An NFT roadmap is essential to a non-fungible token venture. If you are starting or following an NFT venture, chances are you will come across a project blueprint. Usually, the project’s official website or social media handle will display the blueprint of that project.
However, some projects do not have a roadmap. So, is the roadmap really required? Are they significant? What is the connection between the roadmap and the project?
Scroll down as we throw light on all these questions and more.
What exactly is an NFT roadmap?
It is basically a strategic planning tool that includes crucial landmarks in the project, short and long-term objectives, and NFT marketing strategies. Usually, it is a graphic or an image posted on the website. One may refer to this map to see what the project includes.
The map highlights dates, typically in the first, second, third, and fourth quarters of the fiscal year. Moreover, these dates will be accompanied by the project plans that are to be accomplished during that quarter.
In other words, the roadmap displays what has been achieved so far and the agenda that is yet to be achieved in the specified quarter.
What is the purpose of a road map for NFT projects?
A roadmap is one of the crucial components for non-fungible token ventures that gives much-needed clarity for the project. It helps in building credibility for the venture. Furthermore, it outlines what to expect from a specific project.
Roadmap serves different purposes for key stakeholders, such as investors and creators.
For instance, project creators can employ a non-fungible token blueprint to grab the attention of investors for a specific project. With its key objectives and milestones, a roadmap has the potential to attract not only investors but also the workforce and other stakeholders.
On the other hand, a roadmap also helps investors and collectors to calculate project returns, among other things. A collector can get an overview of the assets, features, and other specifics that are to be delivered within a specific period. So, one can say that a roadmap serves different purposes for different stakeholders.
Do you need a roadmap for NFT?
A roadmap is not required, or in other words, mandatory for an NFT venture in general. However, having a roadmap demonstrates that the founding team has a longer-term vision for their venture. In general, a roadmap helps the reader understand the mission and ambitions of the group.
Ideally, the project team methodically plans the NFT project’s success. So, a roadmap is essential to help understand the project’s goal and the value it provides to the involved parties. Thus, if a project lacks a clear and concise roadmap, it can turn off potential investors and other key players.
Although a project can exist without a roadmap, such an initiative may be interpreted as a project lacking vision.
How do I plan an NFT project?
Planning is an essential step before creating and executing a project. Doing so will save you from falling into pitfalls and carry out the project execution effortlessly. Here is a list of simple steps that you can follow to plan your non-fungible token project.
Establish project goals:
Goals are the driving force of any project. It is a crucial aspect that gives a clear message on why you’re designing the project. Establishing your desired outcomes as soon as possible is very much essential since it gives your customers an idea about why they must invest in your venture.
Generally, the most common goal for an NFT venture is to prepare the project for the metaverse. Other common goals are building a solid community with loyal customers and providing exclusive perks and utilities. Apart from this, there are other project-specific goals too.
Tips to understand and establish your goals:
- Understand the current position of the project and decide where you want it to reach
- Comprehend the purpose of the project without being vague
- Question yourself on what you want to tell your customers about the project
- Ask what you are bringing to the table with your project
- Be clear about the project values
- Establish specific and measurable goals
- Breakdown your goals into smaller chunks and set a time to accomplish them
- Build a community for your project: Building a solid community is a must for a successful non-fungible token venture. The more time and effort that one puts into brand development, the better the chances to sell a successful non-fungible token venture with a loyal customer base in the long run. When building a community, the first thing to focus on is the target audience; know your audience and understand where they spend their time.
Tips for building community:
- Invest in the channels that are frequented by your target audience (social media or other discussion forums, etc.)
- Make use of Twitter spaces to propagate your ideas
- Engage with non-fungible token enthusiasts
- Connect with reputable organizations and influencers
- Set a price for your venture: Determining the price for your non-fungible tokens is one more crucial step once you decide on a project. Whether you are going for NFT music, art, meme, collectibles, or others, decide on a fair NFT mint price for your tokens.
Just remember that if you fix a heavy mint fee, you endanger the tempo of the initial sale. This may also deprive collector support for your venture. Therefore, set a reasonable price that does not result in a loss for you.
Furthermore, fixing a reasonable royalty fee for the non-fungible tokens on secondary sales is also prudent. Again, ensure that you don’t go for high royalty, which may deter the token holders from minting the NFT.
