So, it is no longer news that NFTs are the buzz of the crypto world currently. There is so much potential in that crypto department, and it seems big enough for everyone to have a bite. In most cases, the best way to profit from the NFT craze is to buy an NFT or a related token while still being cheap and cash out when it blows up and becomes bigger. You can also profit from it by partaking in the NFT platform’s world, usually known as a metaverse.
However, that is not the only way to benefit from the NFT rush taking over the crypto world. In this article, I will take you through another way of making money from NFTs, that is, making and selling your own NFT collection. Don’t worry; I won’t make it complex. It’s something that you would be able to do regardless of whether you have a good knowledge of the tech world or not. Before we delve into that, though, let us first address why it is a good idea to create your own collection.
WHY CREATE YOUR OWN NFT COLLECTION
Yeah, why go through the stress when you could just buy some NFTs and keep them in your wallet? Well, consider the following reasons:
You get to do something exciting
You could create a whole world of characters in line with your preferences and imagination and introduce them to the world. You could name them or imbue them with special powers and features as you wish. It is like creating art pieces and showing them off to the world as a part of your legacy. If you’re successful, you may even gain a fanbase and get famous in the process.
Who doesn’t want that, right? Creating your own NFT collection is like creating a new line of business. In fact, that’s precisely what it entails. The differences are that your business lives on the blockchain and that once you start, you earn from them for life. You don’t need to worry about running out of stock. How exactly do you make a profit from creating an NFT collection? There are usually two methods of earning from NFT collections, the direct and the indirect method.
- Direct Method: It’s simple. Mint some NFTs with gas fees and sell them at a higher price. If you get buyers for them, the profit potential is enormous. The profit even becomes bigger if you mint on cheaper blockchains like Solana, BSC, etc.
- Indirect Method: Here, you add a royalty function into the NFT code such that whenever anyone buys and resells the NFT, you get a portion as a royalty fee. This earning method can go on indefinitely. After all, the blockchain is immutable and indestructible.
We live in unprecedented times! When this article was written, the entire crypto market cap had crossed two trillion dollars. Yet, many people feel we are still very early and that there is still a lot of innovation ahead. You can also be a direct part of this if you create your own NFT collection.
Now that we have covered the ‘Why’, let us delve into the ‘How.’
HOW TO CREATE YOUR NFT COLLECTION
DO YOUR OWN RESEARCH(DYOR)
This is a popular saying in the crypto world. It means what it simply states, that you should make adequate research into whatever crypto venture you choose. Therefore, you need to really research what arm of the NFT space your collections will focus on. This will lay the all-important foundation for other things you would need to work on to launch your collection.
It could be something you have a passion for, maybe a sports collection or a video game series. It could be a meme collection or something in the animal territory. It could be anything you set your heart upon.
However, while researching a space you’re interested in, make sure it’s something people will also be interested in. After all, what’s the sense of making a collection that no one will be interested in buying?! This is important because your NFTs are not going to thrive alone; they need a community to be built around them; therefore, put that in mind as you decide what niche you’ll focus on.
DON’T BE SHY ABOUT BRANDING
As you well know, most businesses are only as good as the effort put into branding them. That is what will stick to people’s minds and leave them searching for your collections.
One of the most important things to do when branding a project is to choose an appropriate name for the project. It has to be precise and concise while also weighted with enough meaning to draw people’s attention. Think about some successful collections, for example—Cryptopunks, Bored Ape Yacht Club, Degenerate apes, among others. The names are pretty catchy, aren’t they? That is the first step towards branding your NFT collection
Once you’re done with the name, the next step is to create an online presence in the crypto community, specifically the community that’ll be most interested in your collection.
You do this by creating a website that will be easy to navigate, creating social media accounts on various channels like Twitter, Reddit, Telegram, Discord, and other channels appealing to the crypto community. This may require little capital from you, but whatever you spend on it will likely be reaped in many folds as your collections go mainstream.
BUILD YOUR TEAM
This is where you’ll likely spend the bulk of your capital, but it will be money well spent in the long run. You’ll need team members, no matter how small the scope of your operations will be. Don’t worry; it’s not something complex. The world has advanced to the point where competent individuals are available online to work remotely on any project. All you have to do, in most cases, is to post an ad on appropriate social media channels, and you can get skilled workers to work on your project.
Some of the team members you’ll need are:
- DEVELOPERS: This goes without saying. After all, your collections will be built on the blockchain with a smart contract code tailored according to your instructions. To do this, you would need a developer, except, of course, if you have some coding knowledge or know someone who does.
- OTHERS: As your project gets bigger, you’ll need marketers, social media influencers, artists and some other professionals to fill in various aspects of your product. Don’t worry; you don’t need to break the bank before getting your team members. Also, your payment does not necessarily have to be all cash; you might promise them some NFTs from your collection once it launches.
IRON OUT THE FINE DETAILS
This is another critical step in building your collection. You need to be sure of what exactly your collection is and what it will entail. You can’t just leave it to pure imagination; it won’t work that way. How do you iron out the fine details?!
First, think about how many NFTs will be in your collection. Without a finite number to your NFTs, they’ll lose their value and depreciate over time. So, let’s say you decide to create a collection of 5,000 NFTs.
You want to create something in the animal territory, so you go for bored cats. You also need to determine which blockchain you’ll build on. Many favor Ethereum because of it being solid. However, there are other blockchains that are solid and will cost less, like BSC, Solana, Terra, Avalanche, etc.
