NFT (Non-Fungible Tokens) surpassed the $41 billion market share in 2021 and the new industry is racing to catch up with the global fine arts market. The fine arts market was worth $64 billion in 2019 but the Covid-19 pandemic reduced its market share to $50 billion. The popularity of NFTs is growing tremendously with people earning millions out of their digital artwork.
If you’re interested to enter the NFT market, here are 4 simple steps on how you can get started.
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1. Set-up a Crypto Wallet
The first and foremost step to enter the NFT market is to have your crypto wallet. Without a wallet, your digital artwork will not get connected to marketplaces. So if you don’t have a crypto wallet, it’s time to make one now.
You can open a crypto wallet on different platforms. However, the top and most trusted choices include- MataMask, Coinbase Wallet, Exodus, Ledger Nano S, Mycelium, among others.
Make sure that the crypto wallet you choose is compatible with all the token standards including ERC-20, ERC-998, among others. However, never give out your seed phrase to anyone both online or offline, except someone you trust.
After you create your crypto wallet, a door of opportunities opens up for you.
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2. Choose An NFT Marketplace
An NFT marketplace is where you will host your digital artwork for the world to see and put a price tag on it. At present, there are several NFT marketplaces and users are spoilt for choice. Each marketplace is in neck-deep competition and you can select the best options that work out at your convenience.
Also, the top NFT marketplaces are OpenSea, LooksRare, Larva Labs, Rarible, Nifty Gateway, Mintable, Axie Marketplace, among others. These marketplaces receive the highest footfall on their websites and are mostly user-friendly with great user interfaces.
3. Create Your Own NFT Collection
Once you’re done selecting your marketplace, create your NFT collection or a series of collections. Your artwork needs to stand out from the rest as the space is now highly competitive. Your NFTs can be pictures, videos, GIFs, or other digital pieces you believe will be likable in the market.
Before you upload your collection, first make sure to fill in your bio. Secondly, have an engaging cover photo, and thirdly, highlight in words what your collection signifies. Also, pick a catchy name that’s in line with the NFT space.
Finally, add a price tag to your NFT collection and put it up for sale.
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4. Promote your NFT Project
Well, the first three points are easy and doable. This 4th point is one of the toughest and if you crack it, there’s nothing that can stop you.
Advertising and branding your NFT collection should be a top priority. You can promote it on social media, YouTube videos, magazines, news websites among others. You can also try collaborating with other artists and make your name heard in the market.
The key is to be all over the place. The more people your digital artwork reaches, the better are the chances for your sales.
Yes, promotions can indeed be the hardest part, but it’s surely not impossible.