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.

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