Advancement in the global financial industry has made digital currency and its investment a revolutionary way of investing and trading. Starting from Bitcoin, there are now more than 100+ currency types whose values are touching the sky. NFT or Non-fungible Tokens is another type of Digital currency grabbing all eyes as a unique asset for trading.
If you want to enter his exhilarating world of digital currencies and their investment by making your own unique NFT, here’s what you need to know about it.
Appinop Technologies- a leading NFT and NFT marketplace Development service provider in India, offers the best services for those who want to enter the new and undiscovered world of digital currencies and online trading.
What Are Non-Fungible Tokens?
NFTs or Non-Fungible Tokens are the same types of cryptocurrency as Bitcoin or Ethereum, which are made using the same programming method. Being digital files, NFTs are impossible to duplicate or destroy. The unique feature that differentiates it from other digital assets is that NFTs are based on blockchain technology. Therefore, they cannot be traded or exchanged equivalent to other crypto assets.
The term Non-Fungible is generally used for this asset as no other asset can replace or copy it for malpractice. And when the person buys one, he/she wholly owns the asset in confidence.
How Do NFTs Work?
Now that you’ve understood what NFTs are, it is time to know their functioning and how it works in the world of trading.
- NFTs as crypto asset is based on blockchain technology like Ethereum, a public ledger that records all your transactions and exchange details.
- These are individual tokens that consist of important information in them.
- NFTs have an assigned value given with respect to market and demand. So they can be brought and sold like any other type of physical asset.
- Due to its special data packages, it is easy to identify or validate its ownership at any moment. It is also easy to transfer.
What Are The Uses Of Non-Fungible Tokens?
Peopel who have a keen interest in cryptocurrency and its trading must be familiar with NFT’s uses and advantages. While most people use it for trading and exchanges, here are some other uses of NFTs,
1. Digital Content
Non-Fungible Tokens can also be used today for digital content making. Content creators nowadays are using NFTs and their information as content on their platforms and publicizing it for their use. They are gaining profits and popularity as NFTs emerge as a new crypto asset.
2. Gaming Items
Game developers are getting more fascinated with NFTs like never before, and the reasons behind this are many. There are many benefits a user gets by using NFTs in their games. Firstly, you can buy items for your character in online gaming using NFTs. Users can also regain their money by selling those items as needed.
3. Collaterals And Investments
NFTs and DeFi (Decentralized Finance) are used for the purpose of investments. You can use NFTs for collateral purposes as well.
4. Domain Names
You can get easy-to-remember domain names from NFTs providers for marketing and other purposes. Just like an attractive website name makes its IP address more valuable and trendy, NFTs can help your domain names.
Step-By-Step Guide To Make And Seel NFT Art
Step 1: Choose Or Design The Art For Your NFT
Step into planning your NFT by choosing or creating the piece of art you want to serve as your NFT. Using the latest methods and techniques, you do not need to start from scratch for the new piece of art. But, if you have the digital artwork you want to carry forward, you can move to the next step directly.
While the platform doesn’t allow you to sell random memes or illustrations you saw online, it will enable unique digital art, memes, and songs on the NFT marketplace. But, most people usually create new and unique artwork rather than selling the old ones after turning them into a digital ones. The traditional files that the marketplace supports are JPEGs, PNGs, MP3, and GIFs.
Step 2: Create Your Wallet
The second step in the process is creating your own digital wallet- the one that helps you keep and spend cryptocurrencies and allows transactions in the NFT marketplace. A digital wallet will enable you to pay the price of hosting your NFT but also acts as a getaway when people buy your NFT in exchange for cryptocurrency.
There are many auction platforms in the market where you can turn your artwork into a Non-Fungible Token by paying an upfront fee. Being the most commonly opted form of payment, Cryptocurrency Ether is a good choice for the same. It is also the native currency of a popular open-source blockchain crypto platform- Ethereum.
Note: Users have to connect the digital wallet to the NFT platform for making transactions. So if you have any ETH make sure it is in the same wallet.
Step 3: Buy Some ETH For Your Wallet
You got covered in this step for users who already have ETH in their digital wallet. But for those who don’t, you have to add a small amount of cryptocurrency, i.e. Ethereum, to your wallet.
In the beginning, it might sound a bit weird to buy ETH as you are the seller, not the buyer, but it has a reason. People who have just started NFT art have to pay the price to the platform for using it to sell the NFTs. So it is an initial fee that you give to your NFT platform.
Remember that the ETH market always fluctuates, so after you decide the amount you want to invest, make an instant purchase of ETH with that amount. The perk of having a platform that allows the purchase of ETH directly is that you do not need to do any different or multiple transfers.
Step 4: Choose The NFT Platform You Want
Choosing the right NFT platform can decide the future of your business. For any digital wallet you choose, you need to connect that wallet to an NFT platform where you will sell your NFT. Some of the popular platforms are Rarible, Opensea and SuperRare.
