The NFT marketplace, like the world of technology and crypto-currencies, is fast-paced and highly profitable. One moment you read about a brilliant piece of art by an up-and-coming artist and a couple of days later it’s traded for an exorbitant price.
How do you know whether your art can be sold on an NFT (non-fungible token) marketplace? Will it be popular, and is it possible for you to become a successful artist?
Nothing beats the experience of getting your hands dirty to learn about the market, but there are some valuable tips for creating valuable NFTs and we’re here to give you the scoop.
Maybe you are someone who wants to invest or trade in NFT artwork? How will you know what to look for in NFT art before buying it to ensure your newly acquired asset is likely to grow in popularity? Do you have the hunger for diving into the metaverse to learn how you can gain a first-mover advantage?
Artist, investor or visionary? NFT creation and trading increases in popularity by the day, and this article will provide some guidance on how you can create or identify NFT projects of potential in the world of digital art.
What Are NFTs and How do They Work?
A simplified definition for non-fungible tokens (NFTs) is a one-of-a-kind digital artwork with a blockchain encrypted certificate to verify ownership.
There’s only one piece of it and it will always exist on the internet only. The original owners need to encrypt and mint it with blockchain technology before trading it on a digital marketplace and buyers will use cryptocurrencies in exchange, of which Ethereum (ETH) is the most popular.
Anything you can imagine as digital can become a non-fungible token: videos, GIFs, tracks, images or memes.
Some collectors will seek and trade in virtual trading cards, while other NFTs offer exclusive access to a VIP events. Game players and those interested in the metaverse will use NFTs to customise and enhance the digital world they play in, as they trade and accessorise their characters, purchase avatars and add assets to their digital world.
To fully understand NFTs and get involved in the process, you’ll have to learn and know a bit about cryptocurrencies and blockchain technology.
Community Forms the Foundations for NFT
If you are not completely familiar with the industry and the psychology behind it, you’ll struggle to intentionally create ground-breaking pieces like Bored Ape Yatch Club or Cryptopunks have managed to do.
The ethos around cryptocurrencies and placing the power in the hands of the people means you’ll have to become part of the club.
The real business world has always been about working as a team to create commercial opportunity and it is no different in the metaverse.
The more active and engaged you are as a member of the community, the closer you will get to success.
You'll develop a deep understanding of your community team members and maybe a digital introduction on a platform like Discord, could lead to a sale or the creation of new ideas.
Be sure you read as many blogs and news-stories about Crypto and NFTs as possible. Twitter, Youtube and Discord are some of the most popular channels for NFT influencers. Here are some Twitter accounts you can follow to find out what is hot and happening:
- BoredApeYC
- cryptobaristas
- rac.eth
- OhhShiny
- j1mmy.eth
- RealmissNFT
- farokh
- nounsdao
YouTube is an excellent way to continuously learn about this digital world. Here are some popular YouTube channels you can subscribe to:
- GaryVee
- Max Maher
- NFT Times
It might sound obvious, but even those who form a part of the NFT community, still have to find ways to create work and collections that define them.
To do so they need to know the current trends, own their personal digital and artistic strength, and use it to address their audience’s desires and NFT needs.
Cater to Your Audience
Producing a mass amount of NFT and listing it on every possible marketplace on the internet is not the most advisable strategy. Many creators think that creating and listing it on a marketplace is the hard work, but that’s only a start.
You'll have to invest a lot of your time in the marketing activities of your project. How will you position your artwork to create perceived value to the token, which media channels suit and target your audience, how can you create hype around it and get the community excited?
The more you become involved in NFTs, the more you will learn what a skill it is for artists, coders and innovators to create something unique that the world falls in love with.
Entrepreneurs and investors need to recognise the potential in NFT work and to do this they have to develop a skill to predict a collection’s popularity. Whether you are an artist or NFT flipper, anyone who wants to thrive in the NFT market will have to know NFT buyers and their needs like the back of their hand.
Is there a specific niche that you would like to cater for?
Artists tend to be free-thinkers; they create what they feel moves them. Great NFT projects however, will speak to the hearts of a very specific group of people. Knowing the psychology, behaviours and media consumption of your audience will allow you to create that NFT collection or project that fits in with their world or hopefully enhances it.
There are different subsets of audiences within the crypto community. The early adopters are generally the crypto-artists and tend to be younger, while collectors choose to buy something they feel is of value. Brands and NFT flippers are another two examples of NFT audiences, but even within these groups there are smaller audiences and categories.
The more specific you are about who you target, the more probable it will be that you'll match their needs.
Becoming part of the community means you’ll require less time to figure out how your audience makes decisions about NFT projects. You’ll be on the same platforms and digital resources they use to remain informed about upcoming, unique and new NFT projects.
Merge Your Niche With Latest Developments
It can be tricky to develop an intuition around what sells or what is popular at current rate NFTs are growing. With over 4 million assets on OpenSea and millions of others across niche and different NFT marketplaces like SuperRare, Foundation and Rarible, it becomes challenging to pick a project that might become a great investment of your time or Ethereum (ETH).
As an artist you want to have your finger on the pulse, and it is important to keep a close eye on NFT trends and developments.
Art has always been a way of expression and it is no different when it comes to NFT. The most popular NFT collections are those who tell stories. Stories that are in line with community values, that supports global trends and opinion, while unapologetically expressing their views on current issues in the world.
Artists who manage to think out of the box, are usually the ones who manage to break through the clutter to create real NFT success. They think of clever ways to create a concept where art and technology meet.
Like real professional artists, we recommend you know what you are good at and find ways to craft your NFT around it. Can you combine painting with digital technology and coding in new ways?
How can you reinvent art and to make it a living collection, driven by technology as it continues to intrigue the world?
The best NFTs are entrenched in today’s popular culture. They deliver commentary on issues we see in the world today such as the war in Ukraine, Covid regulations and crypto-restrictions. The owners of your tokens will be tech-savvy and informed individuals, so you’ll have to be aware of their liberal views and the importance placed on issues like equality and climate change.
Social issues are usually the inspiration for some of history’s most influential art. If your work is edgy, maybe even a bit political, it might draw the attention of prospective investors.
Continuously Create Respectable Collections
Every artist knows that scarcity and value go hand-in-hand. The best NFTs in the market are the ones that form part of an exclusive collection. Through research and experience you’ll also notice that the successful NFT creators will have a large body of work to attract interest.
Many successful NFT projects make use of tech to help them generate their artwork. Hand-created assets can become a time-consuming process and programme generated NFTs makes use of a few elements to create unique pieces while saving the artist time.
Unfortunately, this also comes with its limitations and, as the NFT world becomes more competitive you’ll have to find smarter, more time-wise, technology enabled solutions to create a great number of art that could be impossible by hand.
Having a collection will also give your art greater exclusivity and authenticity. If you can get artwork into many hands, these holders will vouch for your work as it is in their personal interest. Watch-out for those who want to buy your entire collection, as this is a smart way to take you off the market and minimise competition. Bots can also pose as buyers, and many marketplaces have anti-whale rules to prevent art from being diminished.
Whales in the crypto world refer to groups or entities with enough clout to influence the value of NFTs or a cryptocurrency.
Entering the world of NFTs is exciting, challenging and quite a crafty skill. Take considered risks and know that your project or and sale price will be determined by the community's interest. Stay informed, work hard, and a bit of luck, you can create a project that will inspire you and others to make their mark in the world.
Are you ready to launch your own NFT project?
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