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Understanding The Connection Between NFTs & Ethereum

NFTs have gained unprecedented popularity since last year when Pak sold a couple of art pieces for millions of dollars. Now, everything from art to music, burgers, and land is being digitized and auctioned on various platforms. But before we go on, what are NFTs?

What Are NFTs?

NFTs are tokens that can indicate ownership of a one-of-a-kind item. They enable us to tokenize collectibles, art, and even real estate items. 

They can only have one recognized owner at a time. The Ethereum blockchain also protects them — no one can change the record of ownership or create a new NFT.

Even though NFTs are not new, they have recently gained notoriety as the most popular way to buy and sell digital art. In fact, since 2017, more than $174 million has been spent by NFT enthusiasts to acquire different NFT projects.

The value of an NFT depends on its scarcity. The rarer it is, the more potential buyers will be willing to pay for it. That’s because it means that the likelihood of someone buying the token for a better price later is higher.

Connection between NFTs and Ethereum

As an illustration, think about the cost of a sporting event ticket. Like an event producer may pick how many tickets to sell, an NFT artist can decide how many copies exist. The event producer may choose to print 4000 exact copies or make them individually unique, so they become collectibles you can purchase on various NFT marketplace.

How do NFTs work?

Compared to ERC-20 tokens, such as the DAI or LINK, NFTs are unique and cannot be divided. The public ledger of Ethereum’s Blockchain may be used to track and assign ownership of any distinct piece of digital data using NFTs. Creating an NFT using digital objects as a digital or non-digital representation is possible.

Assigning ownership and managing transferability of NFTs is done through smart contracts. At any given time, an NFT can have only one owner. Unlike other tokens, this token has a unique identifier and metadata that cannot be replicated.

What are ERC-721?

The code stored in smart contracts, such as ERC-721, is executed when an NFT is created or minted. The NFT’s Blockchain is updated with this information.

How Are NFTs Different from Cryptocurrency?

While NFTs and cryptocurrencies are built on the Blockchain, they have nothing else in common. Cryptocurrency’s fungibility means that it can be used as a medium of exchange. 

There is a correlation between the value of one cryptocurrency token and the value of the next, for example, one Ethereum. But because NFTs are non-fungible, the price of one NFT is not the same as the value of another. Every piece of art is unique, making it non-fungible.

How Are NFTs and Ethereum Connected?

The Ethereum blockchain is home to most NFTs. Like bitcoin or dogecoins, Ethereum is a cryptocurrency that supports NFTs, which store additional information that makes them work differently than an ETH coin. 

As an aside, it’s worth mentioning that NFTs can be implemented on any blockchain.

How To Attract An Audience As An NFT Artist

NFT is the new adventure for breaking even in the digital market for many business ewners and creators, and any artist keen on it can hardly be left behind. This is why we researched and found out trusted ways in which you, as an NFT artist, can attract an audience to your arts. 

This guide will help you improve your overall performance and audience. To follow us on this journey, let us first mention that relevant skills and promotion are essential for your performance to grab a whole chunk of the audience. To achieve this, follow these trusted and workable approaches: 

EDUCATE YOUR FRIENDS AND FOLLOWERS ON SOCIAL MEDIA. 

For you to leverage promotion, how about taking a step to educate people around you who know nothing about NFT?  Let your friends and current followers on social media know what NFT is all about. 

You can make a post detailing the benefits and why your audience needs digital collections. Let them be your first marketers, who will retract back to their first experience of NFT to tell people about your work. 

Use social media in order to get an audience for your NFTs.

MARKET YOURSELF ON SOCIAL MEDIA. 

Social media is an essential tool in selling your products. You can make use of the following social media platforms: Twitter, Instagram, Discord, Medium, etc. 

A week or two before you release a project, prepare your audience, tell them about the tools you used, your fears, failure, and excitement about the project. This will help them to identify personally with your work. 

You can even ask your art friends to help you share your works on their social media platforms. This can result in you generating more leads. You can also seek connections with other artists who are not on your list of followers. 

