5 Very Simple Steps To Make Your NFT Profitable

The success of NFTs could soon be yours. However, after minting your NFTs, it still needs some work. But don’t worry — here’s where to start.

Congratulations! If this article interests you, you’ve probably already turned your creativity into one or more awesome NFTs. Maybe you’ve created an impressive piece of art, a piece of music, or a video game? In any case, you have confidence in your work and know that someone will be interested in the exclusive rights to your work.

But only the most sensational NFTs sell for six figures or more to celebrities and art collectors. And even if you’re sure your work will one day be worth that much, monetizing an NFT, like any successful venture, depends on the balance between inspiration and perseverance. So let’s discuss some of the ways you can make your NFTs a sought-after commodity.

1 ) Create a crypto wallet

Many NFT creators don’t even think about the first and most essential step. It would be best to have a crypto wallet to store your digital money and other assets. Trading NFTs without such a wallet is like being an art dealer without a storage space or even a bank account.

Most payments for NFTs are made in cryptocurrencies like Bitcoin, Ethereum, or Solana. So you need the ability to receive and store online payments. Even if you plan to convert your cryptocurrencies into fiat money as soon as possible, you need to get cryptocurrencies first. A wallet is easy to download and install on any compatible device. A wallet pays for itself many times over in utility, storage capacity, security, and tracking. And you’ll need it if you want to sell NFTs.

2 ) Advertising in the community

Whether you want to sell NFTs or write books, any artist will tell you that self-promotion is the key to a successful brand. Of course, if you don’t want to promote your products yourself, you can pay someone to do it. But there’s no guarantee that the person will market your products successfully. And even if they do, there’s no harm in representing yourself.

And there’s no better place for self-promotion than social media. Platforms like Twitter, Facebook, Instagram, etc., provide a great place to showcase your brand and personality. At the same time, you can showcase the NFTs for sale in your chosen marketplace. The better an NFT creator represents and promotes your brand online, the more interest they generate for your digital products.

3 ) Choose an NFT marketplace

Besides a wallet, you also need an NFT marketplace to sell your NFTs. It’s best to focus on just one NFT marketplace. For example, it may be tempting to switch from OpenSea to Rarible, but that ultimately dilutes your brand and confuses buyers. Why is this NFT on this NFT platform and that NFT on another? Why do prices vary between NFT marketplaces?

Consumers need a single place to follow and buy from their favorite artists. Many don’t mind going to different NFT marketplaces for other artists. But requiring multiple accounts on different hubs for one artist is like a scavenger hunt. A clever NFT artist chooses a marketplace where he can create a low cost and sell at the highest profit to maximize his profit.

4 ) Ensure scarcity of your NFTs

NFTs are as diverse or scarce as the creator wants them to be digital resources. And everyone knows that a scarce item creates more demand. So the rarer the NFTs, the more demand they are, especially if the creator has a solid social media presence.

There are two ways to create scarcity and increase the value of an NFT.

*The first is to set a cap on supply. For example, if a particular NFT is only available five times, it feels much more like a precious collectible.

*The second way to create scarcity is to release NFTs in rarity grades. In this case, individual pieces have different qualities or are exclusive works that are rarer.

The creators of NFTs have borrowed the names of the ranks such as common, rare, elite, epic, or legendary from video games. But no matter what you do, dividing your NFTs in this way helps to increase interest in rarer NFTs.

5 ) Creating NFT — merch

If the copyright is not sold with the NFT, the creator of the digital work still owns the right to reproduce that work. This means that the creator retains the right to market the object represented by the NFT. A trendy piece can thus still be used by its original creator for all kinds of merchandise.

For example, in the case of artwork, creators can then release t-shirts, patches, stickers, tattoos stickers, posters, and more. An NFT can sell for a lot of money, and its creator still has the right to capitalize on the hype by producing and selling any creative item they can think of.

NFTs offer creators new paths to success. To explore these avenues, creators must be bold and willing to adapt to new ideas. The faster and more fully an artist understands how to make money with NFTs, the sooner they can take advantage of this exciting new market.

All of my articles were written with a strictly personal opinion. Please make sure to do your own research. Never take one person’s opinion for financial guidance. There are multiple strategies and not all strategies fit all people. My articles ARE NOT financial advice.

Thanks for reading and your support! — Best regards,

Günter Ederegger