Non-fungible tokens (NFTs) have come a long way since they were first introduced by digital artist Kevin McCoy, who is known to have minted the first-ever NFT back in 2014. Nine years down the line, NFTs have managed to build a burgeoning marketplace that has attracted popular angel investors, trust funds, and even celebrities.
If you are thinking of capitalising on the hype surrounding NFTs by launching your project, then you have come to the right place. In this article, we will outline a step-by step guide that should help you in your endeavours.
What are NFTs?
There is no precise definition of what NFTs are supposed to be. In technical terms, an NFT is a one-of-a-kind cryptographic asset that resides on a blockchain and cannot be copied. In reality, however, this definition pales in comparison to what NFTs represent. NFTs are like art. They are a form of expression that is represented digitally, whether it’s music, drawings, characters, videos, etc.
But your creation should not only resonate with yourself but also with other people in the community to be successful. That is why it is important to fully conceptualise your project before getting down to the nitty-gritty. This brings us to the first point of building your own NFT project.
Create an interesting backstory
Some of the leading NFT projects came from humble beginnings and simple ideas.
Take Bored Ape Yacht Club (BAYC), for instance. The NFT collection made several headlines last year for attracting high-profile celebrities such as Stephen Curry and Eminem. Its creators said that their primary motivation behind the project was to make some ‘dope apes’ and try to build something ‘ridiculous’. The result was the creation of 10,000 apes, each with eye-popping artwork. The BAYC collection evolved to become the world's most valuable NFT project, with all-time trade volume exceeding $2.2 billion last month.
Sounds simple enough to pull off, right? Hold your horses. Sometimes, what’s simple can be tricky at the same time. NFTs are not just pictures on a blockchain. That means that, in addition to having appealing artwork, your NFTs must have a purpose, provide value to community members, and tell a captivating tale to survive through the ages.
Once you have all these points in mind, try coming up with a clear roadmap that outlines your plans.
Choose a blockchain platform
After you have laid down what your NFT project will represent, you have to choose a blockchain platform that will keep a permanent record of your tokens. There are several options that you can consider, including Ethereum, Solana, and Binance Smart Chain. Each has its features and benefits. While selecting a network, key points to keep in mind are fees, security measures, and scalability.
Similarly, you will need to choose a marketplace to list your NFT collection to the public. OpenSea, LooksRare, and NFTically are among the most popular marketplaces available for NFT owners and buyers. Once again, scan through each of their benefits before taking your pick.
Set up an NFT wallet
Your NFT wallet will store your NFTs on a particular blockchain. Download a crypto wallet app, register your username, and store your private keys and recovery phrase offline in a secure manner. Some examples of popular crypto wallets to store your NFTs include MetaMask, Coinbase Wallet, and Ledger Nano X. A key thing to remember here is that the wallet you download must be compatible with the blockchain you have chosen in the previous step.
Create your NFT
This process is quite straightforward and can be done on a variety of different platforms. But for convenience’s sake, let’s take the example of OpenSea since it is the most widely used NFT platform.
In the OpenSea main menu, click on the wallet icon and link your registered crypto wallet. This will take you to a menu for the NFT creation process. You will have to fill out details such as NFT features, properties, and the preferred blockchain in this step. Next, upload your media file (pictures, music, or videos), provide a description of your NFT and click on ‘Create’.
Alternatively, you can create your smart contract if you are proficient at coding. Your smart contract will dictate ownership rights and assign data to your NFTs. A quick note here is that smart contracts are programs stored on a blockchain that execute certain functions when predetermined conditions are met. In NFTs, they act like tools for implementing a sales agreement. Remember – a well-written code will protect your users from potential exploits.
Once you have designed your smart contract, you can deploy it on your chosen development platform. This will make your NFTs available to users on that blockchain, allowing them to trade and sell your digital creations.
List your NFTs for sale
Finally, the last step is to list your NFTs for sale. This can be done by simply hitting the “sell” button on the platform of your choice. From there, you can select the price for your NFTs and choose how long you want the sale to last.
You will also need to sign a few transactions in your digital wallet, which could include paying transaction fees on your chosen blockchain.
The hard work should never stop
Having your NFTs up and running is just the preliminary work needed to build a successful project. You have to put in the hard yards by constantly building a community around your NFT project through innovative ideas, marketing campaigns, and interactive events. Stay active on your social media handles and keep updating your community with the latest developments surrounding your project. Conducting AMA sessions and reaching out to social media influencers are many ways through which you can engage with your community as well.
Conclusion
Developing a successful NFT project might not be as easy as it sounds. It requires careful planning and research. You also have to consider several components while designing a unique digital asset. Hopefully, this quick guide can give you the motivation needed to jump on the NFT bandwagon and launch your very own NFT project.
First Published: May 25, 2023 9:26 PM IST
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