Hello everyone,
I hope you all are having a great day, welcome to CryptoGod-1's blog on all things Crypto. In this post I will be looking at the world of NFTs, quickly running through what they are and how to get them into the digital world. Finally, I will be focusing on some of the basic strategies and marketplaces for selling your NFTs and getting them into the mainstream. Enjoy.
What are NFTs?
NFTs, or Non-Fungible Token's, are an asset that is generally made one of a kind, although can be made in multiple amounts, and are fully belonging to the owner. They can be made of art, music, stories, poetry, even sporting tickets and travel can be managed via NFT's. The main kind I will focus on is the art/music types, which can be sold for up to millions. Just remember Rome wasn't built in a day, things take time, and don't expect to sell a million quid worth of art immediately. Instead, if you are just a part-time creator then treat it as an additional source of income, and a fun hobby while you are at it.
How to Buy/Sell
There are many networks that now facilitate the transactions of NFT's, in fact, most mainstream Crypto Blockchains have ventured into this area. Marketplaces are the main resource for buying and selling the NFT's, whether they be collectibles, art, trading games, music, or whatever a creator can think of really.
Below are a few of the more reputable sites for trading NFT's:
Opensea.io - One of the most famous and most reputable marketplaces, OPENSEA was a pioneer in NFT transactions. Ethereum is the main Network used on Opensea, although it also accommodates the Polygon Network. Items can be bought and sold using ETH, DAI, and USDC. When an artist creates on Opensea they can choose either network and also Freeze the metadata of their NFT after it has been created. It is important to create your banner and image for the collection, along with detailing the properties, stats, levels, and any unlockable content associated with the NFT.
which Opensea allows connection to currently are: Metamask, COINBASE Wallet, WalletConnect, Fortmatic, Kaikas, Bitsko, Venly, Dapper, Authereum, Torus, Portis, OperaTouch, and Trust Wallet
Rarible.com - Rarible is a very popular marketplace, especially for newcomers. It offers the feature of creating your artwork and the customer pays the minting cost when they purchase it. Your NFT's are not created until someone mints them, but you can get previews to help you show what's for sale. The available blockchains for creating your work are Ethereum, which is the most popular, Flow which is the cheapest, and Tezos which is the most secure network, according to Rarible. You then choose if you want to make it a single item or multiple, with the multiple options many copies to be created. After that it's a case of setting a fixed price or starting an auction and most importantly setting the royalties. The beauty of Rarible is that royalties can be as high as 50%. Free minting, as mentioned above, means the customer pays to mint the artwork after they have confirmed the purchase.
which Rarible allows connection to currently are: Metamask, Torus, Beacon, Blocto, Mobile Wallet, Portis, Coinbase, MyEther Wallet, and Formatic
Mintable.app - Mintable is built upon the Ethereum Blockchain, and allows its users to create, sell, distribute, buy and trade digital items for cryptocurrencies. Items for sale on Mintable are categorized as Art, Collectibles, Game Items, Music, Domains, Templates and Videos. Users can purchase their selected NFTs and pay via their crypto wallet or through a credit card. By using a credit card, the purchaser will pay an additional 5% fee for the credit card process. The fees on minting NFTs are 2.5% on normal items, and 5% on gasless items. Users also get 50 free listings initially and the fees kick in after that. Compared to other marketplaces for NFT's, Mintable can be quite expensive.
which Mintable allows connection to currently are: Metamask
Solsea.io - Based on the Solana network, Solsea is the first marketplace for NFTs which gives creators the options to apply licenses and embed them when they mint their NFTs. They also offer a calendar for major NFT drops on Solana, the ability to mint NFTs on the marketplace, and have fees of 3% which is quite cheap compared to other marketplaces. Artists have the option of adding their own royalty fee, and after that the only other costs are Solana network fees for transactions such as minting, listing, delisting, and creating collections.
which Solsea allows connection to are currently: Phantom, Solflare, and Sollet
Binance.com - The BINANCE NFT marketplace is part of the Binance exchange. This new addition allows for the sales of NFT's, which is a nice inclusion as you can buy your crypto directly on the exchange, meaning there is no need to link a wallet. NFTs can be purchased via cryptocurrencies, credit card, debit card, and bank transfer. The new platform from the exchange, launched in June 2021, has the benefit of using both the Binance Smart Chain and Ethereum Blockchain for NFT creation. This means that users can transfer their NFTs between the 2 blockchains. A 1% fee for transacting on the Binance NFT Marketplace applies, while the categories available for NFTs include Art, Sports, Premium, Entertainment, Gaming, Esports, and Collectibles.
