An NFT Roadmap is a document that maps out the goals and strategies of an NFT project to communicate its long-term value. NFT roadmaps usually include key project milestones, short and long-term goals, and plans for marketing and growth.
Having a clear and well-planned roadmap is important because it’s one of the first things that potential investors will assess when considering spending money on your project. This is especially true for projects that focus on utility and community.
NFT roadmaps may include future NFT drops for current project holders. They could state development milestones and release dates for games or virtual events that are being developed for NFT holders. Sometimes, they even include other projects that the creators are planning to launch.
How to evaluate an NFT roadmap
Evaluate activities against project goals
Does the roadmap show what actions will be taken to achieve the goals of the project? Each initiative on a roadmap should align with the project goals. If the NFT project is about building a community, assess what activities are planned to facilitate higher engagement. Similarly, if it is a charitable NFT project, assess if their contribution plans match their stated goals.
Do the actions align with your expectations?
Unless you are buying an NFT for a quick flip, you’ll likely be participating in the project as it grows. Make sure that activities in the roadmap match your expectations of the value it can provide to you as an investor.
Are efforts focused on project development and adding value?
Can you see how the activities in the roadmap will help the development of the project and strengthen the brand? Are there efforts being made to add value for NFT holders and participants?
Does the timeline make sense?
Some activities may take a significant amount of time and effort to execute properly. With that in mind, does the timeline make sense? If the promised progression seems suspiciously fast, it could be an indicator that the project could run into some problems. Of course, this also depends on the size of the project team and their expertise.
All the points mentioned so far come down to one objective – creating confidence in a project as a potential investment. A well-planned roadmap demonstrates a robust business plan, and strategies for adding value. So keep this in mind – because the roadmap is a marketing tool, don’t blindly trust the promises made in a roadmap. DYOR, evaluate critically, and approach with caution.
Do independent NFT artists need a roadmap?
If you’re an independent artist, you don’t need to have a roadmap. However, it can be useful for communicating if there’s any long-term value you’re planning to add to your NFTs. It also indicates to buyers that you have plans to grow and strengthen your brand, which reinforces the perceived value of your NFTs.
While many art collectors still choose to buy NFTs based on the art alone, there are many different reasons that people collect NFTs. You can make your NFT more attractive to a wider pool of buyers if you add utility and ongoing value to your work – and communicate this through a roadmap.
A sample roadmap for an independent NFT musician could look as follows:
The sample roadmap above only includes a few points – but it’s enough to illustrate how an artist’s roadmap should look. It communicates what value is being added, how it will be added, and when these value-adding activities will be carried out. It also shows progress towards a second collection and the growth of the artist’s brand.
How can I make a good artist roadmap?
An artist’s NFT roadmap should be:
People like pictures. Visual presentations of information, especially structured information like that in a roadmap, is a great way to ensure communication is impactful and easy to digest.
Unlike big NFT projects, independent artists do not have a team of developers and marketers behind them, so activities may take longer to carry out. When planning your roadmap, consider your limitations and set a reasonable timeline. It’s better to under-promise and over-deliver than vice versa. Also, try to keep your roadmap short – don’t make promises about things you will do two years from now unless you are 100% committed to making sure it happens.
Sometimes, shit happens. You may run into issues that may prevent you from hitting the targets stated in your roadmap. Or maybe, there’s a new idea that you would like to incorporate in your project, even though it wasn’t part of the original plan. Flexiility is a good thing – your NFT roadmap doesn’t have to be set in stone. However, it is very important that you have clear communication with your community. Whenever things change, be completely transparent about why you’re doing something different from what you initially promised.
Not everyone has the patience to read a lot. Keep the points on your roadmap as concise as possible. One easy way to do this is to have a visual presentation of key milestones that is short and punchy. If you want to elaborate on those points, you can have a more thorough version below it. One good example of this is the roadmap for the Sipher project, which can be viewed at this link.
We hope this guide has helped you understand the purpose of a roadmap, how to evaluate them, and how to use one to communicate value for your NFT art. If you have any questions on this topic, or you need help with your marketing efforts, please join us on Twitter Spaces every Thursday (10am EST) where we will be happy to answer any questions you have!