Can you actually make money off NFTs

There are a lot of issues surrounding NFTs: what you’re actually getting for your money, what you can do with that item, what it means when a million duplicates of your original also exist in the real world, what it means when the source of your expensive NFT (like a popular digital trading-card site, for example) no longer exists in ten years, the copyright issues involved when someone creates an NFT of someone else’s idea or work, the environmental issues related to the energy cost of playing in the blockchain. the list goes on.

How to Create NFTs for Fun and Profit, Maybe

It seems like e veryone is making money off of NFTs, or non-fungible tokens, those digital artworks that have been labeled the next investment mania . Everyone, that is, except for you. It’s the same feeling you had when you realized GameStop’s stock was a thing and you missed the boat sailing toward easy riches. Bitcoin, too—h ad we only kept our silly mining utilities on our PCs running 24/7 a decade ago.

But the latest get-rich craze is now upon us. Now you, too, can own a digital asset that’s legitimized by the blockchain: wild and wacky items like a column from The New York Times ($584,000), 81 Deadmau5 images ($50,000), or you-know-who ($501,000). ( Yes, someone paid seven Teslas’ worth for an “authentic” version of that pop-tart cat, whatever authentic means here .)

Why NFT Collectibles Are Overhyped

NFTs have become an investing phenomenon, with everything from GIFs to sports highlights selling…

There are a lot of issues surrounding NFTs: what you’re actually getting for your money, what you can do with that item, what it means when a million duplicates of your original also exist in the real world, what it means when the source of your expensive NFT (like a popular digital trading-card site, for example) no longer exists in ten years, the copyright issues involved when someone creates an NFT of someone else’s idea or work, the environmental issues related to the energy cost of playing in the blockchain. the list goes on.

If you don’t care about any of this and you just want to learn how to make your own NFT to either get rich quick or have a little fun, you might be surprised to find just how easy it is. And, spoiler, it ain’t free—at least, not if your NFT sells.

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Listing an NFT is as easy as eBay

I’ll start with an assumption: that you want to create your NFT on the Ethereum network (ETH), which is where most people are playing nowadays. As a result, you’ll have to pay for gas —an amount that varies by network congestion, designed to cover the cost of your computations on the blockchain. In other words, you’re blocked from using a script to crank out 100,000 NFTs in the hopes that you can sell a small handful to make some cash. Rinse, wash, repeat; you would be paying a small fortune for that scenario— unless you switch to an a service like OpenSea .

“The new collection manager allows creators to make NFTs without any upfront gas cost, as the NFT isn’t transferred on-chain until the first purchase or transfer is made.

We call this lazy minting. It unbundles the on-chain issuance of your NFTs from the metadata.”

Back to creating. To keep this easy, we’ll create an NFT on Mintable , one of the “household names” of NFT marketplaces that makes it simple to launch your own item into the blockchain without paying gas to launch the listing. Start by creating a free account on the service, which will require you to enter a verification code sent to your email address. Easy.

N ext, create a MetaMask Wallet to use with the service—where your digital currencies will live. You’ll start by installing a browser extension :

Online companies such as MetaMask allow anyone to start buying ether. As a starting point, you’ll probably only be buying fractions of an ether, because a single ether is worth over a thousand dollars.

Can I make money selling NFTs?

Potentially, anyone can make money selling NFTs. NFTs are a form of unique digital asset that are traded with cryptocurrency. That doesn’t mean that anyone will make money selling NFTs, and for many it could quickly become a loss.

If you’ve been paying attention to the world of NFTs, you’ll have noticed that they’re becoming a big business. If you haven’t been paying attention to NFTs, then they’ve probably grabbed your attention with headlines about assets selling for millions of dollars.

It’s hardly surprising that so many of us are wondering if we can use this for our own benefit. Especially if you’re a digital artist, who has had to struggle with slow-moving copyright and ownership laws in the online marketplace.

However, it might not be as easy as headlines make it out to profit from sales of NFTs. For a start, those that are going for big prices are a rare few from well established artists. Think of a Da Vinci selling for $450 million at Christie’s - it doesn’t mean every other painting will get anywhere near that much.

Instead, most paintings change hands for very little, and some never get sold at all. This is the same for NFTs. The majority of digital assets aren’t selling for the high prices that make the news - and many aren’t making any money at all.

While you may profit selling NFTs, it would be wrong to envision it as a ‘get rich quick’ scheme.

Another hazard of selling are the original hosting fees. To list an NFT on a major site such as OpenSea requires a ‘gas fee’, or a price to get your work minted. This is paid to cover the energy used in hosting the NFT, and to ‘mint’ the artwork, so it can be added to a blockchain database.

Minting is similar to how coins are minted, it’s simply a proof of legitimacy. For many, this initial price will not be offset by the money they make from a sale. This may sound harsh, but it’s the unfortunate truth.

Add in the fees spent in buying the cryptocurrency to make the listing - because NFTs are traded in Ethereum rather than dollars. At this point, most sellers will only be making a loss.

If you have committed to paying the uploading and hosting fees, the next step is in finding an audience. On OpenSea, an NFT can be sold in three different ways. Firstly, there is the traditional English auction method.

This way, your item is auctioned so that the highest bid wins. There’s no set price, and it’s your choice whether to take the offer. The second choice is a ‘Dutch auction’, or a declining price auction.

With this method, the price is fixed but drops over time. If you specify an end price, the auction item will eventually be removed from listing if it fails to sell. Finally, there’s set price selling. Your item is sold for a single price, and the listing never expires.

An English auction can make you the most money, but it can also result in no sale at all. If this happens, then you’ve made a loss.

To make any type of sale requires finding someone to buy your work. With NFTs, this means creating something unique and desirable enough that someone is interested in paying for proof to say they own it.

In many ways this sets it quite far apart from traditional art auctions. Small art sellers will sell work because someone is interested in the physical ownership of an item that appeals to them. With NFTs, ownership works very differently.

What a buyer purchases isn’t so much the artwork as it is proof that they own the artwork. This can make it difficult to find an audience for a newcomer, as you need to find someone who wants the bragging rights of owning your NFT.

Of course, you may get lucky, or you may create something truly appealing to the marketplace. To be frank, often what sells an NFT may not be the artistic quality of the asset itself. After all, that’s not what is being bought.

If you’re able to create significant interest around your work, you may be able to generate some sales. Over time, regular sales could easily make up for the hosting and initial transaction fees.

As the market grows, there will only be more people interested in what you have to sell. Of course, there will also be more people selling.

If you’re a digital artist with an active audience, things may not be so bleak. Rather than uploading to a big open site like OpenSea, you can instead auction your NFTs at limited access sites.

Platforms such as SuperRare and Foundation choose which creators are able to sell works. This can make it much easier to make a sale, as you don’t have to fight to be seen among a busy crowd. It also allows you to grow a collectors base, and ultimately increase visibility.

If you are able to sell an artwork, one of the advantages of NFTs is that they continue to make money for the artists. An artist will receive royalties every time the NFT is traded or sold.