which Binance NFT Marketplace allows connection to are currently: Metamask, Binance Chain Wallet, Trust Wallet, MathWallet and SafePal
Objkt.com - This market is known as the largest marketplace on the Tezos network. As part of its function, both Dutch and English auctions are available, being the major difference with Objkt as this mechanism is the only way of trading via auctioning on smart contracts. This peculiar method, coupled with the cheap transaction fees, is what makes Objkt an appealing site for selling NFTs on Tezos. There is also a fixed fee of 2.5% on every successful transaction, along with a listing fee of around 0.0011 Tez.
which Objkt allows connection to currently are: Spire, Temple Wallet, Galleon, Kukai Wallet, Umani, AirGap Wallet
Foundation - A feature of this marketplace is that new users may only join and sell their NFT's once they have received an invite from an existing user. Based on the Ethereum Blockchain, Foundation aims to build a creative economy since their launch in February 2021. While creators need an invite, anybody can become a collector on Foundation. The creators automatically receive 85% of the final sale price, while any secondary sales ensure a 10% royalty is automatically sent to the creator who originally minted the artwork.
which Foundation allows connection to currently are: Metamask, Wallet Connect
There are of course many more marketplaces and exchanges which allows the purchase and sales of NFT's, this is not a definitive list, just a selection of popular ones. All the networks are expanding into NFTs with smart contracts and therefore the number of marketplaces is an ever-growing amount.
How to get your NFTs Out There
Social Media Platforms
Using social media is one of the best ways to promote yourself as an artist and get the public seeing your work. Like anything in life, there are no guarantees that you will make any sales, but by simply ensuring your work is constantly in the publics eye, your chances are increased.
- There are many pages for NFTs such as NFTMarketplace and NFTExchange. Plenty of active users who like to promote their work and do active giveaways also. It can be a good starting point also as there are many group where people like to share information on different cryptocurrencies and hot projects in the NFT space. Just make sure to take everything with a pinch of salt and not jump in on something just because a random reddit user promoted it.
- One of the most active places for NFT artists, Twitter has an ever-growing community full of new and veteran NFT artists and promoters. Consistent advertising and growing a following helps to add a reputable side to you NFT account. A large following and a blue checkmark are the trademarks of a solid Twitter account, and it can also be a good way to check out whether the NFT you're interested in purchasing is created by someone trusted and not a random person who just made a new account with no background or following.
Instagram - Not one I currently use but Instagram also has a decent NFT following. Similar to Twitter and most social media platforms, its all about continuity and getting your work out there. By having links between all your social media platforms it can help to get you out there and grow your following. While the social setting on Instagram is not quite as popular with NFTs as in Twitter and Reddit, it can still be an excellent way to showcase versions of your artwork to a wider audience.
Facebook / Meta - Recently rebranded as Meta in an attempt to connect more with the new world of internet applications, Facebook can be a useful if not perfect social media platform to get your work out there. Not as popular for NFT communities as the likes of Twitter, it still has a strong base of groups and communities where anyone can grow their network and share their art and ideas.
LinkedIn - While it might seem an odd inclusion, its actually a good idea for any artist looking to get their professional profile out there along with their art. A good image is important for everything in life, including being an artist. If you can get your professional artist profile together and looking good, it adds another layer of authenticity to your social media accounts. Potential buyers always like to see a person behind the art, and a professional profile can help give them piece of mind that your legitimate and serious about your project, not just looking to make a quick buck without furthering the project.
YouTube - The go to place for anybody looking for information as it its full of people dropping knowledge. Anybody can create content to upload and there is no reason why an NFT artist cannot do the same. Once again it is all about gathering a following and fanbase. The more interesting content you upload the more followers you are likely to have, and working in tandem with your other social media accounts it can help you to grow.
