Forward-thinking companies are now incorporating NFTs into their marketing strategies, and the results are impressive.
Charmin, an American toilet paper brand, posted several toilet paper NFTs on Rarible, an NFT marketplace, in March 2021. In the same month, the highest bidder offered more than $2000 for one of the arts.
Taco Bell, the fast-food chain, also sold out of its entire ‘Transformative Taco’ NFT collection on Rarible in less than a half-hour.
With other major brands such as Asics, Adidas, Team GB, Coca-Cola, and Nike entering the NFT space, knowing how to make an NFT is quickly becoming a requirement rather than a nice-to-have skill for the modern business.
In 2021, the most popular NFTs
NFTs are not a new concept. Quantum, the first NFT, was developed in 2014. In 2021, the NFT trend accelerated, with Quantum finally selling for $1.4 million in June 2021.
The largest NFT sale to date occurred in December 2021, when renowned artist Pak sold his artwork, ‘The Merge,’ for a mind-boggling $91.8 million.
Beeple, another well-known artist, made headlines in March 2021 when he won $69 million at Christie’s auction for his collection of 5000 digital images.
In the first week of December 2021, the most popular NFTs by sales volume were Bored Ape Yacht Club, The Sandbox, and CryptoPunks.
What is an NFT, and why do companies spend millions of dollars on them?
NFT is an acronym for Non-Fungible Token, which means that, unlike other cryptocurrencies, an NFT is unique and cannot be exchanged for another token.
NFTs are digital assets that can be traded on a blockchain. Images, music, audio, videos, and collectibles are common NFT assets.
Buyers purchase NFTs using a cryptocurrency supported by a blockchain. Buyers can, for example, use Ethereum tokens to make a purchase on the Ethereum blockchain.
Some NFT buyers are motivated to spend millions of dollars in order to have the prestige of owning original works created by people and brands they admire. Others are hoarding items they believe will be more valuable in the future.
What are the benefits of learning how to make an NFT?
NFTs can protect your company from losses such as the infamous $31 million coupon fraud. These tokens have unique identifying codes, making them impossible to forge. In place of traditional loyalty cards and promotional and discount codes, brands are now using NFT loyalty cards and promotional and discount codes.
You can also use the proceeds from NFTs to:
- Donate to a good cause.
- Create brand awareness and increase customer engagement
- Instead of a costly bank loan, secure funding for expansion.
How to Make an NFT Art
You don’t need to be an expert in cryptography. Here’s how you can make NFT art:
1. Decide what you want to make and what you want to achieve as a business
If you are unsure where to begin, you can create an NFT loyalty card or even a promotional code for your customers. You can also get some inspiration from NFT art ideas.
Concentrate on providing genuine benefits to your target audience. Giving those who own your NFT access to an exclusive club or a premium service is a good example.
If you are unable to create your own art, hire a freelancer to do so for you.
2. Decide on a blockchain for your NFT
Ethereum is the most commonly used Blockchain for NFTs. Binance Smart Chain, Tron, Tezos, Polkadot, EOS, Litecoin, and Cosmos are some other popular blockchains that support NFTs.
Before deciding on a blockchain, consider the following:
- Blockchain transaction fees
- Because they are your target buyers, the types of cryptocurrencies your audience owns
3. Sign up for a cryptocurrency wallet
Each blockchain has its own NFT token standard, which determines which wallets are compatible. The Ethereum NFT token standard is ETH-721, and the Binance Smart Chain token standard is BEP-721.
You can use ETH-721 to sign up for a variety of wallets, including Coinbase, MetaMask, and Trust Wallets. Wallets such as MetaMask and Binance Chain Wallet can be used to store Binance Smart Chain.
4. Top up your crypto wallet
When creating an NFT, you may be required to pay transaction fees, also known as ‘gas’ on the Ethereum blockchain. To cover these fees, load your wallet with a supported cryptocurrency.
You can buy cryptocurrency on Coinbase if you have a Coinbase wallet. Alternatively, you can buy cryptocurrency on exchange platforms like Binance. Gemini, Kraken, and the United States
You will pay one-time registration and contract approval fees at OpenSea, one of the largest NFT marketplaces. The platform does not charge you to create and sell an NFT collection.
The cost of transactions will be determined by your NFT blockchain. Because of the high volume of transactions on the Ethereum blockchain, transaction fees are typically high. To save gas, transact on weekends or use a less-congested blockchain like Polkadot.
5. Select an appropriate NFT market.
You can upload your artwork and create an NFT on a variety of marketplaces.
Polkadot, for example, is the engine that drives the Xeno NFT hub marketplace.
Tezos is active on a variety of marketplaces, including Rarible, Bazaar Market, and OneOf.
OpenSea, Mintable, and Rarible are some Ethereum NFT marketplaces.
6. Connect your NFT marketplace wallet and upload your artwork
Here’s how to make NFT art using the OpenSea marketplace as an example:
Go to the OpenSea website and select the ‘profile’ icon, as shown below:
Select your wallet and connect it
After clicking on the profile icon, you will be prompted to connect your wallet, as shown in the image below:
Connect your wallet by selecting it from the list.
Sign in and personalize your profile
Once you’ve connected your wallet, your default name, ‘unnamed,’ will appear to the left of your screen, along with your wallet address, as shown below:
To update your profile, click’sign in’ on the right and edit your username, email, image, and bio.
Make a new collection
After you’ve signed in, you’ll be able to add your NFT to the marketplace. To add a new collection, click the ‘create’ button.
Upload a file, give it a name, and provide a description
When you click ‘create,’ you’ll be taken to a page where you can upload a file, name it, and describe it. You must upload format-specific NFTs to OpenSea.
You have control over many aspects of your NFT, including the number of copies you can mint, the blockchain you want to use, and whether you want to sell at a fixed price or through an auction.
After you’ve finished customizing your NFT, click ‘create,’ and your NFT will be published.
You are now prepared to begin the process of selling your NFT!
NFTs are the future for growth-seeking small businesses
Creating NFT art opens up new opportunities for your business.
Through NFT royalties, you can make an infinite amount of money from your art while also raising funds for causes important to your business.
NFTs also protect your company from cash losses caused by things like counterfeit coupons.
The only limit to the world of NFTs is your imagination.
Follow the steps outlined above to create an NFT and start making winning NFTs right away!