There’s an obvious advantage to this. If you sold a piece of traditional artwork, such as a painting, you would receive the money from the original transaction. However, if the painting was then sold by the first buyers, you would make nothing.

With an NFT, you would still be making money. This is making NFTs appealing to the music industry, where artists can keep a greater hold over the rights and royalties of their music.

So, anyone can technically make money selling NFTs, but not many people will. As with most forms of sales, the trick is cultivating an audience and finding something people want to buy.

The more popular you are, the easier it is to create a buzz around your works. Digital artworks do seem to be moving towards NFTs as a primary mode of sale.

Instead, investors should keep a watchful eye on Opensea.io, Rarible.com, or other top-tier NFT marketplaces. Keep scanning them for items that make you think, “Hey, why’s that so cheap?” and be ready to invest big when these gems come around.

Want to Become a Millionaire on NFTs? Do it the Right Way

As NFTs have become the latest plaything of the rich and famous, regular investors have sat on the sidelines wondering whether $587,000 for the Nyan Cat GIF makes any sense whatsoever. (Tip: to the ultra-wealthy, that figure is just a rounding error). Naysayers have also pointed to the massive energy cost of blockchain applications.

But don’t give up so quickly. NFTs are so new that some stunning mispricings slip through. A collection of 25 GIFs by restaurant Taco Bell sold for just $1.60 each last week. One later got re-listed for almost $20,000 only three days later. Meanwhile, one avid sports collector who bought NBA digital trading cards turned an initial $175,000 investment to $20 million.

As for its environmental impact? I’ve sworn off buying Bitcoin (CCC:BTC-USD) myself, but Ethereum (CCC:ETH-USD) – the building blocks of NFTs – will soon switch to a less energy-intensive proof-of-stake function now that its sibling coins Cardano (CCC:ADA-USD) and Polkadot (CCC:DOT1-USD) have proven they work at scale.

So, what’s the secret to making money on NFTs? Much like buying fine art or real estate, making money in NFTs involves 1) having expert knowledge in a particular area and 2) having the conviction to jump in.

As for taking profits: the moment you find yourself asking, “is it worth that much?” sell immediately. Because when you’re an expert in a domain, trusting your gut will help you avoid losses if markets slow down. Ready to jump in?

NFTs: Small Investors, Massive Potential

Though the average NFT trades at more than $2,000, a small number of ultra-high-priced trades skews that figure upward. In actuality, most NFTs are available in the $10 to $500 range. One artist named Grumpii, for instance, makes adorable images of “Everything grumpy.” In other words, buyers can get GIFs of cute dinosaurs doing their best to show everyone they’re in a bad mood. (If you like it, it could be yours for less than $450.) And like most art, people buy these pieces to support their favorite artists. I highly recommend you do the same if you have anyone you’d like to help.

A small number of pieces, however, can go on to make millions.

And that’s where investors should focus their efforts: on unique pieces that seem wildly underpriced.

One good example came to auction last week: an album cover by the band Kings of Leon and YellowHeart. Careful readers would have seen that the original piece also included “A) 4 front row tickets to one Kings of Leon headline show per tour, any tour location in the world B) VIP treatment, meet and greet with the band, 4 sets of complete tour merchandise, 8hr SUV limousine, on-site concierge, private backstage hospitality” and several other top-tier perks.

The price of this original $61,000 work of art? Today, it’s worth almost $800,000 at auction.

For music lovers, Kings of Leon is a rather obvious instance. The band is exceptionally well-known among the indie music scene, and its initial listing on a Friday might have caught fans off guard. But there are plenty of NFTs that start life as an undervalued asset – LeBron James trading cards, Taco Bell GIFs, and the like.

What Makes a Great NFT?

There are three key factors to finding a winning NFT.

Rare. It’s no use buying a digital art piece if the artist plans to distribute infinite copies elsewhere. Instead, focus on artists and organizations like the NBA that have mastered the art of creating limited quantities of collectibles.

High quality. Some collectibles are worth more than others. The web URL “sex.crypto” is worth several thousand times more than the less-engaging “blockchainjobs.eth” URL. The same holds for digital art.

Undervalued. NFT mispricings happen often. But keen talent scouts can also spot works by artists or sports players who will eventually become superstars.

Many NFTs (like any collectible) are not worth much, so it takes discipline to keep saying “no” until an NFT comes along that ticks all three boxes.

Stick to What You Know

People love venturing outside their area of expertise. My suggestion for NFT investors?

Instead, have the discipline to play in areas you know well.

If you have an eye for art, it should feel quite intuitive why a transfixing GIF of Vincent Van Gogh is worth $20,000 while a lovely pixelated Sunset Skyline of Columbus City still only fetches $120. If you’re a gamer, there’s a good chance you’ll know which plot of land in Decentraland, a crypto-based version of Second Life, is going up in price. And if you’re a sports fan, you’ll identify the next NBA superstar before everyone else does. As I wrote before, Steve Nash and Kobe Bryant both had awful rookie years to start their remarkable careers.

Can you tell which one art buyers will buy for more?

A word of warning: beware of buying high-priced assets with limited appeal. The URL “google.eth” sold for 53ETH (around $100,000 in today’s dollars), but only one buyer in the world could have interest in that URL. Instead, why not bid on “facebook.eth” for a fraction of that price. Or better yet, find a URL with a far broader potential appeal.

The Best NFTs Today

In the fast-moving world of NFTs, it’s impossible to keep a tally of today’s best deals. NFTs are unique, and great buys tend to get snapped up quickly. The 25 Taco Bell GIFs (priced at $1.60) sold out within half an hour.

Instead, investors should keep a watchful eye on Opensea.io, Rarible.com, or other top-tier NFT marketplaces. Keep scanning them for items that make you think, “Hey, why’s that so cheap?” and be ready to invest big when these gems come around.

Do that long enough, and I’ll see you on the other side of that millionaire bridge before you know it.

On the date of publication, Tom Yeung did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Tom Yeung, CFA, is a registered investment advisor on a mission to bring simplicity to the world of investing.

Non-fungible token(NFT) is a digital asset. It can’t be exchanged or altered with another. Each piece of artwork in the collection is unique and valued differently. Each NFT is tied to a digital asset of the owner. Anything in digital form is converted into an NFT. For example, famous instagram posts, facebook posts, tweets turned into NFTs and sold by anyone. Therefore, NFTs are unique assets stored on a blockchain and certifies an un-interchangeable. However, nft art finance is a new cryptocurrreny based on BSC and is becoming popular in the market.

How You Can Create NFT

If you want to create an NFT, then there are numerous platforms where you can get guidance. These are built and supported by blockchain technology with Ethereum being the most popular. Apart from this, Binance is also used for its development. You need a NFT wallet and cryptocurrency, mainly Ethereum, to transact. You can sell NFTs for cryptocurrency through smart contracts. The transaction is recorded on a blockchain.

How to Make Money from NFTs?

