One thing that's started to gain a lot of attention online is the buying and selling of NFTs. For those that don't know, NFTs sales have already totaled millions in different cryptocurrencies. These NFTs have opened a gateway to how digital art can be collected and how certain internet artifacts can actually be sold and owned.
The NFT business
With this booming industry getting even bigger with Elon Musk toying with the idea of selling an NFT himself, the popularity of NFTs have skyrocketed. In a recent article by The Verge, popstar and mother to Elon Musk's most recent child Grimes had reportedly sold $6 million in NFTs and this isn't even the biggest NFT sale ever recorded.
Creating NFTs is a misconception that a lot of people think needs a huge amount of digital skill. However, the truth is NFTs aren't just limited to art. NFTs can be looked at as digital collector items aside from just digital art. One example of this is Jack Dorsey's sale of the first Tweet ever to be made on Twitter. The rights to the tweet itself was sold for a whopping $2.9 million according to an article by CNN.
How to make NFT
Basically, anything can be sold as an NFT as long as the seller owns rights to the original material. It could be photos, videos, gifs, digital art, tweets, or anything that would really sell online. Digital collectors are now on the lookout for NFTs to purchase then trade later on for a potential profit depending on the rarity and popularity of that NFT.
For those that want to create and sell NFTs, there is a trend that is being followed that might help first-time sellers.
1. Make sure you own the rights
Obviously, you cannot sell something that is not yours which is why it is important that the seller own the complete rights to what they are selling.
2. Make sure to stand out
The NFT has to be extremely original in a sense that there is nothing like it, or extremely masterful in a sense that when compared to other NFTs, the quality definitely stands out.
3. Add a legacy or legend to the NFT
Being the "first" is something that new NFT sellers can take advantage of since the NFT competition is still quite scarce. Being the first to do something, especially if that something becomes big later on, will increase the value of the NFT.
4. Promote the NFT
A lot of NFT artists themselves spend a great deal trying to reach the right NFT market either on Twitter, Reddit, or other social media. The primary buyer of NFTs is cryptocurrency users which is why the seller should promote directly with them.
While the whole NFT market might seem pretty complicated, it is still very new and people are still figuring out ways to make more money through selling not just digital art but also other forms of NFTs.
This article is owned by Tech Times
Written by Urian Buenconsejo