NFTs have taken the world by storm
NFTs – Non-Fungible-Token have taken the world by storm, providing customers with fresh opportunities to earn money and distribute their work to larger audiences around the globe. In this article, we’ll break down what NFTs are and how to use them practically (plus, a sneak peek at our new NFT landing page kits!).
We’ve all seen the major buzz around NFTs over the past year. From blue-chip companies like McDonald’s and NIKE to celebrities like Snoop Dogg and Paris Hilton, the NFT space has become more and more mainstream — and thus more and more unavoidable.
NFTs may seem confusing or intimidating, with thoughts popping up like “what exactly are they,” “why are they selling for so much,” and “why is everyone obsessed with these things?” I hear you and I was right there with you not too long ago, but don’t worry – in this article, I’ll try to break them down in the simplest way to show you how they work and how we can use them as customers.
This new way of selling digital assets, whether it’s art, images, or videos, gives unprecedented power to content creators and offers new opportunities to monetize our art, distribute our work to a larger audience, and quite simply — join the future of the web.
NFTs aren’t going anywhere, so you too should stay put and let’s uncover the details of how they work and how to use them practically.
What Are NFTs?
Let’s start with the basics. The term NFT stands for “Non-Fungible Token.”
Dictionary word “Fungible”:
(of goods contracted for without an individual specimen being specified) replaceable by another identical item; mutually interchangeable.
“it is by no means the world’s only fungible commodity”
What means to be “fungible”?
being something (such as money or a commodity) of such a nature that one part or quantity may be replaced by another equal part or quantity in paying a debt or settling an account Oil, wheat, and lumber are fungible commodities. fungible goods. 2 : capable of mutual substitution : interchangeable
Put simply, it is a unique digital record, stored on the blockchain (predominantly Ethereum), that provides proof of ownership of a specific digital asset. This could include ownership of anything like a jpg, a video, an audio file, or really any other type of digital file.
Some popular examples include the NBA, which sells NFTs of video clips of basketball games. Or digital artist Beeple who famously sold his art for $69 million in an auction.
I know what you’re thinking — but where does the value come from?
Well, the main thing about NFTs is that they are not able to be replicated. This means there is a finite amount of each token/asset that can exist. If you own the NFT, you own the official version of whatever it is you own.
That means we (the market) can now place a value on that item. Before NFTs, there was no way to concretely prove that you are the owner of a digital asset, so the asset essentially had no way to be valued. Take Beeple for example. Before he got into NFTs, the most he ever sold his art for was $100 for a print. Now he could sell the actual original digital work for whatever the market will pay — which turned out to be an insane $69 million!
Sure, anyone could download the image Beeple sold, and while owning the NFT doesn’t provide copyright rights to the work, the owner now has definitive proof that they own the original. With that in mind, there are multiple reasons people are buying NFTs:
- As an investment. The scarcity aspect of NFTs has led them to become collectibles, and historically their value increases after the initial sale. Similarly to buying a piece of art as an investment, people hope and expect the value of their NFT to increase.
- For a certain utility or access. For example, some NFTs are sold as part of a collection with exclusive access to a community. By buying an NFT from the collection, you get access to the community. NFTs could also provide access to real-world events and items. One example I have to share because they’re one of my favorite bands is Kings of Leon, who released their album last year as an NFT. Anyone who purchased it gained access to special perks, such as limited-edition vinyl or future concert tickets.
- People genuinely value the art. Some people simply value quality artwork that stands out to them. If you buy NFT art, you now own a piece of art and can even display it in real life via digital screens.
NFT's in a selling website
- Bored Apes Yacht Club and CryptoPunks, are among the most popular collections.
- The Fuzzies Collection by an illustrator named Hank Washington.
- The Degen Toonz Collection was created by digital designers.
- And countless more examples of artists turned NFT-seller
How to use NFTs in your Website
So, we know what NFTs are and how they are impacting the world of the internet as a digital commodity, but how exactly can a Website Owner make use of them?
Website Owners have multiple ways to get in on the action of NFTs. Most notably, you could monetize this new technology by selling NFTs or making them for others, but you could also simply use it to grow your audience and reach more fans. Below are some of the main ways to use NFTs on a Website.
Sell your Work as an NFT
The first and most obvious option is to sell your own digital creations as NFTs. As a creator, we produce digital assets like logos, graphic art, illustrations, animations, and more every day. Now, with NFTs, we have the option to sell these goods to anyone who wants to buy them and become the owner of the original digital file. This is a brand-new revenue stream and there is even an option to earn royalties on future sales.
The standard way it works is when you put an NFT up for sale, you could either set a fixed price or put it up for an auction, letting your fans fight it out and decide how much they want to pay for it. This changes the game and could result in big pay-days as we saw with Beeple.