Discord - The place where communities grow. A popular choice amongst most NFT users, and in general for communication and community growth. Discord allows users to create their own community or join existing ones. Many projects have a discord space to manage their network, allowing communication between the artists and the collectors, while also creating spaces for the community to interact and hang out together in an online setting.
Own Website - Not mandatory in any way but some artists like to promote their work on their own website. Whether this is a site you create from scratch or use a hosting facility, it can certainly add that authentic touch to an artist. Having your own website can also allow for Artist to have an About Me part, giving a run down and explanation on who the creator(s) of the work are. It can also create a sense of realism and connection between any potential purchasers and the artists. It can also be a host for your blog, or any other developments you are working. Through having one single destination where potential purchasers can view your work, and you can showcase your skills and talents, as a creator you will instil a sense of identity behind the facade of the artist.
Promotions / Giveaways:
Many artists like to do promotions and/or giveaways when they release some new work. This is something I have undertaken myself, with one particular project, my Abstract Collection being made up exclusively of work I give away. The benefit of this is getting your work out there and assuming that you will generate some revenue through royalties. It is also a nice way to ensure lots of people own your work and will have your art for sale on their pages.
There are promoters on social media who will help to advertise your work, for a fee of course. This is not something I have utilized as I prefer to make my own way but can be a serious option for some artists. The drawbacks are of course the cost of promotion and once again there is no guarantee any sales will occur from it. Not all promoters are genuine, so one must ensure to do their own research on promoters also. It can be simple to have fake followers and while some sell themselves as having 1 million-plus followers on Instagram, Twitter, YouTube, etc, they are all doing it to make money from you, so beware before diving into any promotions with other people unless you are certain they are worth it. A verified check on Twitter is a good sign, along with seeing their Tweet History and even contacting other users who have worked with them before to get a reference of sorts on the individual or organization you are looking to work with.
Marketing Strategy
- Advertising: Making use of services like Google AdSense or some of the faucets are other options, with sites such as Faucetcrypto allowing users to advertise for a set amount of Satoshis. It will give a certain amount of traction and views to your collection, and can also possibly help to generate sales.
- Community: A strong community is often the key to having success in NFTs. There are large communities available on all of the social network platforms I mentioned above, and it is important to have your fanbase to help ensure your NFTs are reputable and part of a community. Community equals sales which equal growth. Whether it's being part of a wider community such as on Twitter, or creating your own such as on Discord, it will be key to the long-term success of your NFTs.
- Momentum: Once you have gathered some traction and momentum it's important to keep it going. Advertising your work is always important, and keeping it in the public focus. Artists, like crypto, never sleep. Sales can be made at all hours of the day seeing as it is a worldwide market, and never rest on your laurels. Keep creating work that is worth someone buying, once you have gotten a collection out there and made some sales it is just as important to look towards your next collection, or how you will develop and improve on your existing ones.
- Collaboration: Often artists can find it beneficial to collaborate with one another. This can be done in a number of ways and for a number of reasons. Some like to venture with others due to their followings or clear levels of skill, while other enjoy the social interactions of collaboration along with a reduced workload. Of course many have bad experiences with collaboration, whether it being other artists disappearing with your work, or not pulling their weight when it comes to the workload. Overall, like anything in life, it can be hit and miss, but if you find the right people to work with then it can be a wonderful and joy filled experience.
Don't Lose Faith
Most importantly, and something that is crucial to the world of NFTs is not to give up faith. It is a flooded market currently, with some referring to NFTs as digital garbage. Not all collections will make it, and not all NFTs will sell or see an increase in their value. Whether you are a creator or a collector, it is important to do your research on the art you are buying or selling. Some can be gems which will increase in value by 10x or 100x, and some you will never manage to sell on after you've bought it. Any NFT's that come with a utility, such as a link to a real life piece of art, crypto, or anything that can be used are always attractive. Getting in early is key like with anything, and if you can HODL your crypto there is no reason why you cannot HODL your NFTs.
Previously I have written about a site that can be helpful in creating adaptions of artwork for selling as NFTs. You can find a link to that article here: NFTs Deep Dream Generator
I have also done a write-up on the different types of wallets out there. If anybody is interested in finding out more about that topic then they can find a link to it here: Crypto Wallets
Thanks very much for reading and I hope you enjoyed the article.
Have a great day.
CryptoGod-1.
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