Below mentioned some important points where you can profitably make money from NFTs. Let’s take a look at some of the ways that have had some tangible results.

  • Digital artwork

When the point comes to profitability, Individual digital artworks are among the most popular and valuable non-fungible tokens. On March 11, 2021, the history of blockchain technology changed dramatically. This was the auction house’s first time auctioning a fully digital piece of artwork.

When you create some kind of digital asset, whether it be images, GIFs, artwork, domain names. NFTs give the ownership to the artist and you’re able to show profit from your work.

  • Fashion NFTs

Clothing and fashion brands are becoming unsplash from the NFT. By releasing a digitized limited edition of their outfits with a collection of iconic celebrity pieces or design signatures. In contrast, the clothing and fashion brands can benefit from NFT technology by building the best NFT marketplace for their clothes and accessories. This allows them to generate unlimited revenue from the NFTs in a robust environment.

Role of NFTs

  • Video Games

Nowadays, video games play a vital role in the future of NFT technology. If you want to engage larger audiences and increase revenue opportunities in the field of games, NFT game development is the way to go. It has functions that allow buying, selling, trading of your digital collectibles.

It is also worth noting that video game developers are among the most popular NFT creators, and in-game items might push the evolution of NFT technology straightforward.

Compared with other NFTs such as online artwork, domain names, trading cards. Among all, video games can be quite complex, and are the most advanced. NFT video games have a great future in hands of immense technology.

  • Trading NFTs

Among all, trading NFTs is the most popular. You can easily trade NFTs by selling or buying on a profitable platform. In fact, one of the digital artists has made 1,000 times more than their work’s initial price. That’s why before diving with your NFTs, you need to do a thorough analysis on where to trade and how. However, nft art finance is also the good option for investors to invest money in NFTs.

Best NFT Marketplace

There are various best NFT marketplace where new digital artists can create, sell or buy NFTs. Below mentioned is the list of currently largest marketplaces and you have to do detailed analysis before choosing the one.

  • Social NFT

Social NFT is one of the best NFT markets. This is the platform where users can buy and sell digital collectibles, online artwork, trading cards, and virtual worlds.

  • OpenSea

OpenSea is currently one of the best NFT marketplace. It is easy and simple to navigate for new digital artists who want to mint and sell these on this platform.

  • Rarible

Rarible is one of the largest marketplace. In this peer-to-peer platform, you can buy, sell, and create non-fungible tokens. The platform has a particular focus on digital art assets.

  • SuperRare

SuperRare is one of the largest blockchain based Ethereum marketplace for rare pieces of digital collectibles. This platform is for new personalities who are willing to showcase their work on this platform by invite-only.

Opportunities to Go in NFTs

In today’s technology, wealthy investors are pouring money into them, it’s likely they will become more and more mainstream. With its numerous unique applications, NFTs like only the tip of blockchain technology. Non-Fungible Tokens are gaining the potential of the new technology becoming more popular.

As there are many NFT marketplace platforms where you can create, buy or sell NFTs. But among all of them, Social NFT is the way to go. Here, we are offering big opportunities for new artists and personalities who want to sell, create or buy NFTs.

As you know, the popularity of NFTs is at the peak level, it might give rise to more complex tokens. In addition, NFT developers came up with innovations and for different industries such as real estate, gaming, trading, and media industries can also benefit from NFTs. These are gaining popularity and gaining potential in the cryptography world.

Follow us to start creating, buying or selling NFTs on the largest platform.

There’s a big chance that this project is going to be pretty huge. The art pieces in their collection are good, so there’s a big chance that they will sell out really fast. If you are able to mint this one, you could potentially get big bucks.

The Sevens

This NFT is one of the biggest non-fungible token projects that has ever been released.

the sevens sample art collection

The Sevens is essentially a collection of about 7000 algorithmically produced art pieces having anime, games, memes, movies, and pop culture as reference. This NFT collection is centered on streetwear like headpieces, hoodies, shirts, and a lot more.

This non-fungible token has an extensive road map of what’s coming for their NFT in the coming years ahead.

Sevens has over 29,000 Twitter followers, and even celebrities like Waka Flocka involve themselves in this NFT. Their community is highly active, with over 50,000 people in Discord.

There’s a big chance that this project is going to be pretty huge. The art pieces in their collection are good, so there’s a big chance that they will sell out really fast. If you are able to mint this one, you could potentially get big bucks.

If you miss out on minting, you could go and buy from a secondary market to resell it for a higher price. If you browse through their collection, you will see the great potential of hype around this NFT.

You wouldn’t want to miss that chance! However, because this one is a large project, it might cost you thousands of dollars to mint.

whether I have enough money for that packet of bread and when I send those 5 dollars to Peter, the public acknowledges the fact that these 5 dollars were sent from my account to Peter’s account. And is pretty difficult to cheat the system because every transaction is being tracked by thousands of computers all around the globe which makes it extremely difficult to hack. That’s what makes crypt currencies so powerful!

Concept of Blockchain

When you buy a house, for example, you need the middle man to approve that the ownership of this house is shifting from one person to another. In fact, when you look at our world, we always have the middleman.

When you buy something, trade, send money to each other, Banks are the perfect example. When you swipe your debit card, for example, both of you, the buyer and the seller trust the bank to transfer money from your account to the seller’s account. If you don’t have the money in your account, the bank declines your request to send the money to the seller while if you have the money, the bank approves the transactions, you take your packet of bread and the bank transfers 5 dollars to the seller’s account.

If it wasn’t for the bank, we wouldn’t be able to complete this transaction since we don’t know each and one of us if not, both can cheat the other, that’s we need the middleman or the bank in this example.

But blockchain changes the entire system by getting rid of the middleman and letting the public keep track of every transaction.

Blockchain is a database that stores information electronically in digital format. Transactions in blockchain cannot be altered, deleted, or destroyed.

So if the same transaction would have been made using bitcoin, the public can confirm

whether I have enough money for that packet of bread and when I send those 5 dollars to Peter, the public acknowledges the fact that these 5 dollars were sent from my account to Peter’s account. And is pretty difficult to cheat the system because every transaction is being tracked by thousands of computers all around the globe which makes it extremely difficult to hack. That’s what makes crypt currencies so powerful!

So the question is, how is that related to NFTs.

This is when you enter the long-tail stage of an NFT project.

The Metrics to Pay Attention To

Flipping NFTs for profit can come down to a simple numbers game.

If the price is consistently rising on the floor of a collection then you probably know that you can grab the floor, wait for it to rise and re-list the NFT.

Okay, actually before we talk about Metrics it’s important to understand that there are basically 3 phases for an NFT:

  1. The Minting Stage
  2. The Secondary Market Entry Stage
  3. The Long-tail Stage

The Minting Stage

This is when you can be one of the first to own the NFT.

The developer will have a certain number for the collection (1,000 – 10,000 seems to be the norm) and you have an opportunity to get it at a Mint price.

This seems ideal because you might think this is the cheapest that you can ever get the NFT.

