Top 5 mistakes to avoid when launching a new NFT collection
Nonfungible tokens (NFTs) have grown rapidly, and today, are in a league of their own. This new asset class has much to offer and can empower creator economies, but it has to filter out toxic speculators first. Because of the rapid development of NFTs, many artists and creators have launched collections for the sake of generating rapid profits rather than providing long-term value to communities.
Creators making their first steps into the NFT space should be aware of the common mistakes when launching a collection. By addressing these issues, they can generate value with long-term impact. Here are the top five mistakes to avoid:
NFT creators can learn from developers and teams that successfully avoid these mistakes and empower communities. For example, UNO.farm, a decentralized finance (DeFi) ecosystem aggregating yield-farming opportunities, is working on an NFT collection that gives users exclusive features.
The UNO.farm team is working on a roadmap and marketing campaign to share its vision with the crypto community — a milestone that is skipped by many projects.
More importantly, the upcoming NFT collection will integrate multiple features that will add utility. To begin with, NFT holders will be able to stake their NFTs and participate in lotteries. Staking NFTs will generate the native UNF tokens (initially off-chain) that can be used to buy tickets to regular raffles. The prize pool for the raffle consists of 10% of the profit made from collection sales. UNF off-chain tokens can be held and then exchanged for on-chain tokens after the token generation event. The native on-chain tokens give holders governance rights.
Depending on the rarity of the NFT, holders will be able to receive a farming fee reduction of 20%, 50%
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