Why Your NFT Project Needs a White Paper

Would you let your plumber fix your car’s engine? Would you let your kid’s teacher install your double glazing?

Probably not. Different tasks require different profiles, and the same goes for writing.

We can get more granular. Would you hire a sports writer to write about finance? Would you hire a finance writer to write about movies?

Probably not. Writing comes out best when it’s written from experience. It flows better that way and is far more effective at pulling in the reader.

Even so, it could be that you have plenty of experience in your field, but writing’s just not your thing. You could be the founder of a new project; you have big aspirations, but a small team. Time’s not on your side. Are you seriously going to write code, go on a marketing campaign, hire colleagues, manage finances, design graphics; not to mention buy groceries, wash your clothes and brush your teeth? And you want to write a convincing white paper on top of all that?!

NFTs make for a hot topic. Despite the current drop in sales and trading volume, many creators, investors and brands are aware of the untapped potential behind the technology and continue to innovate in this emerging asset class. The possibilities afforded to us by non-fungible tokens extend far beyond digital collectibles and look set to influence purchasing behaviour across numerous industries in the years to come.

New projects continue to arrive on the scene, led by a mix of proven business owners, newly crowned founders and first time amateurs. But one project’s master marketing plan is another one’s downfall. Oftentimes the failure comes down to something as simple as the basic communication between the founder and their potential investors. They might have some truly innovative ideas that aim to help and solve problems for investors, possibly even enriching them, but a lacklustre communication strategy is all it takes to stop an investor’s commitment dead in its tracks.

This is where a professional white paper comes in to play. It’s a critical weapon in any NFT project’s arsenal and should always be top of mind when planning your budget and token launch strategy.

There’s a lot of them out there. As the industry matures, so too will the media and tools that bring respect and credibility to the space. For the moment though, a lot of filtering is required when wading through the lagoon of poorly written NFT white papers.

I’ve looked through quite a few in my time. Here’s how I like to classify the more challenging reads.

It may be neat and tidy, but potential investors need more than an elevator pitch. A white paper is your chance to wow them over with convincing arguments, technical information and detailed projections of what your project’s aiming to achieve. Your project is likely complex, multi-faceted or full of interesting elements that aim to attract community engagement. Give it the length it deserves.

A few pages long, lots of large text, lots of pictures. But it doesn’t really tell the reader anything helpful or insightful. You're stretching your luck. Try harder.

I’m sure you’ve come across one of these. Eight pages into the document and the author is still explaining how blockchains work and the technology behind NFTs. If you’re launching an NFT project, your potential users probably know a thing or two about the tech. Sure, give a brief introduction, but get to the point quick. There are plenty of other white papers waiting to be read out there.

I’ve seen public white papers that were literally Word or Google docs. This reeks of unprofessionalism and shows a serious lack of attention to detail. How are you meant to attract investors if your project can’t even publish a pdf.

If your white paper is full of grammar and spelling errors, what level of confidence can you expect to gain from potential investors? There should be no margin for error here. The white paper needs to be spot-on, as should your smart contract and website copy. Little mistakes here and there add up to paint a negative impression on the minds of potential investors.

Don’t do this. I remember back in the summer of 2021 when profile pic NFTs were everywhere, tens of new projects launched every single day. The amount of times you’d see the same text appear on an overnight website was unbelievable. If you can’t be bothered to write your own text and come up with your own convincing arguments, why should an investor choose your project over the next one?

Gotcha! It doesn’t exist.

However, we can take the lessons we’ve learnt from the aforementioned lacklustre projects and build upon that. A white paper should come across as a professional document that illustrates the seriousness of your project. There should be a brief intro, a table of contents, various topics specific to your project, a timeline for what you’re aiming to achieve and information about your team and where people can reach you.

For NFT projects, you should mention specific information like which blockchain you’ll be launching on, what perks and unlocks can be expected from holding tokens, what any eventual whitelist requirements may be applicable.

The white paper should read smoothly and have clearly defined sections for investors to return to in order to find specific information whenever they require. The document should serve as the sacred reference point for all your project’s critical details.

Always back up your statements with trusted references. Once again, this is all about showing confidence to the outside world that your project is the real deal and is capable of delivering on its promises.

A talented professional copywriter who is deeply familiar with the space. I know one of those (ahem…).

Seriously, as a founder, this is your final opportunity to get all those thoughts and ideas out of your head and converted into a compelling finished product. This is not a 5 dollar blog post!

Your NFT white paper is a mission critical, one-time investment to position your project exactly where it needs to be and have the message streamlined and crystal clear for your potential buyers.

This is where you hire a professional to help you reach the next level. A DIY approach, a cheap solution or a last-minute patch up will simply return you the exact same results.

You’ve worked hard for your project, it deserves a proper white paper.

Great, I’ve convinced you to take your project seriously and go for a professional white paper. There are a few more things to take into consideration before pulling the trigger:

A writer is not a graphic designer and vice versa. Discuss your vision in advance with both professionals to create a winning project.

Writing takes time, especially if you hire a pro. If you see someone offering a 5,000 word white paper for 5 dollars within 24 hours, run. Run as fast as you can. You want a top quality writer to brighten up your project’s message. What makes you think such a profile doesn’t have other work on their plate? It’s taken you months to get this far. Don’t rush this crucial part.

Don’t be cheap, you’ll get what you pay for. An amateur white paper might save you a few hundred dollars up front, but will drastically reduce the potential of your project further down the line. Most of the time, this is a one-off investment, but the time required for a writer to fully grasp the intricacies of your project also needs to be taken into consideration. Don’t be surprised if a writer charges more for white paper writing than other copywriting services they offer, such as blog posts or press releases.

Expanding your team. Investing in a professional white paper writer can mean more to your project than simply getting your document ironed out. Having someone with proven writing skills going deep into your project can be very helpful as they can likely help with other content too. Maybe you need a video script or some social media threads? Surely a press release could come in handy, as well as some regular Medium articles? How about that website copy you threw together, could it use a touch up? Your writer already knows your project and should be able to save you time by taking these tasks off your shoulders.

In case you hadn’t figured it out by now, I just so happen to be a professional NFT white paper writer. It’s a service I provide as part of my crypto copywriting offering. Getting to know founders and learning about their strategy is something that I enjoy doing.

If you’d like to learn more about my unique white paper approach, take a look at this case study where I break down the process of turning an upcoming Sandbox GameFi project’s draft concept into a detailed and engaging white paper: Case Study: Cyber Syndicate White Paper.

I’m always open to learning about new projects. The best places to get in touch are on Twitter or through my Contra portfolio site.

Also, if you’re a copywriter or content writer and are interested in crypto, web3 and NFTs, then feel free to get in touch. I have big plans for my crypto copywriting services and as I branch out and scale up, I’m sure I could use a helping hand along the way! Shoot me a message or send a link to your portfolio.

Looking forward to collaborating!