ive stopped wrapping the ends of my arrows. course, i make a bunch too, but thats right next to the point. i dont wrap them for the same reason the bushbow said, makes it harder to pull out of a target. ive got a few arrows left over from the last batch i made months ago. i shoot a cardboard target box. ive shot them over 50 times a piece. 3 of them. none are wrapped, and none have started to split. my bows are only 40 and 45lbs, but theyve hit the ground, hard wood. i purposely try not to shoot near more dense objects, because they will cause damage no matter what.
another thing ive concluded is to make sure that the bottom nail head will sit flush with the arrow, and that the end is as close to perpendicular as you can get it.