Step 5: Connect Your Wallet With The Marketplace
Sing up into your selected marketplace; the second step would be to connect your wallet with the platform. It is a very basic but important step, as, without this, you will not be able to upload or mint your NFTs instantly.
Almost every marketplace has a very speedy and straightforward process to link your wallet without much effort. So decide to select your NFT wisely.
Step 6:Upload The File That You Want To Sell On The NFT Platform.
Once the process of signing up is complete, you can now begin the important section of the process, i.e. choosing and uploading the file. Once you decide which file to upload, use the “Create Button” on the platform and add your digital file to the respective site. If you are using a file the platform supports, it will take a few clicks to make it online.
It is also the same step where you have to decide whether you like to turn your NFTs into a single one, i.e. a kind piece or an entire collection with many art pieces in it. 90% of the users prefer one of a king type as it appears like selling a unique set of art just like an original painting or a real-life design.
Step 7: Decide The Title And Description
As important as the piece of art is, title and description play an equally important role in alluring people towards your NFT. And sometimes, it makes them buy your NFT directly.
Put a little more effort and prepare an appealing and attractive title for your artwork that perfectly captures the gist of your work. And for the description, you can simultaneously be a little creative yet informative. If you want to attract more buyers, give relatable information about the piece and its meaning.
Step 8: Pick The Relatable Price
Here comes the most critical section of the process, deciding the price of the artwork.
While different platforms have different policies for their pricing models, each one of them provides more than one way of selling your NFT. Auction and fixed pricing are two ways through which you can decide the cost of selling.
Fixed costs define the exact amount that someone has to pay and below which you won’t sell your NFT. On the other hand, Auction seems more appealing as it offers better scope for higher bidding and better deals. In this type of pricing, you allow sellers to make a bid and choose the one who provides the highest price in return.
An auction can be tricky when the prices go too far below the expected ones in a bid. During these times, it is ideal to set a minimum price for your NFT. So, below the set prices, no one can buy your piece.
Step 9: Marketing And Advertising Your NFT In The Marketplace
You can’t just wait and watch people scroll through the website and hope that someone will find your “token” and take action. Many platforms allow new artworks with a push of promotion, but you can’t always rely on them. So, it’s better to do your own advertising than rely on your platform to do something for you.
Start advertising on your own using multiple ways with both online and offline marketing. If you are an artist with an active social media account or own an art gallery, start marketing to people about your artwork. Take the help of influencers with massive followings or do “paid” collaborations if you like. In short, all the tactics that promote the work eventually build awareness for the product. Who knows, you might attract a good number of potential customers by that.
Step 10: Constant Check On Bids Is A Must
Not every platform has an active or latest notifying feature that will alert you when someone places a bid on your product or requests a query.
So, the wise thing to do is to constantly check the platform to see if anyone has placed a bid for your NFT. Doing this allows you to work on your conversion rates as you catch every incoming request daily.
You can react to the bid as per your choice by either accepting or rejecting it. For the fixed price model, you will be notified if someone buys your artwork.
Misconceptions like only tech-savvy and experts can enter the world of NFT and its marketplace are gone far back. Now, with the help of NFT and NFT market developers, anyone can make their unique NFT art and sell it online.
Appinop Technologies has been one such leading provider of NFT development services for the past 10 years. Being in the industry for so long, they have all the expertise on how you can excel in creating NFT and selling it effectively online. With their conscientious team of developers and engineers, they design unique NFT development solutions for every individual in accordance with their budget.
Frequently Asked Questions
Q1. What Is Minting (Mint)?
Minting is a term that refers to a process that involves turning your artwork into a non-fungible token on a blockchain. It is a process that involves recording data in a public ledger which is tamper-proof and unchangeable. For minting, one has to pay the price mentioned by the platform.
Q2. How Do I Price My NFT?
For every asset, the higher the number of artwork pieces, the lesser the value it gets over the platform. But, a major reason for that is that those pieces are the copied ones. The more copies of it will lead to lower prices, so decide accordingly.
Q3. How Do I Sell My NFT Art After Buying?
Transfer your NFT to your chosen marketplace where you want to sell ( if you do not have currency online or are storing it in your own crypto wallet). Then click on the “Sell” button on the NFT page to sell it.
Q4. How Many Copies Should I Make Of My NFT?
Most platforms give you the feature of creating unlimited copies of NFTs, but it is not suggested to do that. The ideal thing is to make only one copy of the NFT as it increases its value in the marketplace.
Q5. How Much Should I Charge For An NFT?
While there is nothing as an ideal cost you can charge for an NFT, you can select any number in the range of $1 to $1000 per your preference and bidding strategy.
Q6. Which Is The Best-Selling NFT?
The best-selling NFT in the NFT marketplace is Art, as it is the most popular one and people tend to buy it more than any other.
We are a closely knitted bunch of thinkers, designers, developers and investors who are committed to transform the user experience by inventing and reinventing techniques that return high user engagement and increase share ability. Be it Android or iOS Mobile App or an Ecommerce portal, we strive to deliver only the best even if it takes repeated revisions.