While that is true for some NFTs that isn’t true for most.

So what can you look out for with an NFT during its minting stage to decide if you should get in on it?

Engagement

Every NFT will have a Twitter account. How active on there are they?

Why does this matter?

Because most NFTs are simple cash grabs, the developers will simply be looking to create something, get it out the door, and disappear.

Ones that look to be active on Twitter and build an active community give you a hint into whether or not they will continue to do the same after they make their money.

Some people like to look at the number of Twitter followers, but that isn’t as important to me because those metrics can be boosted a number of different ways that aren’t relevant to the price action of the NFT.

If the project has a Discord then be sure to check it out. Is it active? How many people are in there? What’s the vibe?

The price of a NFT in the secondary market is solely driven by the community. If the community is toxic then it doesn’t stand a chance.

If it’s a community of people you don’t want to be involved with then why would anyone else?

Roadmap

Roadmaps can be tricky because they can simply be made up. However, it’s always nice to see some type of plan for the future.

Are the developers releasing an NFT just to make money and then disappear or do they see this being a long-term project to grow?

Many NFTs will just copy & paste what other people are saying and call it a day so most of the time you won’t know who is telling the truth or not.

But having a roadmap is more important than not having one.

Mint Price

When looking at mint price it’s important to understand WHY a developer is pricing something the way that they are.

At the time of writing this article, the price of Sol is about $155.

If a project is releasing 10,000 NFTs at a mint price of 3 sol that’s over $4.5 MILLION for the developers assuming they sell each NFT.

That’s a lot of money.

Does the dev team feel like the type of team that will continue to develop the project or simply take the money and run.

In contrast, what if a team sets the mint price to free?

  1. You know that if they want to make money then they have to continue to provide value to the project
  2. You can’t LOSE any money by trying to get one

Charging money doesn’t mean it’s a cashgrab and doing it for free doesn’t mean the prices will skyrocket.

Just some things to pay attention to.

The Secondary Market Entry Stage

This is the most dangerous stage because people tend to get swept up in emotions and FOMO kicks in.

They’ll jump at the first price they see, but oftentimes you can get the NFT cheaper if you just wait a little bit.

Because once minting is done, some people want to make their money back or SOME money back so they’ll head to the secondary market to list their NFT.

Well guess what?

They’ll see what the lowest price is and because (for whatever reason) they are desperate to get money they’ll list theirs even lower.

This causes the floor to crash and it only picks back up once the floor is swept consistently.

Does this happen with every project? Nope, but it happens with a large majority of them.

This means you have to decide for yourself if you think you’re entering at a good price or can you wait to see how things shake out?

If the floor price is already at your budget and by moving higher prices you out, then you might just have to bite the bullet and grab the NFT.

Because things move quickly at this stage it’s hard to gauge how a project is shaking out.

However, there is one metric you can turn to that will give you some sort of idea of how momentum is building.

Community

Now that the NFTs are out a public community is formed.

Mention @thugbirdz and the flock comes in strong

Do the people in the community LOVE to show off their NFTs? Do they use them as profile pics? Do they show up whenever the project is mentioned?

Are people actively talking about it?

Communities are hard to kill once they’re established. People love being a part of something but it also takes time for something like that to form.

A strong community means that others will want to join.

This is the reason for the success of the Bored Yacht Apt Club. Sure the art is great, but people want to be a part of the group.

How do you do that?

The Long-Tail Stage

As much as you might want to you can’t get in on every NFT mint or even the early stages of the secondary market.

You might even want to wait to see how things played out.

This is when you enter the long-tail stage of an NFT project.

The truth is that most NFT projects are doomed to fail. There are just too many out there for all of them to succeed.

Note: This means that you’ll end up buying a lot of losers over time as an NFT flipper, but the wins make up for it.

So what metrics do you look for here?

All of the ones that we’ve discussed, but you can also begin to look at numbers as things have settled down and you have enough data to look at trends.

Because each coin has different marketplaces and there can be many different marketplaces it can be hard to specifically track metrics.

On Ethereum it’s a little bit easier because it’s the dominant marketplace for NFTs and because of that you can find some pretty great tools.

For this guide let’s take a look at Solanalysis which works within the Sol ecosystem and gets it’s from Solanart.io.

Solanalysis can provide you with a good visual of where different NFT collections are headed.

First, ignore the big numbers at the top. That’s for the whole market and you aren’t worried about the big market unless you’re trying to track things on a Macro level.

It’s easy to see why NFTs inspire both excitement and deep skepticism: They’re a completely novel asset class, and we don’t see new asset classes appear that often. But what drives the value of an asset that’s really just a digital token people can pass around? To appreciate NFTs properly, we first have to think through what they actually are and the types of market opportunities they enable. And once we unlock that, we can understand how to build businesses around them.

NFTs as a Tool for Market Design

NFTs have fundamentally changed the market for digital assets. Historically there was no way to separate the “owner” of a digital artwork from someone who just saved a copy to their desktop. Markets can’t operate without clear property rights: Before someone can buy a good, it has to be clear who has the right to sell it, and once someone does buy, you need to be able to transfer ownership from the seller to the buyer. NFTs solve this problem by giving parties something they can agree represents ownership. In doing so, they make it possible to build markets around new types of transactions — buying and selling products that could never be sold before, or enabling transactions to happen in innovative ways that are more efficient and valuable.

As the name “non-fungible token” suggests, each NFT is a unique, one-of-a-kind digital item. They’re stored on public-facing digital ledgers called blockchains, which means it’s possible to prove who owns a given NFT at any moment in time and trace the history of prior ownership. Moreover, it’s easy to transfer NFTs from one person to another — just as a bank might move money across accounts — and it’s very hard to counterfeit them. Because NFT ownership is easy to certify and transfer, we can use them to create markets in a variety of different goods.

But NFTs don’t just provide a kind of digital “deed.” Because blockchains are programmable, it’s possible to endow NFTs with features that enable them to expand their purpose over time, or even to provide direct utility to their holders. In other words, NFTs can do things — or let their owners do things — in both digital spaces and the physical world.

In this sense, NFTs can function like membership cards or tickets, providing access to events, exclusive merchandise, and special discounts — as well as serving as digital keys to online spaces where holders can engage with each other. Moreover, because the blockchain is public, it’s even possible to send additional products directly to anyone who owns a given token. All of this gives NFT holders value over and above simple ownership — and provides creators with a vector to build a highly engaged community around their brands.

So, using a white pad, a pencil and a black ink pen, I produced a quick portrait. Then I colored it using Photoshop, painting and repainting over all the mistakes I’d made on paper until it was acceptable by my low standards, adding in also the jester’s garb, which Agrawal hadn’t worn in the original pic.

How To Make Your Own NFT and Get Crazy Rich

Mar 19, 2021 Mar 20, 2021

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Down and out in Rome

“I’m destitute! Again!” I slacked Josh “Daddy” Quittner, the CEO of Decrypt , my one-time employer and personal editor. I was having one of those recurring moments of crippling financial panic.

