Unveiling The Myth of Blue Chip NFTs: How to create a successful NFT project
Everybody wants to build a blue-chip project. Even though thousands of people tried and failed. Before aping into the NFT space and aspiring to create the next BAYC, we have consolidated the following tips to aid you in a successful run.
What is blue chip NFT?
“Blue chip” is a term that comes from poker, in which the blue chip is the most valuable chip. It’s now used in a variety of fields to describe what people perceive to be the most valuable options available, such as BTC is Blue-Chip Crypto.
Blue-Chip NFTs are successful collections usually with at least 10e floor price. They are considered industry leaders and are more likely to grow than other NFT projects. A blue-chip NFT collection will have some or all of the following characteristics: It’s regularly seen on the NFT sales leaderboards, it has developed a popular brand in the NFT space, and most definitely, it has an active community.
What are the key elements of blue chip NFT?
A great product would consider having some, if not all of the following elements before aping in the marketplace.
Web 3 Embrace Innovation
Being innovative is the first thing in this ever-changing space. Whether it is technical, operational, or graphic. Fads can fade, you may be a hit of the month, but no one will talk about it after a week. Building excitement through innovation can sustain a stable momentum.
For example, the team of Azuki successfully created and promoted the use of ERC 721A, which is an improved implementation of the ERC721 standard that supports minting multiple tokens for close to the cost of one. This smart contract standard greatly reduced the cost of minting and make NFT more affordable for beginners.
Everyone is expecting something new, that evolves, and mutates, these are the key element of growth and eye-opening awes.
Community, community, and community
If you ask me, I would say the biggest difference between web3 and web2 is community. Web2 companies use advertisement to establish brands whereas in web3 brands are formed within the community through popular memes, art contests, builder programs, and numerous community events.
NFT Communities are a special herd of people, they are the early adopters and promoters of your project. Web3 projects should never treat your community member like a customer, rather think of them as your family member who is assisting your ventures or your partner who is holding the options of the company.
Community members would do many things to help promote your brand in web3, things such as creating the lore of your NFT characters, building merchandise goods with your logo on them, hosting Twitter space, or creating YouTube videos to broadcast your project. Great NFTs build alongside their community and they go through ups and downs together. Community is the root and soil of your project.
You Project should have the capability to bring outsiders into Web3
Web 3 is a small world. How to bring web3 awareness to people in web2 is a mission for every NFT project founder. Having a great vision and long-term determination to proliferate web3 will eventually make your project stand out.
A good example would be STEPN, which attracted many outsiders who never bought crypto to join web3 simply because they like to work out. STEPN’s success inspired many P2E (play-to-earn) start-ups and further spread mainstream awareness of web3.
NFT should be well-designed and aesthetically pleasing
Having aesthetics in the art is critical. Some art alone is enough to sell this project. The Doodles NFT collection features 10,000 unique assets that feature human-like characters. The artwork itself is relatively high-quality and has generated quite a bit of attention.
Great Team and Great Operation
A great NFT project launch has to be organized team play and mind the timing and the market environment. The team needs to know how to manage holders’ expectations and how to present their deliverables. The core squad is usually the center of it all.
Yuga labs invited experienced marketing professionals to join the team to do better branding work. Azuki’s core team is comprised of experienced DeFi professionals, Ex-facebook developers, and artist from the game Overwatch. Comprehensive team composition is the cornerstone of your project as the core team needs to practice management skills with a great understanding of nft storytelling to the crypto natives and newbies.
Some utility schemes might make your project more attractive
The utility of an NFT means the ownership of an NFT might bring more to the table, such as intellectual property rights, exclusive entries, AirDrop, and/or token allocations. Nowadays, what utility does your project have become the question that gets asked most frequently in Twitter Space AMAs.
Being a BAYC holder, you are entitled to unlimited perks. For example, you will be added to private Discord channels with other celebrities such as Justin Bieber and Neymar Jr. who own these NFTs.
By introducing utilities and bringing new mechanisms, you are instilling the community with curiosity confidence, and enthusiasm.
Brands are swarming into the space, getting their support through collaboration
Web2 ventures are looking for web3 entry points, get their support through collaboration would greatly increase your odds to be a blue-chip project.
Brands such as Nike and Tiffany have entered the NFT race through successful collaboration and acquisition. The marriage of Crypto Punk and Tiffany set a good example for the fashion industry. This collaboration not only stimulated the branding of Tiffany in web3 but also raise the floor price of Crypto Punk by at least 10eth.
You need Web3 NFT Whales’ and KOLs’ attention
While Bidders and Whales have a decentralized sense, 1000 eth will make the difference when they land purchases onto a collection. Sometimes it takes just 1 bidder to lift the floor to 10x. Jeff Coon, Gary Vee, and Snoop Dogg know that successful projects usually find the right collectors.
KOLs and Whales are the celebrity of web3. With so many eyes on their wallet, every action they take would have a ripple effect on the NFT market. Try to get their attention. Sometimes if an NFT whale mint or collect one of your NFT, many will follow their actions.
NFT Subculture is Going Mainstream, Like it or Not
NFT and cryptocurrency was a class of subculture, which gradually captures the attention of the younger generation, as people want freedom and independence to express themselves.
To build and create a blue chip NFT you must have the resolution to become a class of your own, to revamp the system and not just copy and paste the format of the previous.
The consensus around Blue Chip NFTs is not yet fully formed. We hope this article will help your journey in creating the next Blue-Chip NFT.
Happy Hunting!
About Treasureland
Treasureland is a multi-chain NFT platform for NFT issuance, NFT trading, NFT collections, and tailored in-shop services. It provides a one-stop solution to business-end users from 0 to 1 and a multiple-chain aggregation experience for C-end users.
Treasureland raised a seed funding round led by HashKey Capital and Youbi Capital, with participation from Assembly Ventures, NGC Venture, GBV Capital, DFG, Spark Digital, SNZ, Mask Network, and other top institutions.
Treasureland has deployed on multiple blockchains, including Binance Smart Chain, Ethereum, Polygon, IoTex, Moonriver, and diverse multi-chain NFT assets. And it will deploy on more chains soon.
