NFT Profit – How To Get Started | NFT For Beginner
Almost everyone is interested in NFT; from individual to top brands and big firms are all wanting to join the bandwagon and start making NFT profit.
However, many people have been finding it difficult to get started with NFT because of its technical aspect. To build an NFT project or invest in it requires some technical know-how.
In this article, I am glad to walk you through the step-by-step guide on how to get started with NFT for beginners. But before we proceed, I will be letting you know what NFT is all about.
What Is An NFT?
NFT is any digital asset running on the blockchain, which represents a digital or physical asset.
When it’s been minted on the blockchain, it will enable the tokenization and owner authenticity, it will also eliminate duplication or counterfeit of the asset.
Everything about the asset will be publicly available on the blockchain, showing the record of any activity or modification of the asset. Anyone can copy the art by downloading it as JPEG but they won’t be able to claim the ownership or earn royalties from the art or asset.
How To Get Started With NFT As A Beginner
Getting started with new technology can be confusing, hence, you might not know your way around the new space and most especially how to build in that space or invest.
However, I’ve highlighted the step-by-step guide on how to get started with NFT for beginners. NFT enthusiasts could either be e collectors or a creator, we will be checking out how to get started with NFT as a collector and creator.
How To Get Started With NFT As A Collector
Getting started with NFT as a collector is one of the simpler ways to join the NFT bandwagon, but what’s important is money-making from NFT by flipping NFT or investing in potential NFT projects. Below are some step-by-step guides.
- Basic Understanding Of NFT
It’s crucial to explore and understand the concept of NFT, so you won’t end up engaging in what you didn’t understand which might result in a wrong investment decision made.
Getting started with NFT without basic knowledge of NFT is similar to buying a cryptocurrency without understanding its volatile nature.
- Set-Up A Wallet
The next step after you’ve understood the concept of NFT is to now set up your preferred wallet (Metamask recommended), which will be used for buying, selling, or storing NFTs.
- Choose Your Prefered Blockchain Network
What’s next is to research and conclude on the blockchain protocol that you would like to start your NFT journey on. Ethereum blockchain is widely used and selected but other blockchains also NFT e.g Solana, Tezos, etc,
You might not be comfortable with the Ethereum gas fee, which means you can switch to one of the alternatives (Solana blockchain) as it has a very low gas fee as opposed to the Ethereum blockchain.
- Choose Your Prefered Marketplace
There were many NFT marketplace, from the newly launched and existing NFT marketplace.
OpenSea platform is the most used NFT marketplace globally and it has made a name for itself in the NFT space as the largest and biggest NFT marketplace.
- Buy Cryptocurrency
Cryptocurrency is the major or native currency that enables minting, buying, and selling NFT in different blockchain protocols.
If you’ve decided to make use of the Ethereum blockchain, then you need to possess the Ethereum blockchain native token (Ether).
On OpenSea for example, what is required to trade and mint NFT is Ether.
- Define Your Investment Goal
Then what is needed by you as an NFT collector is to define your investment goal whether you want to be flipping NFT for profit or you want to buy some artwork and keep it for a long time.
If you decided to invest in NFT for future gain, then you must confirm the potential of the NFT project and also what’s the team plan to reward the NFT holder.
But if you have decided to flip NFT for profit, below are the major tips to flip a particular NFT art for NFT profit.
Get Whitelisted On A Early NFT Project
It’s notable to know that the NFT project launching process is in three phases which are; Presale, Public launch, and Character reveal. So if you must flip NFT, make sure the NFT project has garnered enough traction in the NFT space, then make sure you meet the requirements to get whitelisted.
Whitelist allows you to mint the NFT at presale price(discount price) as opposed to the launching price.
Have An Exit Point
Any NFT that has gained enough investor interest before the public launch will surely skyrocket in value when the minting goes live, so it’s a chance for you to ×10 your investment when you get Whitelisted.
People who weren’t able to get whitelisted will be minting the NFT at launch thus, the price will keep increasing but will plummet afterward due to the selling pressure by other big investors, hence; it’s crucial to have an exit point where you will sell off your NFT.
How To Get Started With NFT As A Creator
This is the most challenging way of joining the NFT bandwagon because you want to build a project in the NFT space, but you could be able to ease the burden if you followed the guidelines highlighted below;
- Draft Out Your Project Plan
The first step in building an NFT project to make an NFT profit, in the long run, is to draft out your project plan, the ideation that will attract investors and fans to your project.
- Build A Team With Different Skillsets
The team is very essential for the growth of any project, below is the team structure that will help accelerate the progress of your NFT project.
Founder — This might be you that owns the project, you’re required to put the project together and build the team-up.
Operations Director — They work with the founder since there are a lot of moving parts, they hold the team accountable and make sure everything gets done.
Artist — They build the collection art, assist with logo/branding details, graphics (OpenSea profile, website assets, Twitter Banner, etc)
Chief Marketing Officer — Runs everything marketing. They come up with creative marketing tactics, strategies, giveaways, partnerships, and engaging ways to get followers.
Social Media Manager — They work on all social media accounts, works with artists to make sure all graphics are built out, they work with CMO to make sure that all communications are aligned with the end goal and the marketing tactic at play.
Copy Writer — this is optional but might be very crucial, it’s someone with copywriting experience that is good with writing and coming up with creative captions. They make sure everything looks legit, professional, and from a real brand that people would invest in.
Community Manager — they run everything inside the community, people are going to know this person by name because they will be the person they get in direct contact with.
Discord Expert — you should hire someone with Discord experience that understands the technical side of discord.
Community Assistant — assistant for a community manager, if your project is huge, they will help with channels so it doesn’t get overwhelming.
Discord Mods — people who are early believers in you, they want to help you in an early stage, they handle support, community engagement, etc. Very important role.
Development Advisor - this is also optional but if you don’t have a technical background, they are essential for the growth of your project as they will assist the tech team.
Solidity Developer — they write contract, minting functions within your site, work on rarity spread, generating art and metadata, rarity spread, and distribution trade.
Making money with NFT or joining the NFT bandwagon is not limited to artists only, anyone that is intrigued by the concept of NFT can build a project and also start making money by investing in the space.
Congratulations to you if you’re able to read this article till the end as it will help you to scale through in your NFT journey.
However, this article is for informational purposes only, and it should not be considered a recommendation to invest in any NFT project.