PFP collection checklist - Do these 6 things before you launch
By now you’ve probably heard of a PFP NFT floating around on Twitter and other social media. PFP stands for Profile as Picture, and owning one allows you to display its artwork on your social media profiles, showing off your ownership and making you stand out online. Popular NFT collections like "Bored Ape Yacht Club" and "Doodles" are examples of PFPs that have accumulated huge followings and have generated a lot of Ethereum.
PFPs are like collectibles with a fixed amount available, similar to trading cards or comic books. Some PFPs even come with extra perks for the holders of those NFTs, such as private access to virtual or physical events, or even just having exclusive access to a network of people. These collections are automatically generated by an algorithm using different assets created by an artist and are minted randomly.
All PFP NFTs have two things in common: their metadata and their scarcity. The metadata defines the uniqueness of the NFT and can be used in future games or platforms to recreate the characters in those contexts. For example, imagine playing a video game and partnering with an NFT project, the owners of the PFP NFTs would be the only players with their unique characters! This use case could also apply to many other fields and industries.
To have a successful PFP NFT collection, it's not just about the artwork and utilities behind it, marketing is also very important. We will link blog posts that go over NFT marketing techniques at the end of this article. Now, let's dive into the process of creating a PFP collection.
First things first on your checklist is defining the characters for your PFP collection. Consider what type of character you want to create - will it be a human, an animal, an abstract creature, a 3D render, or a painting?
Next, decide on the style of your character - should it be cartoonish, semi-realistic, or abstract? Then, determine the universe in which your character will inhabit - will it be under the sea, in a city, on a colorful canvas, in a particular country, or in space? Lastly, consider the background for your PFP - will it be a solid color or an illustration? We highly recommend working with an experienced artist for this so they can advise you on your artwork and how to layer it correctly.
In the early days of collectible PFP NFTs, projects went for a higher supply to attract the largest audience possible. However, these days, the number of PFPs in a collection can vary. Some contain 420 avatars, some 666 or 9,969. There are no rules here. Each PFP could be linked to a set of rewards or utility that your audience would find appealing.
When choosing your supply, you should take into account the amount of customers you expect to have with your marketing budget. For a more in-depth guide, you can read our blog post about optimizing your nft collection supply
Here’s where imagination and practicality come in depending on your resources. Some NFTs give you access to a specific channel in a Discord so you can receive updates from experts on trading. Others may provide physical rewards like a T-shirt or any other merchandise using the NFT. In our own PFP collection, we decided to give our holders access to premium features of an NFT tool that we created, as opposed to non-holders who can only access basic features.
It's up to you to decide how to push your marketing and sustain the utility and success of your project in the long term.
When it comes to PFPs there's no one-size-fits-all approach for pricing them. Some creators give them away for free (you'll need to prepare to pay gas fees), some use auctions, and others set a fixed price per PFP.
Keep in mind that since NFTs can be resold, you'll need to decide on the royalties you want to earn from secondary market sales. Typically, most projects take a 5-10% cut from the resale value, but it varies depending on the goals and intentions of the collection. This percentage can be used to sustain the project further by reinvesting back into the project or going to the creator. So, make sure to think carefully about your pricing and royalty decisions.
Just like any other product you would offer in a web2 business, you should figure out what the mint price should be based on the value being provided to your customers. For example, if you were to offer NFT access to a trading platform that offers tips and signals, then you'll be able to price your NFT way higher than a community brand based project.
Generating 10,000+ NFTs, (or even a few thousand) can be daunting without the use of a proper tool. Once you have figured out your artwork and want to bring your collection to life, a tool like NFT-Inator can make this process much easier and smoother.
With NFT-Inator you can prototype, generate and export artwork, completely free and deploy an advanced zero code smart contract with no upfront fees. All of this on one platform, zero coding or experience necessary.
Launching and marketing an NFT project requires a carefully crafted strategy that encapsulates the essence of the project and appeals to the needs of your target audience.
It is essential to take into account various factors such as the project's uniqueness, practicability, and potential outreach. To ensure a successful launch, we carefully compiled a list of marketing strategies that offer creative and innovative ways to promote your NFT project. Follow our guide on promoting your nft project for more ideas and promotion strategies.
Creating a successful PFP NFT collection involves defining your artwork, deciding on the supply and utility of your collection, setting the mint price, generating your artwork with a tool, then launching and marketing your project. These six steps are crucial for a successful launch and to stand out in the highly competitive NFT market. It's important to keep in mind that marketing is just as important as the artwork and perks behind your collection.
By carefully considering each step in the process and utilizing the right tools and marketing strategies, you can create a unique and successful PFP NFT collection that stands the test of time.