Just nine days ago, I was browsing the internet and was distracted by a few posts on the subject of NFT’s.
I knew nothing about them. I have invested a little money in crypto coins but couldn’t get my head around the NFT thing.
Since then, I have read many pages and watched a ton of YouTube videos on NFT’s.
What are Non-fungible Tokens (NFTs)
Non-fungible tokens are virtual objects that are unique. They are not interchangeable with other tokens. This means that two items of the same type can have different attributes, be in different states or have a different history.
NFTs are not just limited to gaming or crypto, they are being used in VR as well. There is no shortage of use cases for NFTs and it is really just a matter of time before they become more ubiquitous and mainstream.
Next, I registered with Crypto dot com, which after research, is one of a few that are currently offering free minting (a process to place the NFT on the blockchain). Some of the other more talked about ones charge significant fees for minting and selling.
Now I have minted 95 NFT’s; each one has ten editions, so that’s 950 to keep or sell. I have to wait as there is a max minting of 50 per week, but this gives me a chance to adjust some pricing on my already minted items.
At the time of writing this, I have sold 64 of my created NFT’s which earned me $89. Remember, I will receive 10% from all ongoing sales as the person who minted them.
Some mistakes I made that you can avoid when getting into NFT's
Think long and hard about your initial profile name; I went with Paulthegman. I could have done much better than that, and now I am stuck with it; this part of your account is searchable, so the right name will help people find you.
Do not mint NFT’s on their own; first, create a collection (which can be edited later) and then mint your NFT into one of the collections you have made. Again it will help people find it, and when they buy one from you, they can see others in the same collection.
Don’t price too high, and don’t price too low; most of my first ones I priced in the hundreds, I never sold one. Then I dropped some down to $1, and they started to sell; now, I mix the pricing up lowest is between $2 – $5.
1st place makes a difference. When you mint an NFT, you can make them currently up to 10 editions so that someone can buy edition 1 through to 10; always do one of the following, hold the 1st one for later, or make the price much higher.
Don’t price them all at once; I did this for a while; it does at that moment get your NFT’s visible at the top of the marketplace, but not for long and then what? It is better to add the price to a couple after minting, then add more prices later to bump them up in the marketplace or when you sell.
The last bit of advice is to enjoy it, buy the ones you like if you decide to create them as I have, then let your creative juices flow. It seems NFT’s encourage us to think outside the box. Now that’s not a bad thing.
I am right at the beginning and still have learnt a lot, and will continue to learn from this very new world of NFT’s. Please feel free to head over to my NFT profile; you can browse it without an account or quickly set up an account and give some of my pieces a click on the heart for support.