Hi there!
In our last
email, we talked about making an NFT blog.
Today we’ll
discuss creating an NFT community.
Blockchain
brings an entirely new meaning to community-driven
projects.
Imagine a business chain that is co-managed by all
of the
customers who step in.
Each has
different responsibilities and each has a minimal
role to play
in order for the business to succeed.
Some might
even have invested in the business and have an
active
interest in its financial success.
One way you
might define your audience and community revolves
around the
level of blockchain knowledgeability.
Managing
wallets and private keys may prove to be significant
barriers to
entry for many. Therefore, a user’s ability to
overcome
these obstacles will make the difference between an
informed and
an uninformed audience.
You really
want the latter for your NFT community.
In order to
rally a community around your message, it needs
to be
tailored to the needs of a particular group.
Then, you
can concentrate on persuading your community to
take action
and become an active member and invest in your
ideas.
For example,
NBA Top Shot, which is centered around collecting
NBA
highlight videos, has presented their idea in this way:
“A new
generation of fandom has arrived. Join our community
of NBA
die-hards owning Moments: revolutionary collectibles
featuring
the best NBA highlights.”
Once you
have a coherent, believable idea, you need to get
people
excited. Practical actions you can take range from
announcements
of new features through time-limited events,
to making
members of your community feel special (by awarding
early
adopters, for example) are all effective ways to launch
your
community and motivate people to take action.
Creating a
solid community base in the early days will serve
you well as
your project grows.
Gaining
people’s trust isn’t easy, of course, but it’s ultimately
well worth
the effort in the end. Being transparent with the
community
will put you a good position and is an important
part of
building a solid network.
Let members
of your community know when everything is going
as planned
as well as when things go wrong, and keep in mind
that it’s
better to under-promise and over-deliver than the
other way
around.
By providing
timely communication and keeping your community
frequently
updated, your followers will know what to expect
from you,
which is essential in a market where empty words
and snake
oil salesmen often run rampant.
In our next
email, we’ll look at becoming an NFT artist.
Until then,
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Subject:
Hi there!
In our last
email, we talked about creating an NFT
community.
Today, we’ll
discuss becoming an NFT artist and selling
your work.
Anyone with
an internet connection and a crypto wallet
can become
an NFT artist. While you can always buy NFTs
and try to
sell them for a profit, you could just take
this a step
further and become an artist yourself.
First and
foremost, you need to decide what sort of NFTs
you’re going
to create.
There are a
lot of things under the broad category of crypto
art, including
tokenized memes, GIFs, short video clips,
digital
images of physical art, etc.
If you have
an artistic side and a rough idea of what type
of art you’d
like to create, fantastic! If you don’t, take
a good look
through NFT marketplaces such as OpenSea to see
what’s out
there on the marketplace.
You’ll need
to think up an artist name and brand yourself, too.
A fair share
of crypto artists use pseudonyms and some even
prefer to
keep their real-world identities totally hidden.
Since all
you need to set yourself up as an artist is an
Ethereum
wallet, this is fine.
The
trickiest part of becoming a crypto artist is creating
(“minting”)
the NFTs to sell.
Fortunately,
this process no longer requires you to code a
smart
contract. There are several “mint-your-own-NFT” platforms
out there,
ranging from very simple to very complex.
For example,
with Mintable, anyone with a wallet can mint
NFTs within
minutes without any technical knowledge of smart
contracts
(or any need to spend ether to mint the tokens).
Just sign
up, connect your wallet, and load up the content
you’re going
to tokenize and sell as NFTs.
Once you’ve
minted an NFT, you can immediately put it up for
sale on the
Mintable marketplace.
Of course,
those NFTs you create on a basic site like Mintable
are also
very basic. Given how easily anyone can create them,
they just
don’t carry the same level of perceived quality as
do NFTs
created on more prestigious platforms.
Creating
your own NFT on OpenSea, for example, carries a bit
more
prestige, even though the process to mint your NFTs
isn’t very
different from Mintable.
Other
notable NFT platforms that allow you to create your
own crypto
art collection include Variable, Airnfts, Mintbase,
and
Makersplace.
The key (for
newcomers without track records) is to use a
platform
with a large, built-in marketplace to increase your
chances of
selling that digital artwork.
Keep in mind
that all of your NFTs will initially be held
in your
Ethereum wallet—and your wallet’s address will then
be connected
to your artworks throughout their lifetime.