Furthermore, you can share other well-known artists’ works and write a brief appreciation of their arts. There is a high possibility they will share your post in their timeliness, making you more visible amongst numerous artists and their audience. 

Use influencers' power to sell your NFTs.

MAKE USE OF INFLUENCERS. 

Using influencers to build your NFT community is a clever idea. They are basically one of the few marketers out there that can promote one’s brand. Most of them have loyal communities. However, they will ask for pay or commission. 

FIND AN IDEAL MARKET FOR YOURSELF.

There are various marketplaces for NFT artists to buy and sell their products. nenSea has the largest crypto collectibles where you can have broad services ranging from minting artworks, game items, trading cards, and more. 

Make use of feature drops in the marketplace: KnownOrigin, NiftyGateway, MakersPlace offer various services that can get your collections to the right audience.

For instance, Nifty Gateway posts a schedule for drops on their website and Twitter.

OTHER THINGS WE SUGGEST YOU SHOULD DO.

  • Stand out among the crowd: Define your kind of art and be consistent with it. 
  • Be certified: Make a big deal of it by looking professional. 
  • Walk with a group: Team up with groups on social media platforms such as Discord and Twitter. Don’t forget to always share your thoughts on those platforms. 

CONCLUSION:

There is a saying that a good product sells itself. Therefore a track record of good and quality products consistently pushed to the screen will attract patronage and recommendations from people. 

Every NFT Marketplace You Need To Know About

There are many NFT marketplaces available to artists and collectors. Some of them are fantastic; others are a little shady. 

There are many factors to consider when choosing a marketplace to operate in. If that marketplace closes, you need to think about what happens to your collection. 

You need to think about how that marketplace is managed. Are the people running it trustworthy? Are they trying to scam you for a quick buck? Are their commission rates too high? Do they mint your NFTs first and then sell them, or do they sell them, then mint them afterward? 

In this article, we’ll give you our top NFT marketplaces that we trust and that are trusted in the NFT community for collectors to find incredible NFT projects that are actually worth the hype.

OpenSea

OpenSea is the leading marketplace for NFTs. They operate through lazy minting. 

This process allows artists to create and post their NFTs for free after paying a small fee to create their accounts. OpenSea only takes a 2.5% transaction fee from traders, which is one of the lowest fees of any marketplace. 

If you’re new and don’t know where to begin, OpenSea is the marketplace you want to be in. They are trusted and leaders in the industry. 

SuperRare

SuperRare launched in 2018 and has already generated over $90 million in NFT sales across 1400 artists. SuperRare has a fine arts feel to its platform. 

If someone is trading on SuperRare, they are legitimate. SuperRare is for those serious artists and traders who view NFT collecting as a lifestyle they are willing to invest in. 

It’s not for the faint of heart, and you may not be able to get your art on SuperRare at the beginning of your career, but you should at least view it regularly and strive to be featured there. 

Artion.io

Artion is another platform for new artists. Artion.io is so popular because it has almost no transaction fees or any other fees. 

This makes it extremely easy for new artists to dip their toes in the NFT waters. There are very low rates for minting NFTs, very small transaction fees, and no commission fees when the art is sold. You will not find smaller fees than Artion, it compares to OpenSea for this reason, but OpenSea is a little more popular. 

So there is a give and a take when debating between these two platforms for lesser-known artists. 

NiftyGateway

NiftyGateway is one of the largest NFT marketplaces that allows its users to purchase NFTs with USD instead of purely crypto transactions. This makes it accessible for many more collectors. 

The platform also hosts the NFTs in a collection until the user decides to export them to a wallet of their own. This has pros and cons. 

The pros are that someone can collect NFTs for as long as they’d like without having to worry about managing wallets and keeping them secure. The downside is that their NFTs will be with someone else.

If something were to happen to NiftyGateway, your collection could be compromised. However, this is not likely, and if you consistently transfer your collection to your wallet, you will likely be fine. 

Which Social Media Site Is Best For Growing As An NFT Artist?

