So, hopefully, at this point, youâ€™ve developed a good sense of NFTs and how they work! Therefore, if so, youâ€™ve probably also heard of the word NFT roadmap a couple of times. And, youâ€™ve got some questions that need answering.
Weâ€™re here to talk about what an NFT roadmap is, what to look for in one, and why care! It is probably the most important digital document – other than the smart contract – that you should care about. As an NFT collector, or someone looking to make a business reselling NFTs, read carefully!
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NFT ROADMAP FAQ
WHAT IS AN NFT ROADMAP?
An NFT roadmap – aka WHITEPAPER – is basically a document that maps out the goals and strategies of a specific NFT project. This includes the following items:
– Vision & mission
– Future NFT drops
– Virtual event dates
– Release dates for games
– Plans for marketing & growth
– Other projects planned to launch
– State of development or milestones
– Accomplishments, goals, and strategies
WHY IS IT IMPORTANT?
An NFT roadmap is one of the first things that any NFT investor or NFT collector looks at FIRST. This is especially true for non-fungible projects that focus on utility.
It makes sure that everyone involved in this project understands whatâ€™s going on and follows the planning process. AND, youâ€™ll find out what you might get out of the non-fungible project – i.e merch, collectibles, events, and whatnot! Also, an NFT roadmap creates full transparency on expectations and set timelines.
IS IT A RED FLAG NOT TO HAVE ONE?
Not all successful NFT projects have or require an NFT roadmap. It does help create a sense of purpose for both NFT creators and holders. But, if they donâ€™t talk about a roadmap, goals, plans, or strategies AT ALL – it might be a red flag. Just keep your eyes peeled for any other red flag. If thereâ€™s more than oneâ€¦ RUN!
WHAT MAKES A GOOD NFT ROADMAP?
The NFT roadmap should be in a very PUBLIC place (on their website or social media). It should also explain the utility of your NFT project and the value it creates for NFT holders. But, what are the factors that truly make a good roadmap?
STATUS & UPDATES
When the roadmap is regularly updated with crossed-off items, then it shows good tracking and progress. This also means that the project is growing and worth investing in!
How much detail are they putting out to the world about the tasks and progress? In short, the more details, the better.
An NFT roadmap should definitely not be a complex document to read. Ainâ€™t no one got time for that! It should be straight to the point and convey the big picture!
ACTIVITIES VS GOALS
The roadmap should also include what action theyâ€™ll be taking to achieve the project goals! What are their initiatives and how do they align with their project! AND, they should also align with your expectations of this project. If they donâ€™t, this project is probably not a good fit for you – unless youâ€™re buying to sell!
This is one of the most important factors in an NFT roadmap – the timeline.
Does the timeline make sense in reference to their set goals and actions? Is it progressing so fast that it seems SUS? The key factor in NFTs is to always follow your guts and do more research. In other words, if thereâ€™s smoke; look for the fire!
BEST NFT PROJECTS WITH ROADMAPS