This means
you probably want to create a wallet specifically
for crypto
art and keep your investments and trading activities
in another
wallet entirely.
You also
need to promote your digital art in order to sell it. Social media
is still the easiest avenue to start promoting your crypto art.
Also try NFT forums, subreddits, and Telegram channels. Becoming
part of the NFT community and contributing value to it will go a
long way toward increasing your visibility as a crypto artist. And you
never know, someone might like your visual art and tell their
friends to hop on over to the marketplace to buy more! In our next
email, we’ll talk about starting an NFT loan program. Until then, Subject: 3.How to Create an NFT Loan Platform Hi there! In our last
email, we talked about becoming an NFT artist. Today, we’ll
discuss starting an NFT loan platform. Today, there
are several platforms that provide NFT owners with
an option to borrow funds by lending their NFTs as
collateral. Examples
include Starter, UniLend, Lendriod, and NFTfi. Most of
these are early-stage protocols, which means you can
definitely get in on the ground floor here. NFTfi is a
simple place for NFT collateralized loans. You have two
basic options, depending on whether you want to borrow or
lend crypto. If you need
a loan, simply put any ERC-721 token up for collateralization
and wait for the best loan offer. Or if you
want to lend crypto to someone else, find acceptable
NFTs and submit your proposal (loan value, repayment
value, and duration of loan). It’s pretty
straightforward and standard. The lack of
options for loans collateralized by NFTs is the
consequence of the larger challenge of NFT liquidity and of
defining the NFT assets’ prices. This is the
same problem fungible ERC-20 tokens faced before
automated market makers (AMMs) were introduced. Once this
problem is solved and an efficient price discovery
mechanism is created, NFT-backed loans will boom. Many
different projects are trying to create price discovery mechanisms.
Most of them use auction and sale models, but those seem
to be insufficient for the market’s purposes. On the other
hand, some projects use a model that creates fungible
fractions of non-fungible tokens. This seems
to be the one to bet on. Examples of these projects
include NFTX, NIFTEX, and NFT20. The final
model or project is UpShotOne, based on the idea that
combining the benefits of peer-to-peer networks, DMI-Mechanims,
and the historically proven fact that appraisals are one of
the best means of price definition for non-fungible,
low-velocity assets. There are
likely to be two main types of NFT lending solutions. The first
will accept fungible representations of the non-fungible
tokens. In that
case, the approach of creating fungible versions of the NFTs
will effectively determine their price. The second
type is the lending protocol that will accept NFT itself as
collateral. However,
until the effective price oracles, such as UpShot One
aims to become, this kind of solution cannot be fully
automated or decentralized because each NFT is different. Until we
have an effective price discovery mechanism, there has to be
some sort of central authority to decide whether a specific
NFT is accepted as collateral or not (and how much it is
actually worth). The pros
will be lenders who can utilized NFT’s functionalities
and use it in the game. Also, a
lender can earn additional funds by leasing that NFT to
a third party or gathering profit that NFT
generates (e.g. rent if it represents ownership of some virtual
estate). In our next
email, we’ll take a look at creating an NFT news site. Until then, Subject: Hi there! In our last
email, we looked at creating an NFT loan platform. Today, we’ll
discuss starting an NFT news site. NFTs first
made headlines in 2017, when Dapper Labs’ game
CryptoKitties accounted for 95% of Ethereum network usage at its
peak. While
someone paying $170,000 for a digital cat seemed crazy, what’s
happening today makes that headline look ordinary. Platforms
like Nifty Gateway, SuperRare, Foundation and Zora are
quickly emerging as the leading players for artists and other
creative people to monetize their work in a digital
world. The estimated
total value of crypto art has now passed $100 million
according to cryptoart.io.data. And there is
a real need for a news site to keep up with everything
that’s going on. NFTs are
starting to become collectables, just like Pokemon and Magic cards.
NBA Top Shot
has seen close to $10 million in 24 hour volume
according to CryptoSlam, with more than $100 million of their
“Moments” sold in less than a year of being live. Niche
collectibles like CryptoPunks (10,000 unique collectible characters
with scarce traits and qualities) now have a base floor of
roughly $18,000 a piece. Starting a
news site to keep up with trading and prices would garner
your business a lot of attention. You can also
monetize your news site with ads or by selling NFTs
yourself. The sky’s
the limit with NFTs! Thanks for
reading!
1 Comments
Amazing effort bro May Allah bless you ..
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