This was around three months ago, and Daddy responded in his typical, good-natured way telling me that he didn’t care, that I was a lazy loser, a vile ginger and that I owed him money. Oh, we had a good old laugh about that one! But he was kidding, he later said, telling me that there might indeed be one decent idea squelching around in his fat head.

No, no—don’t groan. As I said, this was well before today’s current NFT mania, when even flatulence is being registered to the blockchain and sold as one of a kind.

When we first chatted at the beginning of the year, the speculative art craze was just starting to take root in the crypto world. Quittner pointed out that lots of semi-talented opportunists like myself were pulling in thousands (though not yet tens of millions ) in cryptocurrency for “non-fungible tokens.”

These NFTs, he explained, were typically one of a kind digital representations cryptographically registered to the blockchain, that could be purchased from various online marketplaces in exchange for cryptocurrency, generally ether. NFTs were like cryptographic signatures that referenced a digital artwork, could not be duplicated and supposedly conferred ownership of the artwork onto the buyer.

It sounded utterly idiotic.

It’s drop day @niftygateway 💪 7pm EST. “Imposter’s Candy” is a collection of 6 new pieces 🔥 exploring different iconic candies pic.twitter.com/aOqIdjdk2z

— Realimposter (@BaltaySteven) March 18, 2021

Previously, I had produced some obscene illustrations for a short entertainment called “ A Crypto Carol. ” Quittner observed that I was a “weirdly accomplished artist.” So he thought that perhaps Decrypt could offset the burden of paying me as a freelancer if I just sold a new artwork for thousands—and then wrote about it for him for the usual penny a word.

“I’ll pay you handsomely for ‘How To Make Your Own NFT and Get Crazy Rich,’ wherein you first-person the process and explain it so even I understand it," he said. "Then you sell one. You'll obviously make a fortune."

A stirring idea—especially for a young man on the brink of mild ruin. I nodded grimly at the large, framed oil painting of Daddy that I keep on my wall. And thus began my deleterious voyage into the disturbing and venal world of NFTs.

The artist begins

How to make one, though?

“Ask that buzzkill Rob,” Quittner slacked gruffly, referring to Rob Stevens, the hunchback at the bellchamber of Decrypt ’s editorial citadel, scarcely appreciated and broadly despised—though recognized for the cheerless discipline of his work ethic.

Robert Stevens

Robert "Salt 'o The Earth" Stevens

Begrudgingly, Stevens put me in touch with several artists, among them “Giant Swan,” a genial Australian who makes virtual reality art. Before I got too deep into this, I wanted to hear about whether one could indeed make any money in this racket.

Swan told me he had made a killing on the Origins Collection he had done in collaboration with the record label Monstercat . “I was thinking, if I get $10,000 out of this, I’ll be happy,” he said. I snickered at that ludicrous sum.

“But it turned over $190,000, ” he said.

Emphasis added. He didn’t really say it in that italicized, bold-faced way, but that is how I heard it.

“When you decide to go full time being an artist, you don’t expect to be turning over sums like that,” he said, as if to clarify things.

A mere ten percent in royalties went to the platform involved, which is now a sort of unspoken standard. By comparison, a traditional art gallery can take as much as 70 percent .

“One of the cool things about NFTs,” Swan explained, “is as artists we banded together and said we need to standardize [these royalties] now —before we get bigger.”

The number “190,000” reverberated in my head. It caused my eyes to water, my pulse to quicken, and my legs to twitch in wild, jolting spasms. I even may have moaned a bit. Think of all the bus tickets I could afford with a sum like that , I thought.

"You probably missed the boat on the dumb cash."

“That would probably be enough to get me out of my debt hole,” I mumbled to Swan, explaining that I might be looking to sell something myself. I mentioned my huge, international Twitter following . “Can I rely on my star power to make a big sale, instead of, say, my ‘talent?’” I asked. “I can still muster tens of tweets on a post, but I worry that might not be enough. ”

“You’ve probably missed the boat on the dumb cash,” Swan admitted, not unkindly. “The joke’s gone. I’m not sure how much ‘trash art’ moves now. There was, briefly, a counterculture where people were making the worst art”—here he gave one example , which is still a masterwork by my dismal standards—"just to see if they could move it. They were making money on volume rather than making any big sales. But we have people with big marketing campaigns behind them now.”

He paused and I could sense him reconsidering. “With a low Twitter following you’re kinda screwed,” he said. “I would make moves to integrate in that community as much as you can. Art that does well on social media does well. The whole scene lives on Twitter.”

“Perhaps I should focus on one insane collector with terrible taste,” I mused.

“If you find a whole supply of them, let me know.”

Which gave me an idea.

The making of a mark

My revelation was that it wouldn’t be enough to produce something merely good . Really, I realized that to find that lucrative “collector with terrible taste” I would need to get some sort of dull-witted influencer behind me.

Luckily, Neeraj K. Agrawal was eager. A popular cryptocurrency “commentator” who apparently has some sort of communications role at the digital assets lobby group Coin Center but in reality doesn’t seem to do much other than tweet, Agrawal has always been a fascinating character to me: a manic tweeter whose oeuvre frequently betrays more than a hint of overwhelmingly desperate, unbearable sadness.

“Would you be down for a portrait?” I DM’d him, explaining my predicament. “Lol.”

“Lol,” Agrawal responded. “Sure fuck it. If this proves lucrative I’m open to posing nude.”

Mercifully that wasn’t necessary, and we eventually determined that the image I would create—which Agrawal, God willing, would tweet to his many followers—would be a rendering of him as a sad clown, clad in jester garb, hands folded, eyes cast emptily downward. Initially I had hoped to capture him like this , but he said his body “doesn’t move like that.” So instead we chose this classic , the idea being that I would sub in the clown’s face for Agrawal’s own clown face.

Painting of a jester by Stańczyk

The photos he returned to me were quite something, and part of me wondered whether they wouldn’t have sold best on their own. ("I don't need that out there," explained Agrawal when I asked if we could include the photos in this article. "I can’t give these animals anything more to work with.”) But then how could I claim all the credit—and, indeed, all the winnings? I made a mental note to turn these photos in NFTs later, if the experiment worked.

“I’m thinking whether it’s better to photoshop your face or try and paint it,” I said.

Said Agrawal: “Let the muse work through your hands.”

So, using a white pad, a pencil and a black ink pen, I produced a quick portrait. Then I colored it using Photoshop, painting and repainting over all the mistakes I’d made on paper until it was acceptable by my low standards, adding in also the jester’s garb, which Agrawal hadn’t worn in the original pic.

Agrawal loved it.

He cries, an NFT by Ben Munster

Quittner wanted me to animate it. “It’s kind of boring,” the old pinchpenny wheezed. “Can you make him stand up and dance?”

