The Non-fungible token (NFT) space is currently one of the most discussed ecosystems within the crypto industry, but what does it really hold for the average creator? While NFTs have been around for the past four years, only a handful of people have had the opportunity to mint their own digital collectibles.
Most of the valuable NFT collections that currently exist were created by prominent Web 3.0 platforms and crypto firms, including Looking Glass Labs (GenZeroes), Larva Labs (CryptoPunks) and Yuga Labs (BAYC).
So, what is limiting individual creators from launching personalized NFT collections? Fundamentally, this shortcoming can be attributed to the existing knowledge gap and limited technical resources for NFT development. As it stands, the process of creating and minting an NFT is fairly complicated for both crypto natives and newbies. In addition, it can be quite costly to mint an NFT on a blockchain such as Ethereum, not to mention the cumbersome process of moving the digital collectible to another chain.
Despite these hurdles, modern-day creators do not have the luxury of ignoring the NFT trend. Several artists who have managed to mint their best work have made a killing, with the most notable being Beeple’s $69 million NFT collection sale. Well, that could be the case for any creator out there wondering how they capitalize on the decentralized digital art market. The next section of this article will highlight some of the available options that creators can leverage to mint and sell NFTs.
How to Start NFT Creation
Like any new endeavor, the journey of NFT creation is not as simple as it sounds but the fruits are quite rewarding once an artist is able to overcome the challenges. There are multiple NFT marketplaces that allow creators to mint and sell NFTs; some of the popular ones include OpenSea and Rarible. Built on the Ethereum blockchain, these two NFT ecosystems have been leading the park when it comes to NFT trading volumes.
The OpenSea NFT marketplace is one of platforms where creators can mint an NFT for free through the lazy minting systems. To get started, a creator will have to connect their non-custodial wallet and initialize an account at a cost of $60-$70. Once the account is active, OpenSea directs users to the interface page where they can start creating their own NFTs by uploading the files that contain the metadata. This is then recorded to the blockchain as a link and a unique token is generated to represent the NFT on-chain.
What about selling the NFT? For a creator to realize monetary value from their art, one has to create a listing for the NFT on Ethereum or Polygon. The former allows NFT owners to create a fixed listing or timed auction while the latter only features the fixed listing option. On the brighter side, however, Polygon’s transactions are free which means that creators stand a better chance of ripping more profits. The final step is waiting for an offer, which the creator can choose to accept or decline depending on the prevailing market conditions.
Rarible is another burgeoning NFT ecosystem that creators have been using to mint and sell NFTs. Like its counterpart, this platform also leverages the lazy minting systems which means that one can create an NFT at zero cost. Even better, Rarible does charge an account initialization fee. However, there is a catch; removing an NFT from sale will cost a creator a few dollars ($6-$8). So, how can creators get started on Rarible and how exactly does this NFT marketplace work?
By now, it is pretty obvious that one needs to have a non-custodial wallet such as Metamask to interact with these platforms. The first step is to connect one’s wallet to the Rarible DApp, after which you can initiate the NFT minting process by clicking on the creation icon. Once the NFT is generated, the owner can choose to store it by ignoring the ‘put to marketplace’ option or list the digital collectible at a fixed price, timed auction or open for bids.
A Simpler Alternative
While the options listed above present a solid way to unlock the potential of NFTs, it can get quite technical for those who are not tech-savvy. Luckily, the emergence of Web 3.0 platforms such as Looking Glass Labs (LGL) has introduced a full suite solution for curating 3D metaverse-compatible NFTs for both businesses and individual creators. Through its leading brand, House of Kibaa (“HoK”), LGL does the heavy lifting of creating the digital collectibles, alongside identifying the perfect market fit for a particular NFT.
More importantly, the NFTs curated by HoK offers creators the flexibility of using their digital collectibles how they want,
“In the NFT space, it really is felt that it’s yours to do what you want — unless licensing or something specifically says you can’t do it.” – Dorian Banks, CEO of Looking Glass Labs.
With the NFT market coming of age, Web 3.0 digital agencies such as LGL are addressing the knowledge and technical gap that has long held the space on a chokehold. Creators who find it difficult to navigate NFT marketplaces like OpenSea and Rarible now have a better chance of integrating their work with the decentralized economy. After all, it is much simpler to hit the ground running with the help of Web 3.0 experts who have been in the game and understand NFT architecture to the core.
Last year, the total NFT market sales hit a record of $25 billion, making it the fastest growing crypto subsidiary. While the market has since taken a downturn due to the volatile macroeconomic conditions, it is likely that NFTs will make a strong rebound once the bulls take over again. That being the case, creators ought to be in preparation mode for the next run; what better way to do so than familiarize oneself with the anatomy of this upcoming market? Fortune will likely favour those who will be ready for the next bull run.