NFT Launch Strategy: How To Launch An NFT For First-Timers
Launching an NFT project for the first time may seem scary and challenging but this step-by-step guide will help you to successfully mint your first NFT.
Non-fungible tokens, or NFTs, have gotten a lot of attention lately. And nowadays we often hear stories about artists who have made tens of millions of dollars selling a single NFT. According to tracking company DappRadar, trading in NFTs exploded from $100 million in 2020 to an incredible $22 billion in 2021. And the collective value of the top 100 NFTs sits at a hefty $16.7 billion.
What is an NFT?
NFTs are digital assets with a unique identity and can’t be replaced with another asset of similar value. Common NFT assets include images, video, music, GIFs, and collectibles.
At a very high level, most NFTs are part of the Ethereum blockchain, though other blockchains have implemented their own version of NFTs. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain also keeps track of who’s holding and trading NFTs.
There is only one version of the assets made, that is why NFTs hold value. In other words, an NFT can only have one owner at a time—no one can alter its ownership or mint the same NFT on the blockchain. Given this scarcity, creators/owners of NFTs hold the ability to set their own rates for their assets.
A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different. You gave up a Squirtle, and got a 1909 T206 Honus Wagner, which StadiumTalk calls “the Mona Lisa of baseball cards.”
How do NFTs work?
The creation of NFTs is possible only through a technique called cryptography. In the crypto world, this token creation process is referred to as minting. And for minting NFTs, you have to pay for creating smart contracts using cryptocurrency.
Smart contracts are pieces of software code that allow blockchain to store information in a secure and transparent way. Ultimately, these codes are what manage the ownership and transferability of NFTs.
Many crypto-trading enthusiasts and art collectors use NFTs. Additionally, it can be used for digital content, gaming items, investment collateral, and domain names.
Quite a lot of celebrities such as Shawn Mendes, Jack Dorsey, and Snoop Dogg have taken an interest in the NFT. In addition to releasing unique memories and artwork, they are issuing securitized NFTs.
Evidently, Jack Dorsey, co-founder of Twitter, sold his first tweet as an NFT for more than $2.9 million.
Who can Launch an NFT?
In general, anyone can create NFT, as long as they have a modest amount of money, and the creativity and ability to create them. Today’s NFT platforms offer tools that let you create all sorts of NFTs, as well as attach unlockable content to your files. Whether you’re an artist, musician, collector, entrepreneur, or company, you can create your very own NFT by using easy minting tools available on NFT marketplaces.
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How to Create and Mint an NFT?
Now let’s turn to the meaty part. You can make your own NFTs due to the following basic steps.
Step 1: Decide What Type of NFT you Want to Create
First, you should choose which type of NFT you want to create. Your options include artwork, tickets to events, memes, media and music, games, virtual items, and more. It is even possible to create an NFT for real-life items, like valuable collectible figures or a photo signed by a celebrity.
NFTs are often in the form of an image, audio, or video file, like JPG, PNG, MP4, MOV, and the like.
Note, that you won’t necessarily need a developer to make a simple NFT. But in the case of a more complicated item, like a game, that should have a complicated smart contract (conditions for the sale), then you may need the help of a developer.
After making your first NFT, you should think about how you can offer value to your audience. If you already have a business, you can try creating a loyalty card or exclusive promo code. And you can always hire an artist to create custom art for you.
Step 2: Decide on the Marketplace
There are numerous NFT marketplaces where you can mint your piece. Each of them has its own pros and cons for sellers, so make sure you do your research before making a choice. Three of the most popular are OpenSea, Rarible, and SolSea.
If you are a first-timer, these platforms will make it easier for you to dive into the world of NFTs. While some marketplaces require you to authenticate or write your NFT on the blockchain, OpenSea and Rarible allow for “shortcuts” like lazy minting. In lazy minting, you can avoid some fees by putting up your NFT for sale without writing it on the blockchain, then passing that fee to your buyer if it’s purchased.
Each marketplace has its own fees which are often referred to as “gas.” Fees are one of the most important considerations for beginners. For example, OpenSea requires a fee to initialize your account, which could cost up to $100 in some cases.
Step 3: Set up a Crypto Wallet
Next you should create a digital wallet where you’ll store your cryptocurrencies and NFTs. While selecting a wallet take into consideration whether it is compatible with the blockchain and NFT marketplace you intend to use for minting your NFTs.
Most NFT creators use the MetaMask browser extension wallet which is easy to set up and connects to most blockchains used to create and trade NFTs, including Ethereum and Binance Smart Chain. Other common wallets are Enjin, AlphaWallet, and Trust Wallet.
NFT wallets are mostly browser-based, which means they’re as safe as the underlying browser application. For maximum security, you can invest in a hardware wallet like Ledger Nano X. Hardware wallets store your private keys offline, which are used to manage various coins and NFT assets on blockchains.
Step 4: Buy Crypto Through an Exchange
It’s time to buy some cryptocurrency so you can pay gas to mint your NFTs. You should create an account with a reputable exchange, like Binance, Kraken, or Crypto.com. This simple process can be completed on your smartphone.
After that, you will need to buy Ethereum (ETH) or Solana (SOL) coins depending on which blockchain you want to mint. Once done, transfer your coins to the wallet you set up in the previous step.
Follow these steps to transfer from an exchange to your crypto wallet:
- Log in to the exchange.
- Open the Wallets tab in the top or bottom navigation.
- Tap Withdraw and choose the relevant currency.
- Enter your wallet address in the Address field.
- Choose the right network (ERC-20 for ETH, Solana for SOL).
- Enter the amount and hit Withdraw.
Step 5: Connect Your Wallet to the NFT Platform and Mint
Now you’ll need to connect your wallet to the NFT platform you’ll use to create your digital asset. Here are the steps you’ll need to take (we’ll be using the marketplace Rarible as an example).
- Go to Rarible.com and click the Connect wallet button which is in the right corner of the screen.
- Select your digital wallet (such as MetaMask) and give Rarible permission to view your accounts.
- By clicking Connect you will accept the platform’s terms of service and age confirmation.
- Go back to Rarible’s homepage and click the blue Create button at the top right.
- You can choose between creating a single digital copy of your NFT and creating multiple copies to sell the same item multiple times.
- Then upload the digital file you want to mint as an NFT.
- After that you’ll be asked to choose how you want to sell your NFT file. It’s not mandatory to put the asset on sale while creating it. You can also put it on sale and set minimum pricing after minting it.
- You may offer a full high-resolution version of your NFT or add unlockable content through a secret download link or webpage.
- Choose Rarible as the collection for the NFT.
- Now add the title and description for your NFT art.
- Decide a certain percentage of royalties you want to receive for secondary sales.
- Specify your file’s properties like color or size in pixels.
- Click Create item.
- Approve the transaction in your crypto wallet (pay the gas fees).
- Click Confirm > Upload file and Mint token.
- Confirm contract integration in your wallet (a small gas fee will be charged for creating the smart contract).
- Sign a sell order by clicking Sign in your wallet.
Now when your NFT is minted you can find the created NFT by clicking on Profile > My Items. Your NFT collectibles pop up on your screen.
However, when you first hear about NFTs, it can seem overly complicated or impossible to actually break into the market yourself. But with some thorough research, diligence, and creativity, it’s more attainable than it looks.
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