Finding a platform

It was a relief to find out that the way to turn one’s artwork into an NFT was to decide on a platform that would host and sell the wretched thing. They would do the technical work, effectively registering the JPEG on the blockchain and handling the smart contracts involved in selling it. Most were set up in a sort of auction format, where the artist could offer the piece at a floor price and welcome bids for a set amount of time. Others, such as Foundation , offer royalties every time the piece sells in the future. The blockchain, as its sickening adherents love to say, is immutable!

These platforms, which are basically glorified hosting services, serve as both gatekeepers of and auctioneers to the NFT markets. While there have been a slew of scams and imitations, the best known among the marketplaces are Nifty Gateway , Rarible , SuperRare , and OpenSea . I thought I could persuade them to, you know, pull some strings and give me a platform, but none but Rarible, one of the less discriminating marketplaces, even bothered responding to my pleas for comment. (And I couldn’t be arsed to figure out how to work with a platform so that I could get an ongoing royalty every time my masterpiece changed hands in the future.)

Limited Edition NFT Drop by Justin Roiland For sale: "Disobedient Reproduction"
by Justin Roilandhttps://t.co/j1Psk0s4Nw pic.twitter.com/AFOFucQ6Sb

— Clark A. Braunstein (@CBraunstein86) January 20, 2021

Promptly I found myself booking an hour-long conference call with Alex Salkinov, Rarible’s Moscow-born co-founder.

Salkinov, who had clearly done well off the NFT mania and seemed to have rebranded himself as a sort of techno-philosopher (he kept turning the conversation to his notions around the “attention economy,”) told me that if I hoped to stand a chance on the NFT market I should host my work on his site, which would host virtually anything.

But he made it clear that I would have to play for real money here, that I couldn’t experiment and put the work up for, like, five dollars, since hosting fees alone would cost up to $100 worth of ETH. (“I’m not reimbursing you,” Quittner cautioned.)

Salkinov also made it clear that it wasn’t really worth animating the piece, or doing anything even particularly blockchain-y with it.

Some artists, for instance, embed functions into their NFTs that are extraneous to the work itself. For instance, a piece by the artist Mike Winkelmann, known better now as “Beeple,” changed depending on the outcome of the 2020 US presidential election. (It ultimately sold for $6.6 million .)

CROSSROAD
by @beeple

Initial state of our first EVER dynamic Nifty. The final animation will be decided by the outcome of the US Presidential Election. If Trump wins, it will switch to the Trump animation. If Biden wins, it will switch to the Biden animation. pic.twitter.com/ldjcMBycfH

— Nifty Gateway (@niftygateway) October 30, 2020

But doing that, Salkinov said, would require a dedicated platform and a grasp of complex tools, whereas Rarible was pretty much just a host for JPEGs and flash files. Although he allowed that the hosting software was complex enough for me to do something basic with it—for instance, embed instructions for a buyer to send me a message on Telegram and enjoy edit-privileges to the article you’re reading—I figured that would just open up a whole can of worms editorially. Quittner gets mad enough when people try to change his edits.

The prospect of essentially admitting my work was bad and just dumping it on Rarible was beginning to depress me, though, so I sought out Eleneora Brizi, an actual artist who had worked with the Chinese dissident Ai Wei Wi and has since turned to NFTs. More recently, Brizi organized an NFT exhibition in Rome which featured work by Giant Swan and the artist-duo Hackatao, in a thickly columned 16th century church called San Salvatore in Lauro, just by the Tiber. The exhibition had ended in October. Veteran newspaperman that I am, though, I visited on my bike to verify that the place was real.

We are Resilient 💪
Work created to sublimate the @tryrollhq wallet breach involving many social currencies and celebrate the resilient reaction of the Community.

Available only in $MORK: https://t.co/8DCEERXm2Q
all at auction 1 hour apart pic.twitter.com/2ZJpGyqVGe

— Hackatao (@Hackatao) March 17, 2021

“What I like to do is sort of trick people,” said the affable and enthusiastic Brizim, referring to the October exhibition. “When I thought about Italian people I thought, ‘Where is a space where we feel comfortable and we know the aesthetic, the backgrounds, where we don’t have to think about it? And I thought, somewhere sacred. So I chose a church, knowing that people would come here, immersed in a kind of beauty that they know.”

I told Brizi about my own plans to make an NFT, telling her I’d spoken to Alex and Rarible, and she demurred. “There is a reason why Rarible spoke with you,” she said darkly. “Pretty much everybody gets their art on there, there’s not much curation.”

She told me to check out OpenSea, where an artist can build a genuine profile and following.

I mentioned my utter lack of talent and told her about my brilliant Agrawal marketing gambit. “He has 100,000 followers on Twitter,” I said. “If he tweets my work, surely some idiot will want to buy this thing…”

“You want to trick someone?” Brizi said, unimpressed. “It sounds a bit speculative.”

“Does that disgust you?” I asked.

“Noooooo,” she said. “I’m just not interested.”

Wanting to recoup some of my dignity, I looked into OpenSea as she suggested. The site is open to everyone but tends to favor artists who want to endure and build a following, rather than become lousy, one-hit wonders. Taking her advice I decided to set up an account and arrange four pieces in a beautiful collection titled, “ Neeraj the Entertainer. ”

Minting an NFT

I was worried that this part, actually turning a thing into an NFT, would be tricky. First I would have to set up an OpenSea account … then a wallet to handle the assorted set up and gas fees … then I’d have to load the wallet with funds.

But I realized that all this was sadly necessary if I were to receive my due. Some day soon, that wallet would be the repository of an astronomical fee from a discerning, deep-pocketed buyer. And my career as an NFTer would be launched.

For some reason, the flagship Ethereum wallet MetaMask wasn’t working for me. I tried another, Bitski , a wallet specifically designed for NFTs. But, Bitski wanted me to top it up using an external payment processor called Wyre. I needed at least $150 in my wallet to pay for hosting, but the damnable Wyre decided not to work across any of my debit cards!

Stressed beyond belief, I contacted an Italian NFT friend, Mattia Cuttini (his real name.) Cuttini had wild feelings of guilt after cancelling a trip I’d planned to Udine, his hometown, in which I’d planned to write some pretentious twaddle "juxtaposing" the region's Renaissance history with its present role as a sort of Italian NFT hub. The ordeal had cost me €70 in non-refundable train tickets.

Preying on his conscience, I asked him to send some of his own ETH directly into my wallet, and he obliged. I paid him back via PayPal.

Sufficiently funded to stake my art, I mulled over whether to upload the series as a “bundle” or individually.

Individually would allow for a real bidding process whereas the “bundle” came at a fixed price. No idea why bundles couldn’t be set for auction bids, but it wasn’t an option. Since publishing my works singly would require four individual hosting payments, coming to at least $400 it seemed like a massive risk—especially given Daddy’s tight fists!

I opted for the bundle, setting the price at $4,000, which to me seemed to project the confidence necessary to convince potential collectors that it was a good, re-sellable investment, while also being sufficiently low to suggest some degree of humility and ineptitude.

So after dealing with the knotty pricing question, I got everything ready to go, pushed “sell” and clicked a button that “authenticated” my digital signature. And just like that, the bundle known as Neeraj the Entertainer was for sale.