Furthermore, on top of the money you earn from the initial offering, there is an option for you to earn royalties every time that NFT (your work) is traded/sold in the future. For example, you could sell an NFT for $1,000. Then, let’s say the new owner sells that same NFT for $10,000 in the future, you could earn up to 10%, which would be another $1,000. Note that you determine the royalty percentage before the initial sale.
Offer NFT Creation and Promotion Services to Your Clients
The other option you have to monetize this technology is to offer NFT creation services to clients. There are many reasons for businesses and brands to use NFTs. Joining in on this trendy new technology can help them increase brand awareness, boost engagement with their customers, and add new revenue streams.
Now let’s say you’re a Logo designer who creates Logos for clients, you could offer an entirely new service line to create NFTs and build a portfolio site to promote them. You just need to know to offer it! Not only will this help your clients, but it will help you position yourself as being up-to-date with the latest technology and trends on the Internet.
Additionally, you could sign up for platforms like Fiverr and make listings offering NFT design or NFT illustrations creation services.
Grow Your Audience and Following
How To Create an NFT
If you’re at all familiar with cryptocurrencies, the process of creating an NFT (also known as minting) will be very simple. And if not, don’t worry – it’s not complicated, you just need to know what to do, which is why we’re here. There are 5 basic steps to get your NFT up for sale:
1. Create a Crypto Wallet
First of all, it’s important to understand that NFTs operate on the blockchain, and therefore require you to have a crypto wallet to transfer and store NFTs, and buy/sell them.
If you do a simple Google search you’ll find tons of wallets to choose from, but some of the most popular wallets are MetaMask and Coinbase Wallet. Simply pick the wallet of your choice, download it, and get set up.
2. Fund Your Crypto Wallet
When you turn your digital work into an NFT, you are essentially recording a transaction on the blockchain, which requires the network to do some work, costing you money. This small fee is called a “gas fee.”
To make sure you’re able to pay for this fee and mint your NFT, you need to have enough cryptocurrency in your account to cover the cost. You’ll need to buy some Ethereum (or whichever crypto you plan on using), which you can easily do within MetaMask or Coinbase Wallet.
Note that gas fees aren’t a fixed amount and are dependent on the price the network is charging at the moment. On average, you can expect to pay around AU$75-200 to mint each NFT.
3. Pick an NFT Marketplace
In order to actually create an NFT and allow people to purchase it, you will need to use an NFT marketplace. There are many marketplaces to choose from, including Rarible, OpenSea, Mintable, KnownOrigin, and SuperRare. OpenSea is the most popular one, so we’ll use it for the rest of this walkthrough.
OpenSea – NFT Marketplace
4. Connect Your Crypto Wallet to the NFT Marketplace
5. Mint Your NFT(s)
Once you have set up a wallet, funded it, and connected it to the marketplace of your choice, it’s pretty simple to follow the instructions on the marketplace and create the actual NFT.
Most importantly, you’ll need to upload the actual file of the work (image, video, etc.) and select the terms of the sale. For example:
- Will it be sold for a fixed price or at auction?
- How long will it be available for sale?
- Will there be royalties paid to you for every sale in the future?
NFTs’ Environmental Impact and Solutions
How To Promote Your NFTs
Congrats! You’ve got an understanding of what an NFT is, why it can be beneficial for you, and how to actually make one. Now it’s time to set up a landing page to promote your NFTs and help get the most exposure.
Almost any NFT or collection of NFTs you’ll find has a website or landing page to properly communicate the project details to potential purchasers. This acts as a place where you can view the portfolio of available NFT designs, learn the backstory of the work or creators, and in general find out more about the project and future plans.
These websites tend to be super creative and use trendy design styles. Come and see us for a free proposal and to be inspired by us.
Get Started With Our New Landing Page Designs
I’m sure you’re extremely excited and anxious to launch your first NFT as quickly as possible at this point. So I have some good news! There are just launched 4 new NFT Landing Page designs to help you quickly launch your NFT webpage.
Tip: you can start using these designs right away from within the website and create the Landing Pages.
Each landing page is its own unique creation, fully equipped with the necessary sections you’ll need, engaging effects & animations, and even imaginative copy to give you some inspiration. These pages offer the perfect starting point to create a website displaying your NFT creations, your story, and your roadmap.
Add a New Revenue Stream, Reach New Audiences
NFTs are a new way to buy and sell digital assets online, offering many opportunities for us as web page owners. From adding new revenue streams by selling your own work or creating NFTs for clients, to reaching new audiences around the world, this technology should not be overlooked. As long as you understand how they work and how to create them, the options are truly endless. Who knows, maybe you’ll end up becoming the next NFT millionaire.
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Latest Update on July 10, 2022
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