Nowadays, there are so many social media platforms that it can be challenging to keep up with all of them. Most marketing experts would agree that every platform should be utilized; however, not all of them are created equal.

Which platforms you decide to use will be determined by your overall goals with NFTs. As an NFT artist, your goal will likely be to market your NFTs and build a customer base. We will cover how to do this through the power of social media and how to use each of the most popular platforms. 

Instagram

Instagram, of course, is social media that is used to share images and videos. There couldn’t be a better place to share your art and build a fan base of people that like it. 

To sell your art, though, you’re going to need to go above and beyond, even on Instagram. Even if you build a huge follower base, your NFTs will not be guaranteed to sell. 

You have to put work into marketing yourself as a seller and reach people who will purchase your art. Having your name be known in the community is always great, though so no matter what, Instagram is a necessity for NFT artists. 

TikTok

TikTok is one of the newest social media platforms and is already one of the most popular. But how do you use TikTok to market your NFTs?

Well, many NFT artists will use TikTok as an education platform. They’ll create videos of themselves talking about NFTs, answering questions, showing their art, etc. 

This will build a community, just like Instagram. If your NFTs are animated, TikTok is also a great place to showcase them with short videos. 

Facebook

Facebook has many communities, and you should be a part of at least a few of them. We recommend joining general communities, as well as niche communities. 

The general communities will keep you up to date on the NFT world in general; fads, artists, etc. At the same time, niche communities may open your eyes up to a new customer base. If there is no community for your niche or even your local NFT community, create one! Being a community leader will increase your reputation and legitimize you as a top artist. 

Discord

Join Discord communities. This is one of the best tips for up-and-coming NFT artists. Discord has been overlooked in all forms of marketing, NFTs included. Creating a Discord community is a fantastic way to interact and learn about your fan base. 

It allows them to give you feedback and tell you what they want. Beyond creating your own community, joining other communities is a fantastic way to market your art (when within the server’s rules) and talk with like-minded individuals. 

Twitter

Last but far from least, Twitter is still king. Twitter has always been a great way to instantly reach hundreds of thousands of people. 

Digital artists have successfully used Twitter for years, and NFT artists are no different. If you’re not on Twitter, you need to get on Twitter. 

You need to find the big players in the communities you want to target. See what other artists are posting, how they’re utilizing the platform, etc. Twitter is the best social media for NFT artists, hands down. 

Does Community Matter In The World Of NFTs?

NFTs have been growing in popularity for the last couple of years. They are a fantastic investment and have the potential to become even more valuable and widespread than they currently are. Because of their potential, many artists and collectors have jumped into the world of NFTs and have begun creating and trading them. 

Investors and artists have pretty much two options when they start their journey. They can try to make a quick buck, stay away from the social aspect of NFTs and remain a lone wolf. Or they can take a deep dive into the NFT community and immerse themselves in the company of other enthusiasts.

We highly recommend the latter method, as we believe community is extremely important in the world of NFTs. This article will explain why we believe this to be true and hopefully give you some more insight into the community of this new technology. 

Spread Your Name 

Whether you’re an artist or a collector, you need to be a known name if you want to make a profit off of your NFTs. While the quality of your artwork matters, it doesn’t matter how good of an artist you are if no one knows who you are. 

Being a part of the community gets your name out there and lets people know you exist. Think about it as free marketing that you’re doing for yourself. 

NFT artist

Legitimize Yourself 

The NFT community is relatively tight-knit, and they do not take kindly to outsiders coming in just to make a quick buck off of their hobby. By being an active member of the community, you show them that you do care about the technology and are there for the long haul. 

It will build trust, and people will be more willing to spend their money on your NFTs because they will want to see you succeed. 

nft artist building connections to other nft artists

Build Connections

Connections are critical in business, no matter what the business is. This is true for NFTs as well. Not being a part of a community is one of the biggest mistakes a new NFT artist can make.

If you have connections, you will hear speculation first, talk to experts and artists, and be at an all-around advantage compared to those that fly solo. The NFT community is tight-knit like we mentioned above, so being able to network with a few big players will land you in good regards with most of the community. 

