NFTs: Irreplaceable token glory may soon be yours… except all the work you need to do after shielding your NFTs. Here’s how to get started.
You’ve done it! You’ve turned your creativity into a great new NFT. Maybe you have a unique piece of artwork, a piece of music, or a video game. You have confidence in your work and you know that someone would like to claim exclusive rights to the goods you produce. But only the most talked-about NFTs are selling to celebrities and art collectors for six figures or more. And even if you’re sure your work will one day be so valuable, monetizing NFTs as any successful endeavor depends on an age-old ratio of motivation and sweat. Keeping this in mind, let us discuss some of the ways in which you can make your NFTs a hot commodity.
The first and most basic step is one that many NFT makers don’t even think about: create a cryptocurrency wallet in which to store your digital funds and other assets. Trading NFTs without such a wallet is like being an art dealer with no storage space or even a bank account. Most payments for NFTs are in cryptocurrencies like Bitcoin, Ethereum or Doge, and you really want a means to receive and store these funds online. Even if your plan is to convert your crypto to fiat money as soon as possible, you still need to collect the crypto you plan to sell. The cryptocurrency wallet is easy to download and install on any compatible device, and will pay manifold in usability, storage capacity, security and tracking. And you need one if you plan to sell NFTs.
2. choose a market
If you need a wallet to hold your crypto, you also need a marketplace to sell your wares. And that means a single market. Moving around from hub to hub can be tempting but will eventually dilute your brand and confuse buyers. Why is this NFT in this market and NFT in a different market? Why do prices vary between markets? Consumers need a single place where they can follow and shop from their favorite artists. Many people don’t mind going to different markets for different creators but for just one creator needing multiple accounts on multiple hubs seems like too much scavenger hunt. A smart NFT maker finds a market where they can create at a low cost and sell at the highest markup to maximize profits, and make it their home.
3. promote yourself socially
Whether they sell NFTs or write books, any artist will tell you that self-promotion is the key to a successful brand. If you don’t promote your products yourself, you can pay someone to do it, but there’s no guarantee they’ll do it correctly. Even if they do, it doesn’t hurt to represent themselves. And there’s no better place for self-promotion than on social media. Platforms like Twitter, Facebook, Instagram etc provide a great place to showcase both your brand and your personality by showing the NFTs available for sale on your chosen marketplace. The better an NFT creator represents and promotes online about their brand, the more interest they will generate in their digital goods.
4. Create scarcity around your NFT
As a generated digital resource, NFTs are as plentiful or scarce as their creator. And everyone knows that a rarity creates more demand. The less common a producer’s NFTs are, the more reputable and thus in demand they are, especially if that creator has a strong social media presence.
There are two major ways to create a shortage and increase the value of NFTs. The first is to set a limit on the supply. If a certain NFT is only made available five times, it’s going to feel too much like an elite collector’s item. Another way to create scarcity is to issue NFTs in rare tiers, with individual pieces available in different levels of quality and embellishment, or special functions only available at higher tiers. NFT creators have borrowed tier names from video games such as “Normal, Rare, Elite, Epic and Legendary”, but no matter what you call your tiers, splitting your NFTs like this will help you get the upper tiers. Helps create desire.
5. NFT – Make they sale
The creator of a digital work retains the copyright of the said work and the right to reproduce it, unless you yourself sell your copyright with NFT. This means that the creator has the right to merchandise the asset represented by the NFT, and that any work of which you are particularly proud or that is popular or worth discussing, shall always be used by its original creator. Can be used on all types of merchandise. In the case of artworks, manufacturers can roll out T-shirts, pouches, patches, decals, tattoos, stickers, posters and more. An NFT can sell for big money, and its creator will still have the right to capitalize on that promotion by producing and selling any creative business that comes to mind.
Like the digital innovations that spawned them, NFTs offer creators new avenues to success. To explore those paths, creators need to be bold and agile and ready to adapt to emerging ideas. The sooner and more broadly an artist can understand how to monetize their NFTs, the sooner they can enjoy the rewards of this exciting new market.
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