According to NFT Stats, more than 53,000 NFTs have been sold worldwide in the last 24 hours, generating a trading volume of $84.3 million.
From interactive animations to logos and digital collectible lines, the creative possibilities of NFTs are almost limitless. However, many artists want to get into the NFT craze but have no concrete plans on how to make money.
Can anyone make money as an NFT creator? With the right mindset, I think so.
Here are five strategies successful artists use to create profitable NFTs.
This is a guest post written by Alexey Komov aka ZESKULLZ, co-founder and creative director of theamadei.
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Their Projects Have A Story That Reaches Out Of The Metaverse.
More than anything, people want to feel like they’ve bought something that can be shared, both online and offline. People want value from NFTs, not just a claim for useless blockchain data.
They want to be able to integrate their NFT purchase into their real life as much as their life in the Metaverse. An NFT must have a story that transcends its online presence.
When successful artists create an NFT, they consider questions like: “How can this be useful in real AND meta life?” and, “Would I like to buy this if I saw it in the market?”
Check out the video below for a quick and easy way to add a TON of value to your NFTs.
2. They know how to collaborate to create excitement.
Ideally, an NFT creator should already be popular in their community. However, unknown or lesser known creators can still be very successful!
The secret to success is knowing how and when to collaborate with someone more influential. It could be another artist, a well-known member of the community, or even a social media influencer. About 23 percent of millennials collects NFTs, so a collaboration with a popular social media figure can be incredibly lucrative for new creators.
When you can make connections to get your project ideas out to an influencer’s audience, you’re much more likely to gain notoriety and be successful in your own right.
3. They understand that NFTs are investments.
NFTs are a unique intersection of art, investment, and the metaverse. While NFTs are certainly not simple stocks, they are still first and foremost an investment for the buyer. Chainalysis discovered that almost $41 billion worth of crypto was spent on NFT markets in 2021
During the creation process, it is important to remember that the most successful NFT projects are the ones that can be seen as suitable investments. Buyers want to look at a project and see its potential to grow in value over time.
The more attractive and valuable your NFT appears, the more likely you are to find the success you’re looking for.
4. They do something unique and interesting.
The worst thing a creator can do is copy another successful project in the hope of finding some of that success for themselves.
Creators who can’t come up with unique and exciting ideas on their own have no real chance of long-term success in the NFT industry.
Remember that these projects are as much about art and expression as they are about making a profit. Strive to strike a balance between profit and prose. Creators should want to tell a story and invoke an emotional response in their buyers whenever possible.
Gay Vee has some invaluable tips for making your NFTs unique and interesting which are broken down in the video below.
5. They have studied the success of other NFT projects.
Yes, I know. I just made a point to say how important it is to create something unique. However, this little tip does not contradict that.
Part of being a successful creator (in any industry) is knowing your market. It’s great to come up with fresh, original ideas, but it’s crucial to remember that ideas like that may need to be shelved to gain traction first.
In the realm of entrepreneurship, one of the biggest barriers to success is not examining your market first. It’s extremely common for entrepreneurs to come up with an amazing idea that they’re sure everyone will love, only to discover that there isn’t a stable enough market for it.
The same is true for the creators of NFTs. Before starting a project, take a look at the landscape and see which projects have been most successful. In many cases, the most successful projects can be quite different from what you initially thought.
In these cases, the best strategy is to gain an understanding of what’s popular right now and adapt it to fit your style of creation. Once you have attracted attention and secured a following, you can present more stylistic and original projects.
Is it difficult to make money with NFT?
Making money with NFT as an artist doesn’t have to be as difficult as you think, as long as you know the right moves to make. Because you can make a lot of money in this space, but you can also lose a lot of money if you don’t do what you’re supposed to do.
So, just to repeat the best practices I’ve seen for making NFTs work, let’s dive into the top five practical tips artists should be doing.
Understand how to create advertising around your project through strategic marketing and effective collaboration. Two audiences are better than one, and working with others in your space can really help add fuel to the fire.
build a community of followers around you and your project. The more people who are interested, the better, and the people within your direct community are the warmest leads you can find. Start building a community today on platforms like Instagram, Discord, or others.
Dive into the NFT community. Stay in the public eye! Create something useful, unique and attractive to investors. Just like any other industry, to thrive in the world of NFTs you need to eat, sleep and breathe what you do. This may seem like a lot to handle as an emerging artist, but it can be worth it in the long run.
NFTs have been around since 2014, so they are not just a fad. The sooner creators can get into the community, the better their chances of success.
