Good day everybody,
Welcome to CryptoGod-1's blog on all things crypto. Today we are going to look at the main types of roadmaps for NFT creators and artists. While these are not the only defined roadmaps out there, they are some of the more common ones used.
What is a NFT Roadmap?
The classic "whitepaper" is well known in the crypto world since Satoshi Nakamoto sent a nine-page long whitepaper to a group of cryptographers outlining a new form of “electronic cash” which he would call Bitcoin.
Similarly, a NFT roadmap is a document which outlines the goals and strategies of an NFT project. This is done to communicate the long-term value and plans of the NFT. The roadmaps quite often are created to include key project milestones, short and long-term goals, and plans which include for marketing and growth.
They can often include links to any charitable organizations which are part of the NFTs plans, and a percentage of the income which will be donated to that Charity. Things like the timeline of the NFT are important as part of the roadmap, as it allows potential buyers to understand whether there will be future drops, developments, and further NFTs to follow down the line. This allows perspective buyers to evaluate the efficiency and trustworthiness of any NFT they may be interested in buying.
Anybody who buys an NFT should always do their research on whether it is legitimate and could see potential growth in value. Buyers should always ask themselves the following questions why reviewing an NFT Roadmap:
- Are the goals achievable? Anybody can write a spoofy bit of paper which sounds great, but unless the goals are realistic and achievable, there may but nothing but smoke propping it up.
- Do the plans of the NFT group match your own interests as an investor? Unless you are looking to flip the NFT quickly, you will likely become part of the community surrounding that NFT. Make sure its a community you want to be a part of and that the activities outlined in the roadmap match your expectations of what you want to get from your NFT.
- Will the strategies outlined in the Roadmap truly strengthen the brand? If promises are made in the roadmap such as donations to charity, can you see that as a realistic donation which will happen from a trustworthy group? If so, will that really help to increase the value of your NFT down the line? While it sounds great, you need to evaluate the strategies and promises and view them as marketing strategies which either will or wont increase the value of the NFT over time.
- Is the Timeline within the NFT realistic? Most Roadmaps will have dates of specific activities, whether it be minting dates, donation dates, social activity dates, etc. As a buyer you need to evaluate whether or not these dates are realistic, or if the group has put the roadmap and timeline together to make it seem like the NFT will skyrocket in a few months through promises which are unattainable.
Types of NFT Roadmaps
Type 1: Time Based
This classic form of roadmap for NFTs is based on a release over time. Often they will be filled with dates for different drops and releases within the collection. It can be a good form for NFT's as it allows time for the initial drops to get out there and gain traction before the next supply is released. Often artists will use this method to have staggered price increase with their artwork, allowing for early adaptors to get cheaper NFT's from the collection with the hope that marketing and hype will draw in a bigger user base and they will have a more valuable NFT automatically as the floor price increases in future drops. Of course this only means there will be any increase in value if somebody else wishes to purchase that NFT and like all collections requires the project to have traction.
Type 2: Percentage Based
This method is, as the name suggests, based around a percentage of the NFTs being sold. Generally this is done as part of a promotion, hinting that when a certain amount of the collection is sold then a percentage of the profits will be donated to charity, or returned to the community who hold the NFTs, or something along that basis. While it can be a good marketing strategy, it often means the potential purchasers have to wait and hope this project gains traction and meets it target sales. Like any business, it is all hypothetical and potential, but can also be a target which is never met. It is not impossible for the required percentage sales to happen, but again relies on the NFT being successful and therefore it is difficult to gauge what value there may or may not be in the long term validity of the project.
Type 3: Mint
This form of roadmap is quite simple, where usually a collection is made of around 10,000 or so NFT and the smart contract address is shared with the wider community. Instead of using a marketplace, potential buyers simply interaction with the smart contract, pay the selling price and gas/network fee, and then they get one of the NFTs. Sometimes its a random NFT from the collection which gets minted, and sometimes the buyer can choose exactly which NFT they wish to buy. There is no timeline associated with this type of NFT as once the smart contract is live the NFTs can be minted at any time until they are sold out. Often the creators have whitelist places with these, which means a select amount of early buyers can mint their NFTs for a reduced price, or even for free while only having to pay the gas/network fees.
A project well known to all of us, Bored-Ape Yacht Club, have been seen as standard setters in the NFT space for a long time. Below is an example of their Roadmap version 2.0. Its a quirky take of the roadmap, and shows how you can have fun by also applying art to your roadmap. While nothing is set in stone, as you can see they outline certain dates within their timeline, certain events, and of course undisclosed and unknown details to keep the people intrigued. Less is more is often key, especially in a project as well establish as this.
There is no definitive way to do your NFT art, as like with all art it is subjective and at the artists discretion. Roadmaps can be beneficial in defining the creators strategy, and how they see they project developing. While they can change, and often do constantly, it helps to give the community a solid basis of where the project is aiming to go. Like anything, planning ahead is always beneficial in all aspects of life, so whether its time based, percentage based, minted at buyers discretion, or another method you prefer, roadmaps can be a strong motivator and management tool for any and all artists. Independent artists don't often include a roadmap, which is perfectly fine, but if they are hoping to achieve something long term from the project then it can always be a useful addition. Always make sure you look at NFTs like a business. It needs to have a clear goal and vision, and with the market so flooded, it can be worthwhile doing your due diligence on the team behind the NFT before "aping in."
I hope you enjoyed the content, have a wonderful day.
CryptoGod-1.
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