The NFT Craze is “UNSTOPPABLE”
Despite being around since 2014, they got the attention of commoners in 2021. Guess what?? Yes, I’m talking about “NFTs.” Non-fungible tokens (NFTs) have had record-breaking skyrocketing sales throughout 2021, reaching $25 billion.
Several businesses and celebrities have expressed interest in developing their own NFT to elevate their business standards and have a strong digital presence.
The two main questions that strike the heads of budding creators and NFT enthusiasts are how to determine the value of an NFT and how to increase the value of NFT. In this blog, you’ll be getting clarity for the questions. Let’s get started right now.
Actually, What are NFTs?
Even as we step into the new era for non-fungible tokens, this is the question that everyone is still asking. NFTs, which began as simple JPEG art stored on blockchains, have developed into a wide range of assets, including wearables, audio, etc.
NFTs are first designed to safeguard digital files in a way that ensures ownership and establishes scarcity. The original creators benefit by receiving NFT royalties every time their creation gets sold.
What Purposes Do NFTs Serve?
NFTs can represent any digital asset, including real estate, videos, etc. These files can be efficiently bought, sold, and traded by being turned into “tokens” and secured on a blockchain, reducing fraudulent activities.
How to Increase the Value of Your NFT?
Five Main Factors that Determine NFT’s Value
#1 – Rarity
Rarity directly translates into how unique or uncommon an NFT is. A unique piece of art from a well-known digital artist or an NFT made by a celebrity are excellent examples of rarity. The rarity factor increases the value of your NFT among other potential competitors .
#2 – Utility
An NFT’s real use, whether in the physical or digital worlds, defines its real utility. For instance, certain NFTs are more than collectibles because they may be employed as characters, virtual lands, etc. This feature of NFTs gives them instant worth, which increases over time based on how famous the underlying project is.
#3 – Tangibility
Because they are bound to physical objects, some NFTs have value in terms of tangibility and ownership immutability. To clarify ownership rights, anything can essentially be backed by an NFT, but it does not automatically make the object special or in high demand. Such an object’s underlying value will be decided by its usefulness and scarcity.
#4 – Ownership History
The value and pricing of the token are significantly influenced by the history and performance of NFTs, which is regarded as a key component in determining the price and value. The NFT issuer and previous owners may positively or negatively impact pricing.
#5 – Liquidity/Investment potential
In general, liquidity refers to how quickly an asset can be turned into cash. People will continue to buy and sell an NFT even if it completely loses its utilitarian value but still has a high liquidity value.
Steps Involved in Creating NFT
Listed below are some of the steps that help you in creating your NFT:
Step 1 – Select the asset you want to mint
The first step in creating an NFT is to select the best asset from your collection. Ensure that the asset you choose can captivate the buyer’s attention.
Step 2 – Select the blockchain where you want to mint your NFT
The next step is a crucial one as it is quite technical. The blockchain you select will determine the crypto you will use to make payments and other charges.
Step 3 – Setting up a trustable crypto wallet
For selling and minting your NFT, you need a trustable wallet. After selecting the wallet, visit its official site, download the application or browser extension, and follow the instructions that lead you to set up your wallet.
Step 4 – Add some crypto to your wallet
After selecting the wallet, add some crypto to it so that you have enough balance in your wallet when you have to pay fees for minting and selling your NFTs.
Step 5 – Choose the NFT marketplace where you want to sell your asset
Here comes an essential step where you need to locate the best marketplace where you will sell your digital asset. Much to your delight, many NFT marketplaces like OpenSea, Rarible, etc., exist.
Step 6 – Minting process
Before minting your NFT, form creation and give it a proper name, then click the option “add items” for uploading your art. Then fill in the description with accurate info. Finally, click the “create” button to mint your NFT successfully.
Step 7 – Selling your NFT
Fixed price sales and auctions are the two main selling formats you are provided on the platform. Or the other way, you can also reserve the NFT for a specific buyer, and that’s totally up to your choice. Once all is done, finish your listing process by paying a gas fee for the sale.
Is that All about Just Minting & Listing your NFT?
Absolutely NO. The real challenge kickstarts after listing your NFT on an NFT marketplace. Since the NFT market is fully congested these days, there are countless numbers of NFTs available on the market. Most NFT creators struggle to promote their own NFTs as they are unaware of the term “NFT Marketing.”
Formulating a success-driven NFT marketing strategy could aid you in spreading awareness about your project. By doing so, you can surely receive more bids which ultimately increases your NFT sales. You may reach a larger audience, build more loyal relationships, and boost sales using the NFT marketing strategy.
Path-breaking NFT Marketing Strategies
Mentioned below are some of the prime NFT marketing strategies used to create hype over your NFTs:
- Social media marketing
- Influencer marketing
- Press releases
- Search engine optimization
- Content marketing
- Discord marketing
- Reddit marketing
- Telegram marketing
- Twitter marketing
- YouTube marketing
- Video marketing
- Paid advertisements
- NFT listings
- Email marketing
NFTs are anywhere and everywhere right now. The concept paved the way for new revenue-generating opportunities for entrepreneurs, creators, investors, and celebrities across the globe. But just minting an NFT and waiting for results does not make your business productive.
To make your NFT projects reach new great heights, you need to implement the best marketing strategies that are mentioned. It’s the secret strategy to increase your NFT’s value and sales.
To make things fall at the right places, you need to join forces with a leading NFT marketing service provider in the market. With their extensive expertise and experience in the field, they market your NFT venture and make it reach the sight of the target audience quickly. It’s high time for you to rock the digital sphere!!!!