NFTs (non-fungible tokens) are a fun way for creators and fans to engage in digital art, in-game items, digital collectibles, and more.
By looking at tremendously popular projects like CryptoKitties, you can clearly see why anyone with a digital product could create an NFT project themselves.
And since you are reading this article, we figured that you want to create an NFT, which is fantastic.
Below, we gathered some info on how to organize your first NFT project and why investing time and funds in one is profitable.
So, let’s dig in.
Why Should You Create an NFT?
Creating an NFT has multiple ways to become helpful with time, whether it comes to art or digital fan collectibles.
The first reason is that if you are a brand and want to create digital merch, NFT is the way. Such non-fungible tokens can better connect your fans to your brand by giving exclusive offers, exclusive items, and more.
The second reason is new revenue streams that can benefit creators of all sorts. For example, digital artists can issue NFTs of limited digital items, and thanks to the NFT smart contracts, the artists can be paid future royalties.
And the third reason is building customer relationships by using information from the traceability of the NFTs to their wallets. NFT creators can check out info about the wallets as what types of NFTs they have, quantity, and others.
How to Create NFT Project?
There are a couple of steps that you can take to start your new NFT projects with a bang. Down below, we will go into each of them to fully understand how NFTs are not that hard to create. You can do it, too.
NFT use cases
Identifying your use cases is the FIRST thing that you have to do when the idea of creating an NFT gets planted in your mind.
The most common use cases are usually collectibles, gaming, and art. Anyone can easily buy collectibles like Cryptokitties or NBA basketball cards. Not only is it fun to collect digital basketball cards with Lebron James, but also, their value can increase with time, and you can sell.
Gaming is another use case since in-game items are revolutionizing the gaming industry by allowing a secondary market for such items to expand. For example, Decentraland is one successful example of a game world when you can purchase your own land or property. Let’s just say that people pay a lot of money for a bit of virtual land.
Finally, art is the last common use case which is booming with gorgeous and quirky artworks from all over the world. Musical artists can also participate in the NFT market and get a cut for their hard work and talent.
If you doubt for a second that NFT marketplaces are not wildly successful, then let us tell you that some of them have already reached more than 1 billion dollars in 2021.