Tuesday, 1 March 2022

The Benefits Of NFTs

 

The Benefits Of NFTs

As you venture into the world of NFTs it is essential that you understand the benefits that they provide. This will provide you with the inspiration and motivation to continue with your NFT projects so that you can make a profit with them.

NFTs operate in a Decentralized Market

Creating and selling your own NFTs means that there is no requirement for a middleman. If you think about the art world, creators need to secure the services of galleries or agents to showcase and sell their work. This is not the case with NFTs.

When you create an NFT on a marketplace you will be able to interact directly with potential buyers. If people are interested in your NFTs you will be able to directly answer any questions that they may have. If a buyer is ready to purchase your NFTs then they can do this easily using the secure decentralized network.

Another advantage of the decentralized market is that NFT creators can build in royalties. A lot of NFTs will change hands from the original owner to a new owner and the creator can set a percentage commission that they will receive on the sale price.

Proving Ownership and Authenticity is easy with NFTs

It is easy to prove ownership of an NFT. This is due to their association with blockchain technology. You cannot have an NFT with multiple owners because they are indivisible. Both creators and owners of NFTs can rely on the technology to prove ownership.

All NFTs are unique on a blockchain network. This makes it easy for authenticity of a token to be established. Even of the NFT creator decides to create a limited edition of the same item, each one will have unique characteristics which prove their authenticity.

You cannot change NFT Records

Once an NFT is created it immediately becomes immutable. This means that all of the data pertaining to the NFT cannot be changed. You cannot remove or delete an NFT from a blockchain network. After an NFT is created on a blockchain then it will stay there for good.

Trading NFTs is Simple

You can easily trade an NFT on the same blockchain network. This means that free trade of NFTs is available which is another great advantage. NFT creators and owners can list them for sale on NFT marketplaces. Usually, an auction takes place and the NFT goes to the highest bidder. There can also be a fixed price set with an NFT trade.

NFT Owners can retain Copyright

This is a really significant benefit for NFT creators. If you create an NFT you are able to retain full copyright in it. It does not matter who currently owns the NFT, as the creator the copyright will belong to you. Copyright retention allows NFT creators to claim royalties when a token changes ownership.

The New NFT Economic Opportunity

With other methods of showcasing and selling items, the creator has to forego some of their profits to the platform or person that is doing the selling for them. This is not the case with NFTs and a lot of creators see this as an excellent way to maximize their profits.

There is now a new digital economy with NFTs. Creators can sell their work directly to collectors and other buyers and not have to share their revenue with anyone else.

Promoting NFTs On Social Media Platforms

 

Promoting NFTs On Social Media Platforms

A lot of NFT creators will list their tokens on a popular marketplace such as OpenSea and hope that this will be enough to make sales. Although you could be lucky with this approach, it is better to promote your NFTs on social media platforms to generate more interest.

At the end of the day, you want to get as many people interested in your NFTs as you can. As most NFTs are sold using an auction process, the more people that are bidding on your tokens will usually mean that you will get a higher price for them.

In this article, we will explain the best strategies for promoting your NFTs on social media platforms. You need to use the right platforms to ensure that you get the best results. Also, you need to present your NFTs in the right way.


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What is Special about your NFTs?

It is essential that you generate a buzz around your NFTs so that you have the best chance of selling them at the highest prices. You need to tell your audience what is special about your NFTs and why they should invest in them. Most NFT creators do not do a good job with this and find it hard to sell their tokens as a result.

Know your Target Audience

The first step in promoting your NFTs is to understand who your target audience are. What are their interests? How old are they? What social platforms do they tend to use? People use different social platforms for different reasons.

When you clearly identify who your target audience are you will have a much better chance of getting in front of them on social platforms. Some people prefer to use Instagram while others like Facebook or Twitter.

Instagram is a good Visual Medium

Instagram is famed for being a visual medium. People use this platform because they want to see images and videos. It is good to showcase your NFTs with various images and you can do this easily on Instagram.

One of the drawbacks of using Instagram is that you cannot place direct links to your NFTs in your posts unless you have more than 10,000 followers. You can add a single external link in your bio and that’s it.

If your audience uses Instagram (a lot of NFT collectors do) then the best way around this is to create your own website where you list your NFTs and let people know when they will drop. You can add the same images that you would with an Instagram post on your website. Add the URL of your website in your Instagram bio.

Twitter is a good Social Platform

There are usually quite a lot of people that are interested in NFTs on Twitter. Unlike Instagram, you can create direct links to your NFT listings with each tweet. You can also add an image and even a series of images in tweets now.

Target your Audience on Facebook

Facebook is the largest social network of them all and it is something that you should definitely consider for showcasing your NFTs. You can create reasonably inexpensive ads on Facebook to promote your NFTs. You can specifically target your audience using a number of different demographics. This is also possible with Instagram ads.

 

How To Create Your First NFT

 

How To Create Your First NFT

There is a common misconception about NFTs that you need to be a technical expert to create them. Some people believe that you need to be a programming expert to create an NFT. This is not true at all. Anyone can create an NFT without any technical knowledge at all.

In this article, we will explain what you need in order to create your first NFT. There are 6 simple steps that you need to follow to create and list an NFT for sale. We will explain them all here.

1. Decide on an NFT Marketplace

You will need to use an NFT marketplace to create and sell your NFTs. There are a number of NFT marketplaces available now and more will be available in the near future. Some marketplaces cater to specific audiences and others require that NFT creators are approved before they can mint and list.

At the time of writing this article, the largest NFT marketplace is OpenSea.io. This website gets nearly 40 million visitors every month and this is increasing. There are millions of NFTs on the OpenSea marketplace. It is one of the easiest marketplaces to use for the creation and listing of your NFTs.

2. Get a Crypto Wallet

A crypto wallet is necessary for the creation of your NFTs. It is also necessary to hold the necessary cryptocurrency that you will need to pay listing and gas fees. Most NFTs are found on the Ethereum blockchain, so it is a good idea to have some Ether crypto available in your crypto wallet.

You can setup a crypto wallet for free. The OpenSea marketplace recommends that you go for a MetaMask wallet which is available as a Chrome browser extension. When you create your NFT, you will store details of it in your crypto wallet.

3. Convert your Item into an NFT

NFT marketplaces such as OpenSea will allow you to use a number of different file formats to create an NFT. If you are creating a digital art NFT then you can use a JPG, GIF or PNG file. For movies you can usually upload an mp4 file and for music you can use an mp3 or WAV file.

If you need to convert your item into one of the supported file formats then you need to do this before you create your NFT. You may have a video clip that is in another format than mp4 for example.

4. Collection Creation

The next step is to create a collection on the NFT marketplace. Give your collection a name and provide a description that will encourage users of the marketplace to check out your NFTs. You can add an image to your collection as well to make it more appealing.

5. Digital Token Creation

With your collection created you are now ready to create or “mint” your NFT. You can only create one NFT at a time. Check to see what file formats are supported and also not any upload limits (on OpenSea this is 100 MB).

Upload your item from your computer and add all of the associated metadata. You have now created your first NFT!

6. List your NFT

The final step is to list your NFT for sale. Some NFT marketplaces charge a listing fee so you need to check this. You will need to have your NFT verified and approved but usually this is a formality.


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