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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.
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
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.
Wednesday 16 February 2022
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