According to NFT Stats, more than 53,000 NFTs have been sold worldwide in just the past 24 hours, generating a trading volume of $84.3 million.
From interactive animations to logos to digital collectible lines, the creative possibilities for NFTs are nearly limitless. However, many artists want to get in on the NFT craze but have no concrete plans for how to make money.
Can anyone make money as an NFT creator? With the right mindset, I believe so.
Here are five strategies that successful artists use to create profitable NFTs.
This is a guest post written by Alexey Komov aka ZESKULLZ, co-founder and creative director at Theamadei.
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Their Projects Have A Story That Reaches Outside The Metaverse.
More than anything, people want the feeling that they’ve purchased something shareable, both online and offline. People want value from NFTs, not just a claim to useless blockchain data.
They want to be able to integrate their NFT purchase into their real lives just as much as their Metaverse lives. An NFT should 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 want to buy this if I saw it in the marketplace?”
Watch 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 become extremely successful!
The secret to success is knowing how and when to collaborate with someone more influential. It can be another artist, a well-known community member, or even a social media influencer. About 23 percent of millennials collect NFTs, so a collab with a popular social media figure can be incredibly lucrative for new creators.
When you can make connections to bring your project ideas to an influential person’s audience, you’re much more likely to gain notoriety and become 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 found that almost $41 billion in cryptocurrency was spent on NFT marketplaces in 2021
During the creation process, it’s important to remember that the most successful NFT projects are the ones that can be viewed as suitable investments. Buyers want to look at a project and see its potential to grow in value over time.
The more appealing and valuable your NFT appears, the more likely you are to find the success you’re looking for.
4. They Make Something Unique And Interesting.
The worst thing a creator can do is copy another successful project in the hopes of finding some of that success for themselves.
Creators who cannot 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 just as much about art and expression as they are about turning a profit. Work on striking 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 high-value tips to make your NFTs unique and interesting that be breaks down in the video below.
5. They’ve 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. This bit of advice doesn’t contradict that, however.
Part of being a successful creator (in any industry) is knowing your market. It’s great to have wild, outside-the-box ideas, but it’s crucial to remember that ideas like that might need to be shelved in favor of gaining traction first.
In the realm of entrepreneurship, one of the biggest barriers to success is not vetting your market first. It’s extremely common for entrepreneurs to have an amazing idea they’re sure everyone will love, only to find out that there’s not a steady enough market for it.
The same is true for NFT creators. Before beginning a project, scope out the landscape and see which projects have been the most successful. In many cases, the most successful projects may be quite different than what you initially thought.
In these instances, 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’ve gained attention and secured a following, you can introduce more stylistic, outside-the-box projects.
Is Making Money With NFTs Hard?
Making money with NFTs as an artist doesn’t have to be as hard as you think, as long as you know the right moves to make. Because there is a lot of money to be made in this space, but there is also a lot of money to be lost if you’re not doing what you’re supposed to.
So just to rehash the best practices that I have seen for making NFTs work, let’s dive into the best five, actionable tips artists should be doing.
Understand how to create hype around your project via strategic marketing and effective collaboration. Two audiences are better than one, and working with others in your space can really help pour fuel on the fire.
Build a community of followers around yourself and your project. The more people are interested, the better and people within your direct community will be the warmest leads you can find. Start building a community today on platforms like Instagram, Discord, or others.
Immerse yourself in the NFT community. Don’t shy away from the public eye! Create something useful, unique and appealing to investors. Just like any other industry, to thrive in the NFT world you need to eat, sleep, and breath what you do. This might 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 aren’t just a passing fad. The sooner creators can get into the community, the better their chances of success are.