NFTs represent the first time that Crypto is entering the cultural consciousness...and a lot of celebrities have jumped on the bandwagon, viewing their NFT projects as a way to engage their fans and to remain culturally relevant.
These celebrities have also realized that selling NFTs can be a very effective way to monetize their engagement with their fan bases, earning revenue through the primary sales side, as well as earn ongoing royalties from secondary sales.
But it’s not as easy as they think... massive stars have had disastrous launches. What separates the celebrities that are truly in it for the community versus those in it for a cash grab?
What’s really going to make or break any NFT project is the project community. It’s how you're able to engage with our community, how you are able to activate your community. Twitter and Discord are paramount. A lot of participants in this market are very savvy and can determine what seems to be a cash grab. And that's a huge turnoff amongst fans within a particular community.
Have a clear strategy. What can you provide that will be really valuable to your community? So Is it your time? Is it your art? Is it your music? Is it a particular piece of content that you can create as a creative personality yourself? Is it your willingness to engage with your fans in a more intimate setting? What is your edge?
NFT projects are a two way street. So it's important to have conversations with your communities and really listen to the feedback from your community and from your fans as to what they want to see from your project.
Demonstrate long term commitment to your project and your idea. It's okay to not have the full game plan or a full roadmap. But you must demonstrate you are committed to providing value to your community through the good times and bad.