Once that is determined, you can work out the minting process and the roadmap. Will you give out all the NFTs at once or in stages? Will they have any other intrinsic value apart from just collecting? Also, which website or launchpad will you launch on, and what will be the parameters for launching? Those are things you need to iron out before you launch.
GENERATE YOUR NFTS
Now, this is where it gets interesting. You’ve done all the paperwork. A lot of planning and thought has gone into your collection; it’s now time to put those plans into action
The first step is to draw out those NFTs and input rarity levels. Don’t worry; you don’t need to draw each one out (that’d be so strenuous). You only need to draw one and use it as a base to create the others. If you do not know how to draw on a computer, you can get someone to do it for you; it won’t cost much.
Next is to input the rarity levels. Rarity levels make the process of minting NFTs more fun for users. It also adds a bit of impulse buying technique for users who are devoted to your collection and want to get the rarest kind.
👉 Consider the bored cats I used as an example earlier. You start by drawing a cat, a bored cat, as the base. Then create some traits and accessories like sunglasses, boots, eye shape, chains, etc., to go with the cats. These traits will then be given a particular percentage of the collection to create rarity levels. That’s not so hard, is it?
Once you’re done with that, you can then put your drawings on the blockchain by means of smart contracts. The smart contracts will follow the instructions you’ve inputted into the code and create a randomized mash-up whenever anyone sends a specific amount of funds to the address. This mash-up is then deposited as an NFT in the buyer’s wallet.
You can’t grow in the crypto world without a strong community. They’ll provide the hype and support you’ll need over the years. To do that, you will need to make use of social media.
Each social media channel has its advantages. You can use Medium to make blog-like posts that keep your community informed of the project’s progress. At the same time, Reddit is an avenue for growing your community and interacting with other communities in the same space.
Telegram can be used to interact directly on a one-on-one basis with collectors of your NFTs, while Discord can function as your official announcement channel. However, the king of them all seems to be crypto Twitter, as that is usually where you’ll get the most engagements and hype. Exploiting the strengths of each of these channels will help build your community and foster trust in your products.
👉 If your collection blows up, you would also need a more verified way of passing messages across to your followers because there will be many scammers posing as you on various social media channels. For that, you can set up an account at Collab.land so as to make gated discord channels that can’t be accessed by just anyone.
Another way to build your community is by conducting giveaways. After all, everybody likes free money. You could use it to promote the number of followers on your channels or to improve participation levels among your users. Don’t give more than you have, though; you’ll need the funds for some other aspects of your project.
LOOK OUT FOR THE LAW!
This step is often overlooked by many because it doesn’t have immediate consequences. However, if you plan on having a collection that’ll stand the test of time and keep making profits for you years from now, you need to pay attention to this part.
To be on good terms with the law, you should ensure that you’re not trespassing some copyright laws. This usually applies to those who choose the sports or movie industry as their niche. If, for example, you’re creating a collection of scenes of an iconic movie or one of some football legends, you might run into issues with the authorities over copyright issues.
Therefore, it’s good to be clear on this matter before setting out with your NFT collections. Even though the crypto world is widely unregulated, more regulation may still kick in as time goes by.
As you well know, there have been many NFT collections over the years. Some have held their ground, while some have faded away. Therefore, you should introduce some unique elements into your concept to make people come back for more. In doing that, make sure it’s something you can see through to the end. Making grandiose promises that turn out to be untrue will eventually lead to a damaged product and reputation.
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I hope I have been able to show you how you can create your NFT collection with ease. It is a way of expressing your inner art via the blockchain. A lot of thought has to be put into it as well as adequate planning and resources. But it’s something that can be done, and if done right, can be a life-changer for you and your potential fans.
One thing you also have to note is that there is no guarantee that your collection will work out eventually. The crypto world is rife with risks, and it’s good to bear that in mind before starting any crypto venture. Therefore, ensure that the capital you put into making your collection is what you can afford to lose. That way, you will make good decisions based on logic, not emotion.
FREQUENTLY ASKED QUESTIONS
CAN I CREATE MY OWN NFT COLLECTION?
Yes, you can. It’s not Rocket Science. You’ll need some capital, a plan, some team members, and a resilient spirit.
ON WHICH BLOCKCHAIN CAN I CREATE MY NFT COLLECTION
You can build on any blockchain that supports smart contracts. The most popular of these is the Ethereum blockchain. It was the first of its kind and gave birth to many other smart contract platforms. Other platforms are Binance Smart Chain, Solana, Avalanche, Polygon, Polkadot, Terra, etc.
HOW CAN I CREATE MY NFT COLLECTION?
You can do that by following the steps outlined below:
- Research into the space your collection will enter. Make sure you know enough about it, even if you’ll give out most of the work to others.
- Think of a name and other branding techniques for your collection. Make it catchy.
- Build a team to help you with the process. You’ll need developers, marketers, artists, and others who will help in one way or another. Even if you know how to do these things, you still can’t do it alone.
- Iron out the details, down to the smallest.
- Generate your NFTs and input different attributes and rarity levels
- Develop your community using various social media channels. Don’t be stingy about giveaways too
- Ensure you’re not stepping on any laws
- Introduce some uniqueness to your collections
WHAT ARE SOME SUCCESSFUL NFT COLLECTIONS?
The Ethereum chain has had most of the successful collections recently. Examples are Cryptopunks, Bored Ape Yacht Club, Mutant Ape Yacht Club, Axie Infinity, etc. On the BSC, we have Mobox, the Sandbox, and others. Degenerate apes are also famous on the Solana blockchain, while Aavegotchi also runs on the Polygon blockchain.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com