7 Things You Should Know When Creating Your Own NFT
NFT’s have gained national and worldwide popularity over the last few years. While Bitcoin remains popular, NFTs or non-fungible tokens have come gunning for second place in the cryptocurrency hierarchy. NFTs are unique, especially since anyone can make and sell them. However, they’re not something you should just jump right into, at least not without some considerations. But what are some things that you should know when creating your own NFT? There are a few things to learn, and here are just seven things to keep in mind:
1. Consider What Will Sell
While nearly anything can be made into an NFT, not everything will sell.
Of course, you’re able to create and mint NFTs that may never sell, but it’s also a good idea to try and create NFTs that people will want.
This is easier said than done, and it takes some research to attempt. Consider trends and what sorts of things and themes people are interested in.
You’ll want to examine your target consumer base and try to create NFTs that this base would want to purchase. This is the key to selling in any market; the same applies to NFT sales.
2. Consider Where You’ll Sell
Once you’ve decided which types of NFTs you’ll make, and what these NFTs will consist of, you’ll have to choose where to sell them.
While one of the most popular marketplaces may be OpenSea, there are plenty of others that you should consider.
Some marketplaces cater to a certain theme, such as NBA Top Shop, which is great for sports-themed NFTs. Others specialize in high-end arts and are only accessible per invitation.
Take your time and consider what the marketplace can do for you, such as seller protections and accommodations, as well as any other details such as niche.
3. Learn Your Blockchains
Most people think that when you create your own NFT all you have to do is create your media, mint it, and then beat off all of the prospective sellers with a stick as they fight over who gets to buy your NFT. But there are a lot of little things in between, and one of them is picking your blockchain. A blockchain is a sort of like a digital bank or a wire that your NFT becomes currency on.
A blockchain is what turns your drawing of a turkey into an NFT. There are many different chains, from Ethereum, which is the most common, to Flow, which is celebrated for its speed and low costs. Take some time to consider which blockchain may suit your needs before minting.
4. You May Have Fees
Something that many people don’t really ever consider is that you’ll likely have fees to mint your NFT onto the blockchain. There are ways to mint your NFT for free, but the most common and easy ways require you to pay something called “gas fees.”
These fees cover the cost of turning your art into currency and help support the chain as a whole. Everybody needs to make a living, including your blockchain, apparently.
5. It’s Relatively Easy
While creating and minting your NFT can certainly sound like a lot of taxing steps, it’s actually much easier than you’d imagine. The process is only as hard as you make it, and once you’ve gained the knowledge and experience, doing it over and over again won’t be so difficult.
There are just a few defined steps to minting your NFT, such as choosing a blockchain, choosing a marketplace, minting your NFT, and then placing your NFT on the marketplace. The ease of these steps brings us to our next point.
6. It’s Harder To Sell NFTs, Than To Make NFTs
Many people think that once you create your gorgeous or creative NFT that the hard process is minting and putting it up for sale. Everyone has the fantasy of selling their first NFT for 1.2 million to Martha Stewart. Sadly, this is really unlikely to happen. The hardest part of dealing with NFTs is selling them, especially if you’re not all that well known. Because of this, it’s a good idea to push your NFTs anywhere you can without being too annoying and to always be patient. Sell yourself but realize that not everyone is buying.
7. Use Smart Contracts
Utilizing smart contracts adds value to your NFTs. These smart contracts are a good idea to consider when creating an NFT of your own. This is because it allows you to offer extras like a physical item or a service.
Smart contracts allow you to add terms, and conditions, but also perks. Adding such adds value and originality.
Closing Thoughts
Even with the initial hype tapered, NFTs are still a popular cryptocurrency asset.
While you may not be able to necessarily hold them, they’re very real and very prominent. NFTs have opened a new avenue for artists to make a living off of their art and have also opened the door for just about anyone to do the same. NFTs aren’t just art, they can be just about anything, which is why they’re really so unique. However, it’s important to take some time to consider some things about NFTs before you create your own. Take your time to learn, but also be sure to have fun with it. Those who have fun with their work are hardly working at all.
