Non-Fungible Tokens are also known as NFTs. These are digital assets representing real-world objects; art, text, music, gaming items, and videos. The term Non-Fungible explains these as unique and can’t be replaced with something else. These are cryptographic tokens that are stored on a blockchain. NFTs can be bought or sold with the help of cryptocurrencies like Bitcoin, Ethereum, and so on.
Why NFT selling is helpful to make bank/money?
NFTs are becoming some of the most profitable blockchain-based experiments in history. Just like our pieces of legitimate art, a consumer’s interest drives the value of that specific NFT. Them being rare also influences their worth. NFTs can be copied and easily shared through images, however, It is definitely always going to show who actually owns that asset through blockchain.
If the owner while selling keeps a few rights to himself then he will get a royalty off that NFT.
Since NFTs are considered collectibles, many singular NFTs have been sold for upwards of $1Million. The most expensive NFT to ever sell to date was Pak’s “The Merge” which sold for a whopping $91.8Million. It made the record for the most expensive artwork sold publicly by a living artist.
Kinds of NFTs
Some of the NFTs that are on market right now are :
- Art —- This is the one of most popular forms of NFT out there in the open market. And because of this reason, this is the kind of NFT that sells the best. Non-Fungible Tokens, in the form of digital art coming into existence, were a big opportunity for artists to sell their best work online. For example, Justin Bieber bought ‘The Bored Ape’ NFT which is in the form of digital art for $1.29Million. There are also several other expensive NFTs bought by other purchasers. GIFs have also been selling at high prices.
- Music —- This is also a unique form of art that has been with us for ages. It has been recorded and distributed on cassettes, CDs, and digital media. This led to musicians and DJs selling their work in the form of NFTs and making millions. The existence of commission for record labels and streaming platforms leads musicians to only take a share of their money in the real world, but in Metaverse, they can bank 100% of their money, so they gravitate towards this method of selling music more these days.
- Gaming Items —- Companies are not selling entire games as NFTs, but they are selling in-game items skins, characters, merchandise, cars, etc. These are mostly limited items and cost a hefty amount.
- Memes —- You can buy and trade memes on the NFT market. The most valuable meme ever sold was ‘The Doge Meme’ selling for $4Million.
- Miscellaneous Online Items — This opens up the possibility for people to sell anything on the NFT market, for example, virtual fashion clothing used to dress your online avatars, articles, Snapchat stories, tweets, etc.
Marketing and selling NFTs
The most important and crucial steps in selling NFTs are marketing and strategizing. To ensure your NFTs sell and make big profits for you, you need to market them really well.
Building a Community/ Platform
In this age of social media, you can easily get many platforms to gain traction. Make sure that you participate on these sites as much as possible such as Twitter, Instagram, Linked In, Telegram, Facebook, etc. To make people gain attention towards your NFT reach out and make a community on social media platforms. You can then use them to promote your NFT.
Promoting the Launch of NFT
For a broad reach of your NFT, focus on hyping and promoting your NFT launch. Make the news spread like wildfire so that third parties can also gain interest in it. This ensures a growing audience waiting to see and hopefully buy your NFT when It gets listed on the marketplace.
Listing your NFTs on a marketplace is important and you can also list them on more than one market places. Some of the important market places in today’s time are Rarible, Open Sea, and Known Origin.
Reach out to Influencers to market your NFT. Many Influencers on social media relating to NFTs can increases awareness in people about your work.
NFTs relating to fashion, art, and lifestyle are mostly the point of interest of these influencers.
Collaborating with other NFT traders/ sellers
Another important strategic step to increase your reach and sales of NFTs is to buy another seller’s NFT artwork and share it on your social media handle.
If they re-share it, your audience will increase and will help you sell your NFT and also help you collaborate with more NFT holders/ sellers. A boost in sales is a direct cause of this step. A growing number of marketplaces, influencers, and selling of every type of NFT can help you grow your sales to the masses.
Method to sell NFTs
To sell an NFT is a tricky task, you need to make sure of a few things before you get into selling NFTs. The method to sell NFTs online is mentioned as :
Cryptocurrency for funding your wallet
You need to buy cryptocurrency to maintain your wallet. You will have to pay in the form of cryptocurrency to ‘mint’ an NFT, which is the process that turns your artwork into a fungible token, which you can make a sale of in the open market. In order to earn any, you first need to buy some cryptocurrency to make your art into an NFT.
Creating a wallet to pay for your NFT
For creating a digital wallet, you need to hop on to a site called Meta Mask which converts art forms to NFTs. By clicking on the site, you will be asked If you want to create a digital wallet. By agreeing to terms and conditions and signing in you will have your account set up and a digital wallet made.
Adding currency in form of Crypto coins to the wallet
Within the site, you will see a ‘Buy’ button, by clicking on this you will add some Ethereum coins to your wallet. To buy these you can use a debit card.
Getting on an NFT platform connecting the digital wallet
There are many metaverse platforms containing different sorts of material that you can connect to, to sell your NFTs. All you have to do is go to their site and follow the instructions to log in.
Title or Description for NFT
You can add a title or a description to the NFT. It will improve the chance for it to sell quickly. You can also choose If you want to keep some rights which in turn can generate you some royalties or you can give away the rights. It all depends on your choice of selling.
NFT upload and setting up an auction to sell that NFT
When you are on a specific platform site, you just have to upload the file which will turn it into an NFT. Now you can choose how you can sell your NFT in the form of ‘Fixed Price’ which means you can set a price for it and your NFT might sell instantly. ‘Unlimited Auction’ that will allow people to make offers until you accept one. ‘Timed Auction’ which only lasts for a set time.
With the growth of Metaverse as a concept, the marketplace for NFTs is increasing. The number of purchasers is also increasing which makes NFTs a sustainable investment. There’s still so much left to discover in the digital world, but we can hope to see a future of virtual technology as a normal part of our lives in the coming years. We can only hope to see better opportunities for the masses.