I'm sure you are familiar with the market cycle chart that everyone shares on Crypto Twitter. Even though each stage of it takes place perfectly, the mentality of the market cycle is represented in a neat way.
If you have been in the crypto ecosystem for a long time, I'm sure you had some opportunities to make purchases, build projects, create NFT collections, pile up more coins etc. Assuming that the crypto bull-market happens in 2023, what are you going to offer to the new buyers that will be FOMOed?
Let's brainstorm over the possible options.
Minting & Enriching an NFT Collection
I think this is something that is made quite easy thanks to the artificial intelligence tools that you can utilize. You do not have to create an NFT Art Collection to attract people with the beauty of your NFTs, instead, you can create a narrative for the collection and make it affordable for everyone who wants to explore more of it.
I started a "small" NFT project on WAX and try to enrich the narrative behind it. Besides the story of it, I also want to create a token; build a DAO and onboard more people to this small project. Even if it has a limited potential, it brings new people, liquidity and cheap tokens before the bull-run.
I think focusing on the inner value of the tokens during the sales in accumulation and bear market seasons is the key to the growth of your small-scale project.
1 HIVE is traded for $0.45 - $0.50 today but it is possible to trade it for $3 - $5 or even $10 in the bull-run. So, rather than assessing the value of the coins with their current USD value, it can be better to foresee the future value of the coins that you gain in exchange of your NFT, attention and effort 😉
Diverging from the Rest
I think the reason why many collection creators give up on their projects is about not differing from the others. The NFTs are seen as jpegs and it is quite valid argument as long as it is advanced by some unique sides. At that point, utility can be a major factor in the identification of jpegs and digital assets.
Creating a valuable digital asset is not easy task to be accomplished. Moreover, it requires a dedicated team that share the same vision together. If you are just a person with vision but limited capital, time and skills; it is quite likely to take longer time and patience. to make a collection successful or worthy.
Fun and/or Utility
Personally, I want to purchase genius stuff that make me buy it. Otherwise, the NFTs should have a use case that pushes me to own them. If we take Splinterlands NFTs as an example, I'm using it for the battles on Splinterlands, Splinterforge and I'll use it for Tower Defense! Besides, I'm renting them or growing my collection power with them for better rewards!
Of course Splinterlands is a top-tier blockchain-based game and it is not even possible for an NFT collection to be as successful as this model. However, adding some genius sides + utility can be the catalyzed factor for the collection to be valued.
I have fun creating and basing the collection units on a story. I think it is one of the most necessary things for someone to be into creating collections.
Have you ever created an NFT collection?