It’s safe to say that the NFT market is exploding. In fact, NFT sales hit $25 billion last year, with one NFT being sold by an artist known as Beeple for an incredible $69 million. With news like that, it’s only natural for people to wonder about how they might profit by creating and selling their own NFTs.
Below, we have some tips for those interested in creating their own NFTs and getting their foot in the door.
1.) Assess the market
While this is generally good advice for anyone selling any type of product or service, it’s especially important for the NFT and cryptocurrency markets. With the volatility of NFTs creating a competitive market for both artists and companies, knowing exactly what buyers are interested in will give you an advantage.
It’s also important to know what people are willing to buy, and how much they’re willing to pay. Minting and trying to sell your work isn’t free; artists have to pay “gas” if they’re using the Ethereum blockchain, and if their art isn’t sold, those fees aren’t refunded. To give an example, NFT artists Brittany Pierre says that she was barely able to pay those fees in order to get her art minted –– but it paid off in the end.
2.) Choose the right marketplace
There is a wide range of marketplace options, and some marketplaces have their own niche. NBA Top Shot, for example, focuses exclusively on NFTs comprised of basketball highlights. Other marketplaces are more general, and sell digital images and clips of all kinds.
In a broad explainer on how people can make their own NFTs, AskMoney pointed out that while OpenSea is a popular option (and one a lot of people may have heard of), there are other versatile options as well. Mintable and Rarible are known to make the process easy for instance, and there are also smaller marketplaces like SuperRare and Known Origin where you may have a better chance of making your work stand out.
On top of choosing the most appealing option, don’t forget to do some research to see what your marketplace of choice is doing in order to mitigate art theft before minting your art.
3.) Learn about the minting process
Most reputable marketplaces have a step-by-step guide on how to mint NFTs on their platforms. It’s still a good idea to compare platforms and processes, however. You’ll also be asked to include metadata for your NFT, and while this is usually optional, we highly recommend that you do it.
You can mint multiple copies of your NFT, but keep in mind that the value decreases with each copy you make, as each one will by nature reduce the rarity of the asset. Most creators stick to fewer copies of each NFT they decide to mint, in order to keep them special –– and more valuable to buyers.
4.) Market your NFTs
Marketing is the backbone of any business, and NFT sales are no exception. Once you mint your NFTs, tell your friends and family to join the NFT discussion boards and let them know! Get on social media yourself and broadcast your product’s availability to relevant communities. Remember, the people most likely to buy your art are fans and investors –– people who see value in the art and want to own it, rather than just trade it. Reach them, and you may just have some early sales on your hands.
We hope these tips help you to get started! Thank you for reding, and come back to CyberBump soon for more on NFTs and the broader blockchain world.