At this point in the adoption of blockchain technology and the Internet of Things, it’s not surprising that we’re seeing a rise in the number of projects utilizing token-based ecosystems or NFTs. Many of these projects are also using blockchain to create new digital assets.
While blockchain has many potential use cases, a growing number of projects are developing solutions for this segment specifically.
However, with so many companies launching projects within this space, knowing where to begin when developing your own NFT roadmap can be challenging. This article will introduce the different stages of development for any company exploring an NFT strategy. From designing tokens to creating user experiences and unlocking partner potential, you’ll learn everything you need to know about creating an effective NFT roadmap.
What is an NFT roadmap?
A roadmap can be defined as a set of guidelines and objectives for developing a product, company, or project. It outlines the journey to achieve the desired result, along with key milestones and timelines to keep the project on track.
In the context of blockchain and NFTs, a roadmap is a strategic plan that outlines the process for designing, developing, and deploying a token-based ecosystem. It covers the entire lifecycle of an NFT project — from ideation to token distribution and post-launch support.
Successfully creating a roadmap for your NFT ecosystem is critical for communicating how you plan to achieve your vision. It gives stakeholders insight into your strategy and timelines while also providing reassurance that you’re taking the appropriate steps to ensure success.
Defining your NFT roadmap
We have bad news for you if you’re thinking of merely deploying a few thousand pictures and waiting for them to trade around. That doesn’t work anymore!
Unless you are a 100 million subscribers influencer, launching an NFT collection like that is quite impossible.
Therefore, the first step in creating a roadmap is understanding your project’s vision and what problem it aims to solve. Once you’ve identified the core objectives, you can begin thinking about the various components needed to bring those goals to fruition.
In essence, your roadmap would consist of 3 stages:
- designing
- developing
- deploying
But to make sure you touch every point when creating your roadmap, you’ll need to go through the following steps:
1. Define your audience
Identify who you’re creating the product for. By creating personas and conducting user research, you can better understand your target audience and the pains they’re experiencing. Use this information to determine where your product fits within the market.
2. Come up with a value proposition
Understanding your value proposition should be a top priority for any blockchain project looking to succeed. It’s the company’s promise to customers and investors alike. You can use your value proposition to inform every aspect of your product, including your token design.
As we’re talking about crypto finance, it’s better if your value proposition manages to touch a profitability aspect.
3. Describe the token design
The design of your token is one of the most important aspects of your roadmap. It determines your token economy, which is critical for user adoption. This includes how your tokens are used to drive value and revenue.
NFT perks, staking, and fragmentation are only a few of the traits you should consider here.
4. Plan the token distribution
The token distribution of your project gives investors insight into your current and future token economy. It also shows how your tokens will be distributed amongst initial investors, the team, advisors, and other key stakeholders.
For example, you can choose to get the ball rolling by starting with a few airdrops and then initiating a few rising floor-price sales.
5. User experience
Your user experience is critical for achieving both adoption and retention. It includes everything from the onboarding experience to the end-user experience.
An NFT Roadmap example
One of the best examples of an NFT roadmap is the Azuki NFT’s “mindmap.”
Azuki details its plans in 7 different parts:
- Vision&Value – The first part clarifies the project’s community visions and values.
- Community – The second step describes its community-building activities, with updates on the completed and in-progress activities.
- Metaverse – The third part presents its current social media platforms and plans to diversify into NFT gaming.
- Physical World – The fourth part shows IRL events, collectibles, and Streetwear plans that will strengthen the community and increase exposure.
- Bridge Between – The fifth part shows their intention to experiment with meta-games and interactive experiences.
- Seedlings – The sixth part introduces their plans for team expansion, partnerships, DAO, and the $BEAN token.
- Connect Your Mind – As for the last part, it is reserved for receiving suggestions from the community.
Summing up
At first glance, an NFT roadmap may seem like an easy task for a creative person. However, there are many things to consider.
Although there would be a lie to say there is a clear template that can work for any project, as long as you work on your design, development, and deployment phases following the tips offered in this article, you should be fine.
In essence, an NFT’s project success relies on how well you can understand your audience and the final product you want to offer.
