by Yuri Kundin, Vice President, Strategy and Operations, Web3Pro

There are three key things to consider when budgeting for an NFT campaign:

  • Artwork
  • Marketing
  • Peripheral costs

Artwork for the NFT

There are varying approaches to developing artwork for an NFT, running the whole gamut from a pixelated image, photograph, AI-generated design, all the way to 2D and 3D masterpieces with moving parts.

Artwork for NFTs needs to appeal to the target audience. Versace’s initial NFT offering featured virtual representations of the brand’s clothing line, including apparel, eyewear, footwear, perfumes, jewelry, and accessories, all for use in the metaverse.

Some brands partner with well-known artists to create NFT collections. Givenchy collaborated with digital artist Chito to create 15 NFTs. Some artists may agree to work for a portion of the proceeds from the sale of the NFTs.

NFT artwork enjoys the freedom to extend beyond traditional creative formats. Gucci’s initial NFT offering was an NFT version of its short film, Aria. The film was the result of a collaboration between the brand’s creative director and Floria Sigismondi, an award-winning photographer and director.

The cost of creating NFT artwork will depend on the complexity of the design and whether the art is created by algorithms and internal team members, or if the brand chooses to commission an external artist.

Marketing Campaign

To successfully launch an NFT offering, a brand website will need landing pages, SEO behind those pages, a way to capture email addresses, and a well-crafted outreach campaign which includes emails, social media blasts, and social media advertising. The brand should also distribute press releases, which often require the services of a public relations firm.

Working with an NFT specialist like Web3 Pro may offer significant advantages in go-to-market.

Peripheral Costs

Minting an NFT refers to placing it in the marketplace. OpenSea is the largest and best-known NFT marketplace. It charges 2.5% of the NFT sale price. In addition, when you use Ethereum for the first time, you will need to pay a one-time “gas fee” based on current market prices. Recurring gas fees may also be incurred depending on the account and your actions on the platform.

Engaging with the right influencers may significantly improve your chances of success, so it’s important to include their costs as well.

What’s the Appropriate Budget for an NFT Campaign?

Plan to invest $20,000 and above. Contact Web3 Pro for expert NFT campaign solutions.