“Eureka!” I shrieked. My bundle was now an NFT duly logged onto the Ethereum blockchain.

The image, of course, is still available for all to see/screenshot, and the purchaser doesn’t actually have any greater claim to it than anyone else .

The gavel falls!

I gave Agrawal a heads-up. Then I tweeted the link to my Followers, every one of whom I imagined receiving the news with a kind of feral excitement: “ Delving into the world of NFTs for a longform piece,” I wrote. " Have an exclusive collection of real-life portraits of @NeerajKA on sale as part of that effort—resulting article will describe the events leading up to whatever the hell this thing is.”

Delving into the world of NFTs for a longform piece. Have an exclusive collection of real-life portraits of @NeerajKA on sale as part of that effort— resulting article will describe the events leading up to whatever the hell this thing is https://t.co/iC0OGSTeg8

— ? (@Ben_Munster) March 5, 2021

Agrawal tweeted his support, writing, “my pal @Ben_Munster is writing about NFTs. Being the artisan that he is, he fully dove into the story by drawing original artwork depicting my life. Now he’s selling it.”

“Likes” flooded in thick and fast—I garnered almost 10 Followers in the space of an hour, and at least one person commented. The thing was going viral.

I started thinking of the bus tickets I could buy. Why, with the money I was sure to make, I could hitch a ride to the supermarket if I wanted!

Yet, something was clearly awry. Despite Agrawal 100,000 followers and my own few hundred. there were no buyers!

Not so much as an email sniff over the transom came in. It was perplexing. I returned day after day to stare hatefully at the NFT. I mean, it wasn’t the Mona Lisa, I’ll grant you that. But it had its charm. Perhaps I should have made that useless Agrawal dance.

A fool and his money

And then on perhaps my 30th visit, I realized my error. I’d set the minimum price not at $4,000—but 4,000 ETH . That was $6 million at the time.

Whether that was over or perhaps under priced I would never learn: Quittner ordered me to lower the price to something more reasonable, so I went for 0.28 ETH ($500) and put it back on the market, getting Agrawal to retweet it again.

“Actually you would have to pay me to take this NFT,” someone wrote in the comments.

“How much?” I asked.

Yet, things went far better this time. Within minutes, I found a buyer. Well, “found” is not quite right. Without any prior communication whatsoever my artwork changed in status from “on sale” to “no longer available.”

I put out a call, via Agrawal, for the buyer to get in contact with me, to no avail. Was it a crypto whale? A Romanian art dealer? An Agrawal Supersimp? My old patron, Joseph Lubin, the ConsenSys chief executive, perhaps? My mother? Mike Dudas ?

That whole aspect of the sale, in a way, was as mysterious as it was heartbreaking.

While I could still look at my artwork on OpenSea and indeed on Photoshop, I felt a genuine sense of loss knowing some anon had purchased this vague form of ownership over it, even if it was only represented by a cryptographic hash on a certificate.

Out of curiosity I dug into how NFT's actually reference the media you're "buying" and my eyebrows are now orbiting the moon

— Jonty Wareing (@jonty) March 17, 2021

I hadn’t even bothered to animate my “painting,” and there was absolutely nothing distinct whatsoever about “owning” it via the blockchain rather than looking at it, but still. Looking at the collection now feels somehow different, alienating. I know that I could never bring myself to put it on sale again, as there is a genuine sense of it having been one of a kind, total shite though it may have been. (Ed.: Oh, it was.)

He cries. He tweets. We laugh. Three NFTs in a series by Ben Munster.

Former philosophy undergrad that I am, I began to theorize that this is precisely the reason wealthy people like to splash their money around public spaces. Being able to attach one’s name to something in the public domain—a bench, or a plaque or whatever—feeds the bourgeois ego.

“Damn this capitalism!” I yelled at Daddy’s portrait. “Reifying our very reality and turning public goods into mere commodities! Scrawling its grim signature on the very air we breathe! And now it seeks to gentrify our final refuge—our memes!”

Then I looked at my Bitski wallet: .28 shiny Eth winked lasciviously at me.

I had, at least, made enough money to pay almost a month’s rent. That’s $350, minus hosting and Photoshop subscription fees. Yay!

“Cheers, lad!” said Quittner brightly, who, when making money often talks to me in a style of English he learned from watching Basil Rathbone-Sherlock Holmes movies as a child. “Well done, on the sale, I say!”

“Ugh,” I whinnied. “I feel dirty, soiled. Truthfully, my ‘artwork’ was not very good at all, and shouldn’t have commanded , let alone $500. Just like that toss which sold at the Christie’s auction house the other week wasn’t worth $69 million. I feel like a scammer by association!”

“Don’t be an imbecile, my good man!” comforted Quittner. “You’re a paid professional whose work has been widely received in the marketplace.”

“Besides, you owe me $100—”

“I said I’d pay you $400 for the piece,” Quittner hastily explained, “but you’ve already made $500 . And, like you said, that was wildly inflated. And because I take full credit for setting you up with this, that means you owe me the excess! So we’ll split the profit— send the $100 via PayPal, eh, wot, my good chap?”

That dirty dog! But, of course, Daddy was right. In the long run, I imagined, that’s how this whole thing will probably pan out. The market will die down and artists will stop making obscene amounts of money, and they’ll be left with nothing but exorbitant gas fees and hefty invoices from unscrupulous, opioid-addled, sexual degenerate editors.

Just as I was mulling this Quittner himself sent me another urgent Slack. “Got another idea for you old boy!” he said. “Remember those illustrations you did for ‘A Crypto Carol,’ eh, lad? I bet they’ll fetch a rude price on OpenSea. I’ll split the profits with you, of course—70/30.”

I considered it. Those illos were just moldering, mostly unseen, on my Substack. And I could use the money.

White-labeling is the practice of substituting a manufacturer’s brand name and emblem for those of a retailer. Similar techniques can benefit NFT products and services. You do not have to start from scratch when using NFT services since they offer plug-and-play white-label capabilities. You will have a long-term competitive advantage in this business if you use a worldwide NFT platform such as Shopify. With Shopify, you can provide services to both corporations and consumers.

A Non-Fungible Token can be used for the following purposes:

  • Increasing brand awareness and customer loyalty.
  • Building long-term interest in your brand and its products.
  • Personalizing the customer experience to improve it.

As a result of the high learning curve, the NFT sector is still taking off as people discover new applications for the technology. We have produced a list of ten concepts that might take off in 2022.

1. Create a private label NFT service for your company

White-labeling is the practice of substituting a manufacturer’s brand name and emblem for those of a retailer. Similar techniques can benefit NFT products and services. You do not have to start from scratch when using NFT services since they offer plug-and-play white-label capabilities. You will have a long-term competitive advantage in this business if you use a worldwide NFT platform such as Shopify. With Shopify, you can provide services to both corporations and consumers.

