The world of non-fungible tokens (NFTs) is expanding fast. As with any new technology, there are many questions surrounding the creation and adoption of NFTs. If you’re interested in starting your own business based on NFTs but don’t know where to start, this guide will provide you with the answers.
Understand the technology
NFTs are digital assets that exist on the blockchain. The blockchain is a public ledger for recording transactions and tracking ownership of digital assets. It’s often compared to a database, but because it is distributed across thousands of computers all over the world, it has some unusual properties:
- There’s no central authority controlling the network—that means everyone can access it without needing permission from someone else.
- It’s immutable—once something has been added to the blockchain, it can’t be changed or removed.
- Transactions happen on-chain and in real-time; there is no waiting period between entering an order and having your transaction confirmed by miners.
Ensure your art is compatible with the blockchain
Before you start selling your art, it’s important to ensure that your work is compatible with the blockchain. The NFT Checklist is a great place to start. You should also make sure that your artwork meets a few additional criteria:
- Make sure it’s unique. If someone else has already created something similar, there’s no point in trying to sell yours; people will just buy the one someone else already made instead.
- Ensure high quality and originality. Your art must be of exceptional quality if it’s going to stand out among all the other pieces of content on an NFT marketplace like OpenSea or RareBits
- Originality counts too—don’t try to pass off some stock photo as original artwork! And finally…
Decide on a price
Once you’ve decided what you want to do, you need to decide the price for your work. This is one of the most important steps in launching a successful NFT business.
The first thing you should do is determine how much time and effort went into creating your piece. If it took less than an hour, maybe it would be best to charge $10 per square inch of canvas space. But if it took many hours, maybe charging more than $1 per square inch would be appropriate.
Next, think about how much people are willing to pay for similar works by other artists on the market today. You can also look at what other NFT business owners are selling their pieces for online (or at a gallery) and compare that with what similar works have sold for historically.
Decide what makes your NFT unique
Once you have a basic understanding of what NFT is, it’s important to decide what makes your NFT unique. The best way to do this is by developing a clear value proposition. This can be something as simple as “I’m selling art,” or more complex, like: “I provide crypto-based artwork that helps people who want to invest in the stock market but don’t know how.”
Once you’ve decided on a value proposition, make sure your brand is consistent across all platforms (website, social media, and so on).
List your NFT on an online marketplace
Now that you’ve created your NFT, it’s time to list it on an online marketplace. To do this, you’ll need to make sure that the marketplace is compatible with the blockchain you used for your NFT. For example, if you used a Stellar blockchain and want to sell your digital artwork on an Ethereum-based platform like OpenSea or Rarebits, then those sites aren’t going to work for you.
The next thing to consider when choosing which marketplace(s) to list on is their reputation and user base size: does this marketplace have a good reputation? Are people using it? How many users are there? If possible look at similar marketplaces in terms of size and type.
Promote your NFT on social media
As you’re no doubt aware, social media is a great way to share news and information with the world. This is especially true for businesses and products that are niche in nature, like NFTs.
The best thing to do when promoting an NFT on social media is to use hashtags. Hashtags are words preceded by the hash symbol (#) that help people find content related to specific topics or interests.
For example, if you’re selling an NFT about penguins, you might use hashtags like #penguinlife or #penguinlove. You could also use hashtags that are more general, like #animals or #nature. People searching for these things will be able to find your NFT.
The steps to create an NFT business are straightforward and fun!
There are many reasons to start an NFT business. For one, it’s a new way to make money. You can sell products and services, or simply create content for your fans. It’s also fun and exciting! The internet has opened up new opportunities for NFT creators to monetize their work, but you don’t have to be an expert at coding or designing interfaces.
The steps are straightforward and fun. It is important to note that even if you don’t have any experience with coding or programming, there are many online resources available to help guide you through the process. And finally, a word of caution: blockchain technology can be tricky at first so don’t get frustrated if things don’t go exactly as planned during this process. You’ll learn along the way.