Non-fungible tokens are currently making waves all over the news. Every day, more and more people are creating their own NFTs. The amazing thing is that anything can be an NFT, ranging from a picture to music, an artwork, a graphic design, or even a video game. After successfully creating an NFT and minting it, the next thing that comes to mind will be how to turn it into a money-making commodity. Here are five steps that will help you monetize your NFTs.
Step 1: Create A Cryptocurrency Wallet
This is a very vital step that is most often overlooked by NFT creators. This step is important because most payments for NFTs are usually in cryptocurrency like Ethereum, and trading NFTs without a crypto wallet is like going to the farm without tools. Even if the plan is not to hold the crypto but to convert to fiat, you still need a place to ‘store’ it in the meantime. As an NFT creator, a crypto wallet is indispensable.
Step 2: Select A Single Marketplace
It can be tempting to sell your NFTs across several platforms or marketplaces, but this will only confuse prospective buyers and water down the brand presence. The smart thing to do will be to find a single marketplace and significantly build brand presence; that way, prospects know exactly where to come when they want to buy a specific thing. As a creator, your best option will be to find a marketplace for creating at a low cost, then sell at a higher cost.
Step 3: Promote Your Brand Yourself
The power of advertisement and social media should not be underestimated. As an NFT creator, build a strong online presence while simultaneously advertising the NFTs to be sold on your selected marketplace. The more you create awareness about your NFTs, the more interest you will induce in your prospects towards your works and invariably the more sales you make.
Step 4: Induce Some Scarcity Around Your Products
As an NFT creator, you have the full autonomy to control your digital product’s scarcity or abundance. The less common and scarce an NFT creator’s works seem to be, the more people will want to buy, and this is especially true when the creator has built a strong online presence.
Scarcity can be induced by setting a maximum supply cap for each NFT. This will make prospective buyers want to spend more to buy such NFTs because they will be perceived as valuable and very rare.
Step 5: Sell NFT Merchandise
Even after the sale of an NFT, the creator has the right to reproduce the work as long as he still owns the copyright. The representation of best-selling NFTs, especially graphic ones, can be merchandised as t-shirts, wallpapers, phone cases, and any other creative avenue.
Which of these steps are you going to implement?