2. Create NFT souvenirs as part of experiential marketing

NFT services are beneficial for limited-edition collectibles. Celebrities, athletes, and other well-known public figures utilize this method to create and market collector cards. NFT cards were first popularized by hockey legend Wayne Gretzky, “The Great One” who brought them to the general public. In order to differentiate the cards, only 5,000 copies of the $12 entry-level card and 12 copies of the $1,500 premium card were made. In an instant, all of the cards had been bought by fans.

Any piece of digital art can be a collectible. For example, you can trade digital goods on the Ethereum-powered marketplace Opensea.io. People are selling NFTs in many forms, from custom logos to computerized footwear. The only thing standing in the way of producing something great is your own creativity.

3. Create an NFT marketplace for your organization

Building your own NFT marketplace can give you an independent place where you can sell your NFTs to the public. Having your own marketplace also makes it easy to host NFT auctions and – in doing so – generate publicity for your digital assets. It is possible to carry out a wide range of tasks using non-fungible tokens on a good marketplace. All major NFT markets employ the fundamental auction method. Over time, they develop a strong presence in established regions. A standard marketplace will deduct a set amount from each NFT retail transaction.

Every marketplace requires the presence of product storefronts as well as an easy-to-use search engine. In order to build an effective NFT marketplace, you must provide a user-friendly interface, and properly check any digital assets before you upload them. Since NFT art is becoming more popular, launching your own NFT marketplace is an intelligent business concept for the near future.

4. Develop an online course for NFT technology

Regardless of how many people are interested in NFT services, the cost of utilizing them can be prohibitively expensive, especially if you don’t understand exactly how they work. Knowing how to use NFT technology puts you in a position where you can develop an online course and share your knowledge with others.

Take a peek at Udemy’s most popular course to discover how interested people are in NFTs. There is a total of three hours and forty minutes of instruction. It has divided into 39 separate parts. 1250 people took part in the program within the space of a few months.

A note on producing educational content for your NFTs

You can also use online courses as part of a bigger content marketing strategy. When you create small pieces of educational content, the benefits are two-fold. First, you can educate the general public about what is still a complex space. Secondly, you can use this content to promote your brand. f you display your abilities, then people will flock to you. What’s more, once people trust you to teach them about NFTs, they are more likely to buy your NFTs. You can develop a YouTube channel, provide courses, and advertise yourself as an industry influencer after establishing a following for your own company. NFT services open up a whole new universe of possibilities.

5. Create an NFT cryptocurrency account

Creating NFT coins is yet another NFT marketing strategy that requires a great degree of knowledge on your part. Crypto protocols tailored to non-transactional businesses, such as video games, art, and other such industries, are becoming increasingly popular. For example, the price of an AXS coin has risen from zero to seventy dollars in less than a year. In Axie Infinite, an NFT-based online game, AXS money is used to purchase in-game animals. AXS is a cryptocurrency inspired by video games, but it has also proven to be a consistent source of cash for the protocol’s creators.

The most challenging components of this company model are finding a niche, providing value, and keeping clients engaged. If your currency has significant application, a simple “NFT” prefix will not help it acquire traction. Given that the NFT industry is so competitive, you will need to do your research and determine which customer issues your protocol can address.

6. Create a lending platform that focuses on unconventional types of borrowing

DeFi lending businesses are similar to pawn shops due to the non-fungible nature of the tokens. Due to the convergence of these technologies, decentralized lending systems can now take non-fungible assets as collateral. For example, consider the ETNA Network. The developers claim to be working hard to improve NFT performance. Borrowers who are not interested in traditional cryptocurrencies may acquire a loan while diversifying their assets and offering non-fungible tokens as collateral.

Development asset holders can benefit considerably from an NFT financing platform. Due to their present financial predicament and lack of liquidity, NFT owners may have trouble securing short-term funding. You will draw more people to your website if you mix non-fungible tokens with loans.

7. Offer NFT brokerage services to get expertise in the financial services industry

The value of NFT assets, like those of other cryptocurrencies, varies dramatically, and this is an advantage for brokers. Unlike cryptocurrencies, NFTs are one-of-a-kind. As a result, it is wise to monitor stock prices and stay up to date on cryptocurrency news at this time. By offering to do this for people who are too busy to keep their ears to the ground all the time, you will be providing a valuable service to the community.

If you are thinking about getting into NFT trading, think of it as a long-term investment. Antique dealers often expect the items they collect to increase in value over time. The same may be said about non-fungible assets. Expert brokers understand when to buy hot properties, properly market them, and when to put them for sale.

8. Build your own virtual reality experience

NFT services allow you to do much more than build a platform. You have the power to alter the course of human history by creating experiences that are out of this world. Virtual worlds are now prospering. You can create your own virtual world in order to connect with the rest of the NFT community and draw people to your brand. Furthermore, creating virtual worlds can be a very profitable business model in the actual world.

9. Become an NFT artist

This is one of the first business models that comes to mind when thinking about NFTs. If you have design or creative talent and you want to try your hand at NFT art, you can actually make a decent amount of money doing this. We must warn you that the market is quite competitive, and not all assets are worth thousands of dollars. Nevertheless, clients exist for all commodities. If you are confident in your talents, you can make and sell artwork or other digital items on OpenSea, Rarible, Atomic Hub, or SuperRare to earn NFT.

10. Design wearable NFTs

Wearing gadgets that highlight your NFT might sound weird at first, but wearable NFTs are likely to become a major fashion trend in the near future. Thanks to a talented young jeweler, Apple Watches can now be customized to reflect the wearer’s unique non-fungible values. NFT technology has also been used to create unique necklaces and rings by other brands.

You can use NFT wearables in many creative ways. The NFT wearable industry is virtually untouched, which presents opportunities for new entrants. Keychains and other little accessories are popular among a broad range of individuals for several reasons.

These one-of-a-kind use cases are relevant for brands that are just entering the NFT space and want to stand out from other NFT developers.

Customers desire NFT services, but they are hard to come by.

Since the NFT space is still growing, there are lots of possibilities open to a brand looking to connect with a target audience. Since people are adopting the use of NFT technology for a broad range of applications, learning to use non-fungible tokens now will give your brand a promising future.

As more individuals and organizations adopt the use of NFTs, the future will see an increase in the number of digital artists and celebrities seeking to increase their financial worth while maintaining a memorable online presence.

Do you need help putting your NFT product in front of the right audiences and generating positive media coverage? At Pressfarm, we’ve worked with NFT developers to help create newsworthy content like email pitches, press releases, guest posts, and press kits. Our PR professionals and expert writers can also build customized media lists to help you find your perfect media match. The experts at Pressfarm also come armed with a content distribution strategy that has worked for hundreds of brands across different industries.

By submitting your content to the right media outlets and startup directories, Pressfarm can help your NFT project to rank in relevant search results across various search engines. Additionally, Pressfarm can build custom media lists in addition to offering you access to a comprehensive database of over 1 million journalists across industries. By giving you these media contacts, Pressfarm can help you to continue doing media outreach for up to a year after you’ve signed up.

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