Last Updated on April 8, 2023 by Rashid Hassan
NFTs, or non-fungible tokens, are now a very established trend. More and more people and even large companies, such as Nike and McDonald’s, have started to manufacture and sell their own NFTs. It is almost impossible to imagine Web3 without these tokens. To create your own NFTs, all you need is a little creativity and access to a cryptocurrency.
Non-fungible tokens are tamper-proof items that are distributed using the blockchain, although NFTs are hard to pin down to an exact definition. In many cases, NFTs are used to sell art online, but the range of NFTs is vast: it includes digital artwork and copyrights, as well as items and music available digitally.
Creating your NFT depends on the type of NFT you want to do. Most NFTs created by individuals can be classified as NFT Art. In many cases, these NFTs are digital works of art or pixel art to which you must own the copyright.
To create your NFT, you need the product, for example, the piece of art that you have created. Secondly, you will have to decide the blockchain through which the NFT will be distributed. Although the most widely used blockchain for this purpose is Ethereum, Binance Smart Chain is also very popular. Likewise, you will need a digital wallet for cryptocurrencies that allows you to pay the commissions for publishing your NFTs in a marketplace or sales platform.
For its part, the choice of the most appropriate NFT marketplace has to be in line with the theme of your NFT. In this way, the probability of reaching your target audience will be higher. If necessary, you can also create your own NFT market.
You then convert the file you want to distribute as an NFT and make it available on the blockchain, a process known as minting. Minting guarantees the immutability of the non-fungible token. Lastly, set a price and accept payment methods, such as bitcoin, for your product. If you prefer not to set a fixed price for your NFT, you can host an auction for a limited or unlimited time.
There is no fixed price to create an NFT. What you end up paying depends on several aspects, among which the chosen blockchain stands out. Depending on the blockchain and the price of the cryptocurrency used, the transaction fees to mine the NFT can vary greatly (ranging from a few cents to 100 euros).
Other costs that must be taken into account when creating NFTs are the operating expenses of the sales platform. They are not usually too high, since in most marketplaces they represent at most between 2.5% and 5% of the sale price of the NFT. In some cases, the commissions are paid by the buyers, so you don’t have to pay them.
It is possible to create NFTs for free. While you will always be charged for minting and listing an NFT on a marketplace, sometimes you have the option to pay a fee only when the NFT is sold. In other words, the expenses are covered by the sale.
That is where the so-called lazy minting comes into play. The minting strategy allows you to register your NFT on the blockchain once it has been sold. Minting costs are then included in the sale price.
There are different NFT marketplaces to sell and earn money with NFTs. Although the process of listing your NFTs for sale is almost identical for most of them, ultimately the platform you choose is up to you.
Once you have registered in a marketplace, upload the file with which you want to create your NFT. You can then mine your NFT directly through the platform. At this stage, many marketplaces allow you to select your preferred blockchain. You will be able to sell your NFT for a fixed price.
The largest NFT marketplace is OpenSea. It is very appropriate for the less experienced and has the advantage of not charging for registration. The payment of the commissions, which can be carried out with cryptocurrencies or credit cards, is only made after the corresponding NFT is sold.
Another well-known NFT trading portal is SuperRare. This marketplace preselects NFTs and usually hosts works by well-known authors. It takes 15% of sales, a percentage above the average. Buyers also pay a service fee on SuperRare when they purchase the NFTs.
As we already mentioned, any digital item can be turned into NFT, but few become successful collections. The most recognized NFT projects usually adopt similar brand building strategies. These strategies aim to create a vibrant community, thereby creating widespread interest. But how do they do it?
Access passes are now a growing trend. When you buy an NFT, you have access to other benefits such as belonging to a select group or entry to a real-life event.
Here the key is creativity, but also the quality of what is offered. The important thing is that it be a simple experience in which you only need to own the NFT to access the promised extras.
What makes an NFT more valuable is its scarcity. Projects like CryptoPunks and BAYC are an example of this, since they create only 10,000 NFTs of each token and whoever acquires one of these is part of an exclusive community.
Additionally, each of the assets has “traits” (visual properties) that make them unique and special, which becomes an added value when selling them.
The most successful collections and projects on the blockchain focus on building a strong community. The most common strategies allow active user participation, conduct opinion polls, provide additional benefits, among others.
To create a loyal community, you must have a story that captivates a specific audience so that they fall in love with the project. Focusing on the first thousand fans is key to taking your NFT collection to new levels.
Another way to build a powerful brand is by offering members a fun and interactive experience. The Koala Intelligence Agency is perhaps the best example of this.
Those who buy one of their tokens will become agents who belong to a secret club and have a mission to solve. The key is to create unique experiences where users have a special role in the story.