How to create an NFT whitepaper for your NFT collection
After the surge of cryptocurrencies, Defi, and now NFT’s, the market is saturated with many projects that have no or little merit. The best way to choose which NFT or crypto is best for your investment is to start with analyzing the website, team, communities, and especially the whitepaper. Do they even have a whitepaper? How much time and effort have they placed in creating their whitepaper? Are there any details that have caught your attention?
In this article we go over the questions if you even need a whitepaper to launch an NFT collection, and how to do the research and whitepaper design to create a solid base for your new project.
Do you need a whitepaper for your NFT collection?
An NFT whitepaper is a digital document that provides an in-depth explanation of what NFTs are, how they work, and the applications of the particular NFT you intend to launch. But before we dive deeper into how to create a whitepaper for your NFT collection, let’s first ask ourselves, do you even need a whitepaper for your NFT collection?
The short answer; NO. The right answer; YES. Whitepapers, whether for NFT’s or cryptocurrency tokens, can be used to explain how a new NFT project works, the team behind it, the marketing strategy, and the timeline. See it as a business plan or investment pitch but then for your NFT collection. NFT’s are still very new and that’s why it’s super useful to new investors to learn about your project via your whitepaper.
What is the difference between a crypto whitepaper and NFT whitepaper?
Generally, whitepapers for a cryptocurrency project seem to be much more in-depth compared to NFT whitepapers because NFT projects do not have to explain tokenomics, mathematical models or the economic model behind the token.
NFT whitepapers can be more focused on the design aspects, how the community will interact and how it’ll be marketed. NFT whitepapers are mostly designed to be relatively simple to understand, using informative graphics, infographics and clear diagrams and designs.
How to create an NFT whitepaper for your NFT collection
Although the content of your NFT whitepaper is very important, it is not the only factor in a white paper’s success. You also need to consider you really the design of your pages, adding elements that grab people’s attention and reflect your brand in the way that you want present it to potential contributors. Here are the 3 areas to focus on when writing your NFT whitepaper:
Research
The first starting point of writing a good NFT whitepaper is doing your research. From analyzing the competition, the communities around those projects, and other NFT’s marketing strategies to identifying your ideal customer, audiences, and the industry. Once you have laid the groundwork for creating your ideal customers, then start creating your game plan for communicating to them.
Design
A well-designed and informative NFT whitepaper is the foundation for a successful NFT launch. An easy-to-read whitepaper should be easy on the eyes. A good cover initiates that trust factor from potential contributors and showcases the look and feel of the project. Keep the photo quality high and maintain a consistent style throughout the document. Especially because NFT’s are so design-focused, it’s highly recommended to spend more time on the design than you normally would.
Marketing
After the creation of your whitepaper, business plan, and obviously, the NFT collection itself, only half of the work is done. Now it’s time to launch in the market and create your community around the project. This is why it is extremely important to already start with communication and thinking about your marketing plan. Where are you going to invest your time and energy? How will you communicate your message properly and which platforms will you be using?
Overall, make sure to properly format your NFT whitepaper so that the reader can easily navigate through your paper and understand any of the (technical) details. Make sure visuals, infographics and designs are on point and consistent and easy to share and promote.
NFT whitepaper example
One of the best examples of a properly done NFT whitepaper is the one of VISA on Engaging Today’s Fans in Crypto and Commerce with NFT’s. You can find the whitepaper here, and take inspiration for your own NFT whitepaper.
Overall, it is definitely recommended to create a whitepaper for your NFT collection. Wether you use it or not, it is always good to take the time to create a solid researched game-plan before you go out and put a lot of effort in your NFT project while maybe realizing it might have no merit in the current NFT market. Another good starting point is to start with reading some of the valuable NFT books on the market, to have better starting point for creating your own NFT whitepaper. We’d love to learn more about your project and if you’re NFT whitepaper is finished, feel free to submit it to our database here!
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