Monetise-your-nft

How to Monetise Your NFTs in 2022

NFT has been trending recently besides crypto and the pandemic. If you happen to stumble upon online tech forums, everyone is talking about NFTs. Some plan to launch their own, while others identify themselves as collectors. The bottomline for both groups is to make money out of this new interesting endeavour despite these differences.

If you’re an aspiring content creator or digital media artist, the NFT space presents a huge opportunity to earn a decent income from your work. But what are the ropes of monetising NFTs in 2022? How exactly can you get to the level of those millionaires from NFT sales?

We are going to list some steps on how you can monetise your NFT. Easy and simple? Let’s find out.

 

  1. Create a Crypto Wallet

Like any other forms of digital or online banking, you need to have an e-wallet. But for NFTs, you have to create a cryptocurrency wallet in which to store your digital funds and other assets. Trading NFTs without this kind of wallet is like being an art dealer without a storage space or even an investor without a bank account. Most payments for NFTs are in cryptocurrency like Bitcoin, Ethereum, or Doge, and you want the means to actually receive and store these online funds. Even if your plan is to convert your crypto into fiat money as soon as possible, you still need to collect the crypto you plan to sell to your crypto wallet. 

A cryptocurrency wallet is easy to download and install on any compatible device, and will pay for itself many times over in utility, storage capacity, security, and tracking. And you need one if you plan to sell NFTs.

 

  1. Pick a Suitable Marketplace

We have covered and put an emphasis on creating a crypto wallet to store your digital fund, now,  you also need a marketplace to sell your wares and artworks. That means a single marketplace. Hopping around from hub to hub may be enticing but will ultimately weaken your brand and confuse buyers. The most confusing part that you might bump into is this question. “Why is this NFT on this market and that NFT on a different one?” Your buyers will also wonder, “Why do prices vary between markets?” Consumers need a single place where they can follow and buy from their favourite artists. 

Many don’t mind going to different markets for different creators, but needing multiple accounts on multiple hubs just for one creator feels too much like a scavenger hunt. A smart NFT creator finds the marketplace where they can create at a low-cost and sell at the highest markup to maximise their profits.

 

  1. Promote Socially

Like many other companies, an NFT artist should know how to promote and advertise their work. Whether they sell NFTs or write books or sell something else, any artist will tell you that self-promotion is the key to a successful brand. If you don’t spread the word about your products yourself, you can pay someone to do it, but there’s no guarantee they’ll do it right. But, if you find a trustworthy Digital Marketing Agency, that could be an exemption. 

There’s no better place to advertise than on social media. Platforms like Twitter, Facebook, Instagram, etc. provide a great place to get your brand known and seen while showing off the NFTs available for sale on your chosen marketplace. The better you represent and spread the word about your brand online, the more interest you will generate in your digital artworks.

 

  1. Create Scarcity around your NFTs

What do you mean by creating scarcity? As a generated digital resource, NFTs are as plentiful or rare as their creator wants. It’s totally up to the artist. And as a general rule of thumb, a scarce item creates more demand. The less common a creator’s NFT artworks are, the more prestigious and thus in-demand they are, especially if that creator has a strong presence on social media.

There are two key ways to create scarcity and drive up an NFT’s value. The first rule is to simply set a cap on supply. If a certain NFT is only ever made available five times, it’s going to feel a lot more like an elite collector’s item. For example, items such as Michealangelo’s paintings or Da Vinci’s Monalisa are considered prized artworks. Why? It’s because there’s no duplicate elsewhere. Yes, there may be fakes out there but there’s only one original masterpiece. 

Lesson: Create a desire from your buyers by making your wares rare and one-of-a-kind.

 

  1. NFTs – Creating Merch

An NFT can sell for a hygge amount of money, and its creator will still have the right to capitalise on that hype by producing and selling any creative merch that comes to mind. Unless you sell your copyright along with the NFT itself, a digital work’s creator still owns the copyright to and the right to reproduce the said work. 

In the case of artworks, creators can produce a bunch of useful merch such as  t-shirts, pouches, patches, tattoos, stickers, posters, and more. 

Like the digital innovations that created them, NFTs present creators with new channels towards success. To explore those channels, creators need to be adventurous and active and willing to adapt to looming ideas. The sooner and more comprehensively an artist can understand how to monetise their NFTs, the sooner they can enjoy the rewards of this thrilling new marketplace. 

Do you need help in creating the first step to your first NFT artwork? Silva Digital is here to help you with that. Check out our website and let us explore the digital world together!

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