Lately, NFTs have proven to be a lucrative opportunity. The good news is that taking advantage of this market doesn't have to be complicated. Here are some tips you can use when making your NFT collection.
Create Your Images
The first thing that you need to do is create a library of images for your NFT collection. You will need to have a library of interchangeable PNGs, each with different characteristics. Imagine that you want to create something similar to the Bored Ape Club collection. Then, you will need to have one set of hairstyles, another set of clothing, and another set of facial expressions.
Once you have created these assets, you will be able to write a program that randomly combines these characteristics, creating unique art combinations. By doing this, you will be able to build an extensive collection without the need to create thousands of unique images individually.
As you assign these traits, you must set how often each attribute will come up. This will allow you to create some rare NFTs than the others. These will be the most sought-after parts of the collection. You can use a programming language like Python to design your NFTs; this article will tell you how to do this.
These images are what will get people interested in your NFT. So, it's essential to spend a little time making sure that your collection looks promising. Ideally, it will look different from everything else on the market. Don’t be another clone of CryptoPunks. Choose a unique idea. This will make it easier to market and convince people to buy from your collection.
Create NFT Metadata
Images won't be stored on the blockchain. When people purchase your NFT, they will be buying the underlying metadata. This will need to include a link to where they can find and download a copy of the image. This will need to follow the JSON format, though each platform will have a slightly different set of rules that you will need to follow. For example, here is the documentation you will need to use when uploading your NFT to Open Sea.
Uploading a Copy of the NFT
Once you have finished making the NFT, it’s time to upload it to the internet. This is the web address that the owner of the NFT will get access to after they make the purchase. Some people like to place it onto the Interplanetary File System (IPFS). This is designed to be decentralized, ensuring that your NFTs are secure.
Creating the Smart Contract
Once you have done this, it's time to start the minting process. This begins with the creation of the smart contract. This is the way that an NFT will be added to the blockchain. Remember, once it's made, the blockchain will be impossible to alter. So, it's essential to make sure that you are checking your contracts thoroughly, as you won't be able to go back and change any mistakes.
Make sure that you are going to be receiving royalties on future sales. This can provide a substantial income, especially if you build a few successful NFT collections. Often, you'll need to set how high the royalty rate will be. It's best to do a little research, staying on par or slightly cheaper than your competitors.
Building a Community for Your NFTs
At this point, everything will be ready for you to mint. But if you do this without any publicity, the project will likely be overlooked and lost amongst a sea of new NFTs. Over time, the collection will lose momentum, and you will struggle to make money.
The best way to avoid this is by building a community first, getting people hyped about the opportunity to buy your NFTs. It would help if you were using tools like social media to do this. It's also a good idea to have a website for your collection. There are plenty of unique ways to get people’s attention online. For example, you might want to organize a scavenger hunt. Free NFTs can be used as an incentive to convince people to participate.
This will need to be a long-term investment in your collection. You can’t lose steam on social media. If the collection has value, people will want to keep buying and selling it. As they do, you will be able to keep generating a steady stream of royalties.
Now there’s only one thing left to do. Mint the NFT and start making money. It would help if you didn't mint everything at once. This can create a market glut. Instead, it's best to space them out over a few hours or days. Keep each image hidden until it goes on sale. This increases anticipation over what the next image could contain.
By now, you should have created your NFT collection. Hopefully, you have been able to use this to capture the cultural zeitgeist and make money. If not, don’t despair. You can use it as a learning experience. Now the only thing left to do is create, market, and sell your NFTs.