Tips for setting NFT mint price:
- Discuss with your community and agree on an acceptable fair price
- Consider your long-term vision to establish the fee
- Examine some popular websites to see how the projects are priced
- Most successful NFT ventures have fixed their mint price between 0.05 and 0.1 ETH (you can decide something in this range)
PLAN A REALISTIC ROADMAP FOR THE PROJECT:
Having a realistic roadmap assures your target audience that you’re committed to the long-term success of your project. The roadmap highlights your project journey, where you are going when you’ll reach the destination, and what you’ll achieve.
A roadmap, in essence, is the crucial component that states what people can expect from the venture. It displays crucial milestones, such as the next launch date, the exclusive perks that the community may receive in the future, and so on. Furthermore, the roadmap assists your audience in managing expectations for your NFT project while also keeping them engaged and excited about the project, allowing you to maintain a thriving community.
Tips for designing a roadmap:
- When planning a roadmap, take your goals into consideration and plan accordingly.
- Design a blueprint that has time-specific goals
- Ensure you have the right resources to achieve your goals
- Be creative when designing your roadmap
- Go through some of the popular roadmaps to understand how it is designed
- Create a team: Once you establish your project goals and design a roadmap, it’s time to assemble your team to bring your project to fruition. Apart from the project’s founder, other vital players, such as technical developers, artists, influencers, and community managers, form a team.
Each team member has a distinct role to play, so choose a competent team player if you want success in your venture.
- Communicate effectively with your team: communication plays an essential role in any project. In other words, effective communication from the project’s core contributors is paramount, as it can make or break your venture. Since there are numerous “NFTs rug pulls” it’s critical to engage with the community on a regular basis.
Doing so helps the community members stay updated with the latest happenings. Some of the best tools to communicate include well-known crypto communication sites like Discord and Telegram.
Tips for NFT Project Communication:
- Establish a consistent communication schedule and follow it without fail
- Invest in bringing someone on board to help your community
- Design appropriate educative materials to help your team members and customers understand what is going on in the project
- Moderators should be able to answer the queries
- Post regular updates in the announcements channel by tagging everyone
- Keep up with pressing communications (ex: hacks, roadmap setbacks, hacks, and so on.)
- Set the plan into motion: Executing your roadmap is the final step in launching your NFT venture. You can start an NFT venture with the best of intentions, but if you don’t follow through on your promises, your community will lose trust in you and your project.
Be open and transparent with your community about your progress in the run-up to a launch. If you need to postpone a launch to deliver the value you promised, being honest with your community will help keep them on your side.
If, on the other hand, you stick to a launch date regardless of the ability to deliver and without informing your community, it can backfire and sink your project.
5 Best NFT Roadmap Examples
Here are some excellent examples of the NFT roadmap that you can refer to:
Azuki’s roadmap is called the “mindmap” and has seven detailed steps to illustrate its project.
- 1st step – Community goals and values
- 2nd step – Activities related to the community
- 3rd step – Gist of social media channels and their activities involving metaverse and gaming
- 4th step – Exclusive drops for community members and other activities
- 5th step – Experiments with gaming experience
- 6th step – Exploring partnership and venturing into DAO
- 7th step – Connecting with the masses
NFT Worlds has a simple roadmap that is in the form of a checklist. So far, the project has achieved 15 out of its 18 goals.
The completed stages of the NFT Worlds roadmap are as follows:
- On October 10, 2021, rarity rates and data files were distributed.
- The $WRLD token will be available in December 2021.
- In January 2022, it will release its open-source multi-player server.
SolRarity – Rarikeys
The roadmap of SolRarity–Rarikeys is a highly descriptive map that consists of 3 phases.
- 1st phase – Launch rarity tools to gain trust and display index charts depicting drops.
- 2nd phase – Goals to include beta-testers and NFT holders
- 3rd phase – Revenue sharing incentives
Rebel Rabbits utilizes a monthly roadmap that is divided into ‘Early’ and ‘Late’ releases to show what to expect and when. The layout of the roadmap shows a timeline that is designed in a way to keep collectors interested and looking forward.
World of Women
This charity-oriented project aims for inclusiveness, diversity, and opportunity.
Here are the Phase 2 milestones of the venture:
- WoW in galleries and expos around the globe
- World of Women Merch
- The WoW Team is Growing
- WoW and Charity
- Worlds of Women
- More Airdrops
- On a planet far, far away
The NFT roadmap is a valuable asset to a venture in the long run. Furthermore, it serves multiple purposes and adds tremendous value. In a nutshell, the roadmap informs people about what the project is all about. Although a roadmap is not required for every project, having one is advantageous for various reasons.
Whether you wish to learn about NFT, Blockchain, Web3.0, Metaverse, or other emerging technologies, we have the vital resources that will enlighten and help you make an informed decision.
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