Forward-looking brands are now using NFTs as part of their marketing strategies and the results are impressive.
In March 2021, Charmin, the American toilet paper brand, posted several toilet paper NFTs on Rarible, an NFT marketplace. The highest bidder offered more than $2000 for one of the arts in the same month.
Taco Bell, the fast-food chain, also sold its entire ‘Transformative Taco’ NFT collection on Rarible within half an hour.
With other big brands like Asics, Adidas, Team GB, Coca-Cola, and Nike having dived into the NFT space, knowing how to make an NFT is becoming a necessity rather than a nice-to-have for the modern business.
Most Popular NFTs in 2021
NFTs are not new. The first-ever NFT, Quantum, was created in 2014. The NFT trend shot up in 2021, with Quantum finally selling for $1.4 million in June 2021.
The largest NFT sale yet was in December 2021, where renowned artist Pak made a mind-bending $91.8 million on his artwork, ‘The Merge.’
Beeple, another established artist, also broke the headlines in March 2021 after he scooped $69 million at Christie’s auction for his collection of 5000 digital images.
Bored Ape Yacht Club, The Sandbox, and CryptoPunks topped the list of most popular NFTs by sales volumes in the first week of December 2021.
What is an NFT and Why Spend Millions on NFTs?
NFT is an acronym for Non-Fungible Token, meaning that an NFT is unique and not interchangeable with other tokens, unlike other cryptocurrencies.
NFTs are digital assets that you can sell on a blockchain. Common NFT assets include images, music, audio, videos, and collectibles.
Buyers use the crypto supported on a blockchain to buy NFTs. To make a purchase on the Ethereum blockchain, buyers may use Ethereum tokens.
Some NFT buyers are motivated to spend millions to enjoy the prestige of owning original works created by people and brands they admire. Others hold on to items that they think will be more valuable in the future.
Why should you learn how to make an NFT?
NFTs can protect your business from business losses like the infamous $31 million coupon fraud. These tokens are counterfeit-proof because they have unique identifying codes. NFT loyalty cards, promotional and discount codes are being used by brands to replace traditional ones.
You can also create NFTs and use the proceeds to:
Raise funds for charity
Create brand awareness and increase customer engagement
Secure funding for expansion instead of taking an expensive bank loan
How to create an NFT art
You don’t need extensive crypto knowledge. Here’s how to create NFT art:
1. Decide what you want to create and your business goal
If you don’t know where to start, you can begin by creating an NFT loyalty card or even a promotional code for your customers. You can also borrow a few NFT art ideas for inspiration.
Focus on providing real benefits to your audience. One example of this is granting NFT owners access to a club or premium service.
If you can’t make your own art, hire a freelancer to create a piece of art for you.
2. Choose a blockchain for your NFT
The most common Blockchain for NFTs is Ethereum. Tezos and Tron are other popular blockchains that have NFTs.
Some factors to consider before choosing a blockchain are:
Transaction fees on a blockchain
The types of cryptocurrencies your audience own since they’re your target buyers
3. Sign up for a crypto wallet
Each blockchain comes with a different NFT token standard which determines which wallet will be compatible. The Ethereum NFT token standard is ETH-721, while Binance Smart Chain’s is BEP-721.
With ETH-721, you can sign up for several wallets, including Coinbase, MetaMask, and Trust Wallets. For Binance Smart Chain, you can use wallets such as MetaMask and Binance Chain Wallet.
4. Top up your crypto wallet
When you’re creating an NFT, you may have to pay transaction fees, commonly known as ‘gas’ on the Ethereum blockchain. To cover these fees, load your wallet with the supported crypto.
If you are using the Coinbase wallet, you can buy crypto on Coinbase. You can also buy crypto on exchanges such as Binance.US and Kraken.
At OpenSea, one of the biggest NFT marketplaces, you’ll pay one-time registration and contract approval fees. OpenSea doesn’t charge a fee to create an NFT collection or list it for sale.
Transaction costs will depend on your NFT blockchain. Due to the high volume of transactions on the Ethereum blockchain, transaction fees are often very expensive. Transact during weekends or choose a less-congested blockchain like Polkadot to save on gas.
5. Choose an appropriate NFT marketplace
There are various marketplaces where you can upload your art and create an NFT.
Polkadot, for instance, powers the Xeno NFT hub marketplace.
Tezos works on different marketplaces, including Rarible, Bazaar market, and OneOf.
Ethereum NFT marketplaces include OpenSea, Mintable, and Rarible.
Connect your wallet on your NFT marketplace and upload your art
Using the OpenSea marketplace as an example, here’s how to create NFT art:
Visit the OpenSea website and click on the ‘profile’ icon as shown below:
Choose your wallet and connect it
After you click on the profile icon, you’ll get a prompt to connect your wallet as shown in the image below:
Choose your wallet from the list and connect it.
Sign in and customize your profile
Once you’ve connected your wallet, your default name ‘unnamed’ will appear to the left of your screen with your wallet address below it as shown below:
Click ‘sign in’ on your right to update your profile by editing your username, email, image, and bio.
Create a new collection
Once you’ve signed in, it’s time to add your NFT to the marketplace. To add a new collection, click the “create” button.
Upload a file, name it, and add a description
Once you click ‘create,’ you’ll get to a page where you can upload a file, name it, and add a description. OpenSea requires you to upload format-specific NFTs.
Source: OpenSea support
You can control various aspects of your NFT, such as the number of copies you can mint, your preferred blockchain, and whether to sell at a fixed price or go for an auction.
After you’ve customized your NFT, click ‘create,’ and your NFT will go live.
Source: OpenSea support
You’re then ready to start the process of selling your NFT!
NFTs are the future for growth-seeking small businesses
Creating NFT art opens your business up to growth opportunities.
You can make money infinitely from your art through NFT royalties and raise funds for causes that are important to your business.
NFTs also protect your enterprise from cash losses through avenues such as counterfeit coupons.
The world of NFTs is only limited by your creativity.
Follow these above steps on how to create an NFT and start making winning NFTs today!
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