The Journey to NFT Success: Lessons from the Frontlines
Imagine this: You’re a project founder, standing on the precipice of the vast and uncharted territory of the NFT world. You’re filled with a mix of excitement and trepidation, knowing that the journey ahead is fraught with challenges, but also ripe with opportunities. You’re about to embark on a journey that could potentially transform your project into a success story, much like the Bored Ape Yacht Club (BAYC) or Cool Cats.
The Bored Ape Yacht Club: A Beacon of Success
The BAYC started as a simple idea: a place for “bored billionaire apes” to hang out, make memes, and talk numbers. The founders, who chose to remain anonymous, created a collection of 10,000 unique ape characters, each with different properties such as varying fur types and clothing.
The journey wasn’t smooth sailing from the start. The initial momentum was slow, and only 650 of the BAYC NFTs were sold in the pre-launch drop. But then, something magical happened. The community started flooding the gates to ‘ape in’, driven by the power of scarcity and the allure of being part of an exclusive club.
The BAYC project was not just about owning visually appealing ape cartoons. It was about being part of a community, a club with exclusive benefits. Owners of each BAYC NFT received commercial usage rights, access to an online clubhouse, and even real-world private events. The project also introduced additional NFTs, like the Bored Ape Kennel Club and the Mutant Ape, each with their own unique value and appeal.
The BAYC’s success was amplified when celebrities like Stephen Curry and Justin Bieber started flaunting their Bored Apes to their millions of followers. The project became a symbol of status and wealth, a brand beyond NFTs. It was a testament to the power of community and the allure of exclusivity, to become one of the most successful NFT projects.
As one of the founders of BAYC put it, “The 10,000 BAYC collection was a flop during pre-launch. Only 650 of the BAYC NFTs were sold in the pre-launch drop.” Yet, they managed to turn the tide, proving that every setback is indeed a setup for a comeback.
Cool Cats: The Power of Gamification
Next, let’s turn to Cool Cats, another, one of the most successful NFT projects. The idea for Cool Cats came from the founders’ love for cartoon characters. They created a collection of unique cats, each with a varying degree of “cool”. Like the BAYC, Cool Cats also offered exclusive benefits to its owners, such as access to a Discord server, the Cool Shop, and exclusive online and live events.
The Cool Cats project took a gamified approach to the NFT ecosystem, introducing Cool Pets and the $MILK token. Owners could earn $MILK by doing daily quests with their Cool Pet, adding an element of fun and engagement to the project. The project also gained popularity when boxing legend Mike Tyson changed his Twitter profile picture to a Cool Cat, sparking a viral trend.
One of the founders of Cool Cats shared, “My whole life I’ve drawn cartoon characters, but the cats didn’t start until high school. It took about eight hours to sell out even after we lowered the price to just 0.02 ETH per mint. Until Mike Tyson changed his Twitter PFP to a Cool Cat suddenly, Cool Cats went viral.”
Lessons from the Frontlines: 10 Facts and Tips for Founders
As a project founder, you can learn valuable lessons from these success stories, of the most successful NFT projects. The journey may be challenging, but with the right idea, a strong community, and a bit of luck, you too can unlock the secrets of successful NFT projects. Remember, every setback is a setup for a comeback. Embrace the journey, learn from the experiences, and keep pushing forward. Your success story is waiting to be written.
Based on the insights from the case studies of the most successful NFT projects like Bored Ape Yacht Club, Cool Cats, and Clone X, here are the 10 must-known facts and lessons for transforming your own NFT collection:
The success of an NFT project is often driven by the community. Engage your community, listen to their feedback, and make them feel a part of the project. This can be achieved through active participation in discussions, regular updates, and transparency.
- Unique Value Proposition
Your NFTs should offer something unique and valuable to the holders. This could be in the form of exclusive access to content, events, or other benefits. Bored Ape Yacht Club, for instance, offers its members access to an exclusive Discord server, merchandise store, and additional NFTs.
- Strong Branding
A strong brand identity helps in attracting and retaining a community. This includes a unique logo, consistent design style, and a compelling backstory or theme.
- Leverage Influencers and Celebrities
Having well-known personalities associated with your project can significantly boost its visibility and credibility. This was evident in the case of Bored Ape Yacht Club, where celebrities like Stephen Curry and Justin Bieber helped in popularizing the project.
Incorporating game-like elements can make your NFT project more engaging and fun. Cool Cats, for example, introduced a gamified NFT experience that connects all Cool Cat NFT owners through Cool Pets & $MILK token.
Collaborating with other artists, brands, or platforms can help in expanding your reach and adding more value to your NFTs. Clone X, for instance, collaborated with famous artist Takashi Murakami and Nike.
Limited supply can create a sense of urgency and drive demand. However, it’s important to balance scarcity with accessibility to ensure a wide range of people can participate in your project.
- Secondary Market Royalties
Implementing a royalty system for secondary sales can provide ongoing revenue for the project and incentivise original holders.
- Real-World Connection
Linking NFTs to tangible assets or real-world experiences can add more value and appeal to your project. This was seen in the case of Clone X, which connected its NFTs with tangible assets like sneakers.
- Timing and Context
Launching your project at the right time and in the right context can significantly impact its success. Understanding the market trends, the sentiment of the community, and the broader economic context can help in timing your launch effectively.
You’re Not Alone – ANSG
Remember, every NFT project is unique, and what works for one might not work for another. It’s important to understand your audience, continuously experiment, learn from others, and adapt your strategy accordingly. As you embark on this journey, remember that you’re not alone. There are resources and communities out there, like ANSG, ready to help you navigate the complex world of NFTs. From Web3 advisory to marketing, community building, fundraising, and legal services, ANSG has got you covered.
So, buckle up, and get ready for an exciting journey. Your success story is waiting to be written. And who knows? Maybe one day, your project will be the next Bored Ape Yacht Club or Cool Cats, inspiring future project founders to take the leap into the fascinating world of NFTs.”
I hope this revised version flows better and connects more with project founders. If you have any more additions or changes, feel free to let me know!
Get started by booking a meeting via our Calendly link. Find a time that is convenient for you and let us get to work!
If you are interested in submitting a press release or article in any one of our platforms or would like to speak to us to learn how we can support your project then submit an enquiry form today. For media enquires with this project please contact firstname.lastname@example.org