The most common mistakes in building NFT projects part 1.
Community: The most important thing is building a solid and enthusiastic community that understands the concept and goals of your project. You don’t build a community in a few weeks.
It actually takes months or longer to build a strong community. Listen to your community members and interact with them. Be transparent in everything you do and build, as the NFT space is full of rugs and broken promises. We have been there, and the funnyybuns are here if you need a hug!
Foundation: You are only as strong as your foundation. Having strong partners with like-minded goals is an absolute must when building a project. Connect with other projects and build a network, and no, we are not talking about WL giveaways only. Create strategies and plans and execute them accordingly. Make sure that those strategies benefit both parties and communities.
Brand-focused: What you often see is that projects focus on the number of followers instead of building a brand & robust (strong) community. The amount of followers says nothing about the actual value of your project. Doing giveaways constantly will give you a page full of giveaway hunters who are not engaged with your project. They follow your page for a prize. You don’t want a high following without engagement. You want people to follow you because they love what you are building.
Doing giveaways now and then is an excellent strategy to get some more awareness, but the focus should be on branding. A high following doesn’t bring in sales, but a community full of fanatics & excitement about what you build will.
Unfortunately, people underestimate what it takes. It’s not about building a fancy website & socials with high following. Community, branding, networking, transparency, and dedication are the right words.
Wasting funds: We still see this daily. Projects who buy engagement and spend loads of funds to let influencers talk about them. If you have built a community, you don’t need these things. Also, did you know your Twitter can get banned for buying engagement?
Overpromising on Roadmap: There are many projects with only 1 goal which is selling out, so they make promises they can’t deliver. Even if people believe you, if you cant deliver, you have broken your promises, and it will end badly. Don’t feed your community fairy tales.
This is the end of part 1. Please note that this thread is written out of our own experience. We hope to inspire other #Sui projects with this thread and to support them in what they’re building.
Hairy hug, the funnyybuns