There are many NFT trends and fads, and if you’re not a part of the community, you’ll be flying blind. Navigating the NFT market and determining whether a particular trend will be a short fad or an excellent long-term investment can be very difficult. 

Being a part of the community means seeing what everyone else thinks and using the general feeling to help you decide how a particular trend will go. You will also be able to garner the advice of more experienced traders and artists to help you determine whether you should hop on the trend or not. 

People Buy Backstories 

Finally, if you are an artist, you need to be a part of the community if you want to succeed. 

People no longer buy art when buying NFTs. They buy ideas. There are a lot of NFT artists who succeeded because of their incredible stories. You need to get your backstory out there, along with the backstory of your art. 

If you’re a part of the community, and people know who you are, and your story speaks to them, then they will buy your art. Otherwise, you will be just another face in the crowd of beautiful NFTs.

Mistakes To Avoid As A New NFT Artist

The NFT market went really crazy in 2020-2021, many price records were broken, and NFTs got a lot more popular. Artists worldwide made lots of money, reaching thousands and millions of dollars, just by selling their digital art as NFTs on blockchains.

Since then, the NFT hype has been increasing, and more artists are jumping on this money train. Yes, many are making profit as NFT artists, but some are taking losses and regrets because of some basic mistakes. 

As a new NFT artist, you don’t have to make these mistakes. This is why we are listing them out here, so you can avoid them as you begin your journey as an NFT artist.

Poor understanding of how NFTs work

You will be surprised to find out how many artists get into creating NFT art simply because it is trending right now. Many of these artists will get scammed or hit roadblocks as they try to sell NFTs successfully.

This is why understanding how NFTs operate is really important for NFT artists. You shouldn’t make any investment without truly understanding how it works, and NFTs are not an exception to this.

Not doing personal marketing

Yes, your NFT is on a marketplace, where people can select it for a purchase, but you can make a lot of sales from your personal marketing. You will make a lot more sales and profit if you can build a personal relationship with buyers. 

The best way to do this is through social media accounts; that’s how the big names are making their massive sales. Build your artist profile on social media platforms, post your art and interact with the public.

This way, your NFTs will not just sit on the marketplace, but they will be sought after by buyers.

Failing to know your rights

When you mint your art on a digital marketplace, you’re entering a legal agreement with them. Make sure that this agreement is one you’re comfortable with, and you still hold the rights you want to your NFTs.

Most marketplaces allow you to hold commercial rights to your art, and this is sufficient for you to sell the art on the platform. Nonetheless, ensure you read the agreement and understand your rights and their rights in the contract.

Trying to do it alone

There are many more specific mistakes that NFT artists need to be aware of; the best place to get foreknowledge of this is in a community. An artist that tries to do it alone would be a victim of many avoidable errors.

Communities also share tips, information and resources that help them stay ahead in the market. Find a community related to the NFT art you create, join them and contribute to the space.

Overpricing your work

The huge prices you see big accounts tagging art, when you’re just starting, can be quite tempting. If you are going to be successful, you can’t let that get to you.

You have to understand that you’re just starting. Yes, your goal is to make huge profits, but you need to focus on building a trusting customer base.

Keep your prices moderate and engage and reward your buyers on social media. 

How to Tell If an NFT Project Is Going to Take Off

In crypto, the earlier you are the better. This means that if you’re one of the first people to get in on a coin when the price is low, when the value of the coin increases, you’re going to be reaping a lot of benefits.

Of course, you still have to do a lot of things like following the chart every now and then to make sure you don’t stand the risk of having a loss. In the same vein, finding profitable projects before they become mainstream can make you a lot of money.

But the question is, how do you find gems in the market before anyone else does?

In this article, I’ll talk about how you can identify NFT projects that are likely to blow up from the get go. I’ll also mention some of the NFTs that are currently hot right now. 

Random Picks Won’t Cut IT

If there’s anything that’s constant with crypto and NFTs, it’s that good projects are a dime a dozen. Many of the projects out there are not going to take off anytime soon and where NFT is concerned, not many people can produce art, music and other types of digital entertainment with high quality. Some of them are likely to have poor design, inconsistent quality, poor community engagement and so on.

