In previous blog posts, we’ve discussed the ins and outs of launching an NFT marketplace.
In particular, one of our most recent posts provided a guide and NFT Roadmap template for getting your project off the ground.
With that said, there’s one thing we haven’t addressed yet, which is whether or not independent creators need an NFT roadmap in the first place.
So, in today’s article, we’ll answer that question.
The Basics: Different Types of NFTs
While most people associate NFTs with animal pictures, in reality, NFTs have much deeper capabilities.
In fact, in addition to images, NFTs can contain audio files, video files, and more.
We mention this because understanding what type of NFT you plan to sell is the largest deciding factor regarding whether you’ll need a roadmap or not.
One-Offs vs Large Projects
In general, an individual NFT – whether it be a graphic, song, album, or video – will not require a roadmap. Mainly because solo NFTs are not meant to be part of something bigger.
As an example, everyday consumers don’t require a long-term plan of action when buying a piece of art or album. Why? Because they already know what they’re getting and understand it’s a one-time purchase.
On the flip side, if you’re creating a large collection, ongoing series, etc., you will most likely need a roadmap.
Mainly because, in this situation, it’s likely your buyers will have higher expectations for their purchase.
An NFT Roadmap: Is It An Investment?
For example, if they’re buying an NFT as part of a 10,000 PFP collection, odds are they plan to flip the NFT for a profit in the future. Because of this, buyers will want to know how you plan to market and increase the value of your NFTs over time.
The same goes for selling a TV or short-film series you haven’t produced yet.
Since producing a series requires actors (regular or voice), directors, editing, etc., you will most likely need to raise capital. Further, consumers are unlikely to buy/invest in your series without knowing what it’s about.
You’ll need to come up with some sort of mechanism to pitch potential buyers on why they should participate. With a proper roadmap, you can address both the business side and the creative side of your project.
When You Don’t Need an NFT Roadmap
While 10K PFP collections and celebrity-endorsed series tend to capture media headlines, what the public doesn’t see are thousands of artists selling individual NFTs.
Examples include bands selling albums and artists selling individual pieces as part of larger collections (e.g. the Art Blocks Curation).
In these situations, there are multiple reasons you won’t need an NFT roadmap.
The Nuances of NFT Curations
If you’re a graphic designer/artist selling into an existing curation, the authority and credibility of that curation do two things.
First, if the curation is well known and gets lots of eyeballs, your “marketing” is pretty much-taken care of by the curation itself (and the site where the curation is hosted).
Second, suppose the curation has authority and credibility. In that case, buyers will be dramatically less concerned with your credentials as a creator (given the curators are essentially vouching for you by putting your work in their collection).
Selling Songs and Albums
As for music NFTs, consumers are already accustomed to buying individual songs and albums online thanks to services like iTunes.
So while you might have to explain how buyers can listen to a music NFT, it’s unlikely you’ll experience resistance to selling your songs or albums as NFTs.
Create Your NFT Roadmap with Excopia
Creators need an NFT Roadmap if they’ll be selling larger, more elaborate collections. This applies to projects that have not been produced yet or NFTs where buyers expect the creator to do something that increases NFT value over time.
On the flip side, if you’re selling individual pieces of work (digital art, songs, etc.), you’ll unlikely need an NFT Roadmap, especially if you’re selling your work as part of an established curation.
And if you’d like help getting your NFT project off the ground, Excopia offers full-service NFT promotion services. From developing your back-end marketplace to helping you draft a roadmap, we’ve got creators covered from A to Z.
Ready to get started? Get a free demo with Excopia today.