NFTs get used by forward-thinking brands as part of their marketing strategies, and the results have been impressive. Charmin, an American toilet paper company, posted several toilet paper NFTs on Rarible, an NFT marketplace, in March 2021. In the same month, the top bidder offered more than $2000 for one of the works of art.
Most Popular NFTs in 2021
NFTs are not a new concept. Quantum, the first-ever NFT, was developed in 2014. In 2021, the NFT movement exploded, with Quantum eventually selling for $1.4 million in June. The highest NFT sale to date occurred in December 2021, when renowned artist Pak sold his artwork, ‘The Merge,’ for a staggering $91.8 million.
Another well-known artist, Beeple, made news in March 2021 when his collection of 5000 digital photographs sold for $69 million at Christie’s auction.
What is an NFT and Why Spend Millions on NFTs?
NFT stands for Non-Fungible Coin, which means that, unlike other cryptocurrencies, an NFT is unique and can get traded for a different symbol. NFTs are digital currencies with blockchain technology that can be bought and sold. Photographs, melodies, sound, movies, and antiques are among the NFT’s resources.
Customers purchase NFTs with blockchain-enabled money. On the Ethereum blockchain, for example, consumers can order Ethereum currencies.
Why should you learn how to make an NFT?
NFTs can safeguard your company from costly mistakes like the $31 million coupon fraud. These tokens have unique identification codes that prevent them from being counterfeited. In traditional loyalty cards, brands used NFT loyalty cards and promotional and discount coupons. You can also utilize the proceeds from NFTs to:
- Raise money for a good cause
- Increase client involvement and brand awareness
- Rather than accepting a costly bank loan, secure funding for expansion.
How to create an NFT art
You don’t need to be an expert in cryptography. That is how you make NFT art:
- Decide what you want to make and what you want to achieve as a business.
If you’re unsure where to begin, start establishing an NFT loyalty card or a code for your consumers. You can also draw inspiration from a few NFT art concepts. Concentrate on giving value to your audience. Giving folks who own your NFT access to an exclusive club or a premium service is a fantastic example.
- For your NFT, choose a blockchain.
For NFTs, Ethereum is the most widely utilized Blockchain. Other popular blockchains that enable NFTs include Binance Smart Chain, Tron, Tezos, Polkadot, EOS, Litecoin, and Cosmos. Consider the following before choosing on a blockchain:
- The cost of a blockchain transaction
- Because these are the types of bitcoin that your audience possesses, they are your target purchasers.
- Sign up for a cryptocurrency wallet.
Every network does have its own NFT coin specification, which dictates which purses it is compatible with it. The Binance Intelligent Network currency standard is BEP-721, whereas the Ethereum NFT currency specification is ETH-721. Coinbase, MetaMask, and Trust Wallets are just a few wallets that accept ETH-721. Binance Smart Chain can be stored using wallets like MetaMask and Binance Chain Wallet.
- Invest in your cryptocurrency wallet.
On the Ethereum blockchain, transaction fees, sometimes known as ‘gas,’ may be required while generating an NFT. To avoid these costs, fill your wallet with compatible crypto. You can buy cryptocurrency on Coinbase if you have a Coinbase wallet. Alternatively, you can purchase cryptocurrency on trading sites like Binance. US, Kraken, and Gemini are the three zodiac signs.
You’ll pay one-time registration and contract approval costs at OpenSea, one of the largest NFT marketplaces. You don’t have to pay anything to develop an NFT collection and sell it on the site.
The cost of transactions will get determined by your NFT blockchain. Because of using the Ethereum blockchain, transaction fees are frequently quite expensive. To economize on gas, transact on weekends or use a less-congested blockchain like Polkadot.
- Choose an NFT market that is right for you.
You can upload your art and create an NFT on various marketplaces. The Xeno NFT hub marketplace, for example, is powered by Polkadot. Tezos can get found on platforms, including Rarible, Bazaar Market, and oneof. OpenSea, Mintable, and Raible are some of the Ethereum NFT marketplaces.
- Connect your wallet to your NFT marketplace and start selling your artwork.
Here’s how to make NFT art with the OpenSea marketplace as an example:
- To create a profile, go to the OpenSea website and click the ‘profile’ icon.
- Select your wallet and connect it to your computer.
You’ll get prompted to connect your wallet after clicking the profile button.
Select your wallet from the drop-down menu and connect it.
- Log in and personalize your profile.
Your default name, ‘unnamed,’ will show to the left of your screen alongside your wallet address once you’ve connected your wallet.
To update your profile, click sign-in on the right and change your username, email, image, and bio.
- Create a brand-new collection.
You’ll be able to add your NFT to the marketplace once you’ve signed in. Click the ‘create’ button to start a new collection.
- Upload a file, name it, and write a description for it.
You’ll get taken to a screen where you may upload a file, name it, and describe it after clicking ‘create.’ Format-specific NFTs must get uploaded to OpenSea.
You have complete control over your NFT, including the number of copies you can print, the blockchain you want to use, and whether to sell at a fixed price or an auction. Click ‘create’ after you’ve finished customizing your NFT, and your NFT will go online.
NFTs are the future for growth-seeking small businesses
Creating NFT art allows your company to expand its reach. Through NFT royalties, you may generate an unlimited amount of money from your art and raise funding for causes that are important to your company.
NFTs protect your business from monetary losses caused by things like counterfeit coupons. The only limit to the realm of NFTs is your imagination. Start producing winning NFTs today by following the steps outlined above to construct an NFT.