So what do you do? Well, most people in your situation will go through NFT marketplaces like Rarible and OpenSea but the problem is these platforms have thousands of new projects regularly. Going through them can be very impractical. 

Another strategy you may want to try is to follow crypto celebrities and analysts on social media or YouTube and search for NFT projects they’ve endorsed in the past. However, this approach also has its shortcomings. For example, the crypto celebrity may just be acting as an influencer for the project.

How Do You Find NFT Projects Early?

Launchpads

Crypto launchpads are used to connect project developers with early stage retail investors and captive audience. They are also sometimes used as fundraising platforms with the capacity to help those projects get established.

There are different types of launchpads. What you’ll be watching out for are NFT launchpads. They’re great ways to discover whether an NFT project will be promising from the get go.

Minting monitors

There are several tools for monitoring new NFT contracts minted on Ethereum. You can even see the real-time feed of the NFT mints. This means you’ll get to know about new projects in NFT as soon as they enter the market.

You can use the information you get from these tool to identify projects that are promising before many people and jump on them before they become promising.

That said, it’s more practical to find out NFT projects even before they’ve been minted.

Snipe for rare NFTs

How rare the collectibles are can determine whether an NFT project is going to be successful or not. If you can find NFTs that are rare and one of a kind, you may just be on to something.

The problem is that it may be difficult to identify NFTs that are rare. That’s what tools like freshdrops.io are for. They create a system for discovering NFTs rarity. This way you can figure out NFTs rarity before anyone else.

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Which NFT Projects We’re Watching in 2022

Even though NFTs have been around for a while, it wasn’t until 2021 that they became popular enough to be identified as a significant force in the crypto sphere. Even now, interest in the area continues to grow without any sign that it’ll be stopping anytime soon. 

At the moment, there are millions of NFTs in the market and every day, hundreds of new projects are launched. NFT lovers and enthusiasts all over the world are searching for new projects and trends that are likely to become big deals in the future.

That’s why we’ve decided to list a number of NFTs we’re watching in 2022. Let’s get started.

Enjin Coin

This is the first NFT project we’re going to be looking into. This project is a blockchain game platform that has collaboration with Samsung. The main idea behind the project is to make digital collectibles that the players can really own.

A lot of people have been following this project since 2019. Enjin makes it possible for players to own their digital collectible with the use of ERC-1155 tokens which is an upgraded version of the popular ERC20 and ERC721 tokens.

In short, Enjin is set up as a gaming network through which game developers can buy ENJ from a crowdfunding, auction, or alliance and then convert them into ERC-1155 tokens with a value already fixed in ENJ. This is what is called minting.

Flow Blockchain (FLOW)

NFTs are not new. They’ve been around for a long time. In fact, there was a huge buzz around them in 2017-2018 when the blockchain game, CryptoKitties was very popular.

So popular in fact that the number of transactions was too much for the Ethereum blockchain the game was built on causing the cost of transactions to go higher.

As a result of the disappointing performance of the Ethereum blockchain, the developers decided to design their own blockchain and that’s what FLOW is. So, FLOW is a blockchain aiming to be what Ethereum was unable to be for CryptoKitties in 2017-2018. The blockchain is created to be easy, decentralized, scalable and conducive for developers to build on.

Hence, FLOW aims to be the blockchain for creatives and developers to make games, applications and digital objects.

Decentralization (MANA)

This is the third NFT project we’ll be looking into based on LAND & MANA. The name of the project is Decentraland and as the name states, it’s a digital augmented reality environment built on the Ethereum blockchain where users can enjoy, develop and monetize apps and content on the framework.

In a nutshell, it’s similar to Second Life and Simcity except for the fact that it’s decentralized and built on the Ethereum blockchain.

There are two tokens on Decentraland and that’s Territory and MANA. The first is an ERC-721 Non-Fungible Token and the second is a ‘natural’ ERC-20 token that can be used as an in-game crypto coin.