chat? Find out what works best for you and make it your main focus. Make sure to not ignore your other channels however.
2. Post regularly. Don’t post once a week and expect to gain traction with your following. You have to be seen frequently to make people engage with you. Most products advertised need to be seen on average of 7 times before a consumer even clicks on the link, so if you want to convert followers to collectors then make sure you’re being seen frequently.
3. Once you’re regularly posting across your socials, don’t forget the most important factor for creating a strong community that supports you through purchases and sharing…
Make sure to reply to comments / shares from community members that are showing their support for you and your work. For fans, it means a world of difference when their favorite creator replies to their comments versus simply liking the comments. Engaging with fans on your posts makes them feel seen and valued as community members. This all helps establish a better relationship with your fans which will massively contribute to them making their first purchase of your work.
The hardest part about selling artwork is making that first sale with a new collector. Once the first sale is complete you have a much higher chance of getting a second sale from that new collector. Traditional ecommerce see’s around 25-30% of buyers being repeat customers and in the art world that number is closer to 50% due to the added sentimental attachment of art.
In short, treat your audience kindly and offer up some of your time to respond to them, it could mean the difference between no sales and dozens of sales! More information on creating repeat customers in Blog part 4 coming soon.
4. If your own posts are not generating enough engagement, seek outside your own bubble! Engage with posts from other similar creators / collectors, join artist group chats, Twitter spaces, community pages etc. There’s a wealth of people who will love your work but may not have come across you yet. The best way to avoid this issue is to put yourself out there and engage.
Some great examples of engagement are commenting on people's posts, especially ones related to art which are frequented by a higher percentage of people who may be interested in your work. Quoted retweets are also highly effective as they give you a chance to share and comment at the same time fueling a double form of engagement.
It’s also a great idea to directly message other creators in the space who are similar to you / at a similar level in their journey as you. Introduce yourself and offer mutually beneficial relationships such as; sharing each other's work, co-hosting community calls on art-based topics, or even running art challenges / competitions with a number of artists and fans!
There are many more unique ways you can approach this, but make sure you just do something. This industry is much harder if you approach it alone, so make as many friends as you can and you’ll be able to support each other's growth. More information on growing your creative community in blog 3.
Continue this 4 part series and learn how to enhance your NFT drops with part 3 coming soon!
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