The process of converting an artwork into a unique crypto asset on the blockchain (NFT) is called minting. The process of minting NFTs will be different based on the marketplace and the platform that you choose. After minting, your digital asset becomes tamper-proof, hard to manipulate and more secure.
Preparing the Content of your NFT
If you want to create your own NFT project, choosing the right software based on your goal would be the most important first step. You can use Photoshop and graphic design software for classic art. If you are looking forward to creating an innovative 3D design for the metaverse or games, you can use 3D modelling applications such as Cinema 4D or AutoCAD.
If you already have your content ready, you should choose the format and the type. Any multimedia file such as video, picture or even texts can be minted as an NFT. You can convert your NFT into the proper file type based on your goal. It can be a PNG (portable network graphics), GIF (Graphics interchange format), PDF (portable document format), MP4 or MP3.
Before generating the NFT, think about how many identical copies of a specific NFT you want to add to the blockchain. The number you choose will be fixed and immune to any kind of future changes.
Generating your NFT
In order to start the process of generating the NFT collection, you need to access the NFT marketplace. Before signing into your cryptocurrency wallet, make sure the blockchains are compatible. The process will be easy. You should just click on create or “add new item”; upload a high-quality representation of your creation with description and title to start the process.
The more innovative your NFT details are, the more buyers will get attracted. So, pay attention to details in order to maximize the chances of selling your NFT. In this part, you should choose whether your NFT is a single digital asset, or a collection and you should pay the gas fee if needed.
Gas fee is the payment to compensate the computing energy for the minting process and validation of the transaction on the blockchain. The fluctuations of gas fee depend on the demand of the market for conducting transactions. For example, it is cheaper on the weekends, when less people are minting. Gas fee can vary from almost 0 to several $100. When the transaction has been validated, you can see the NFT on your profile.
If you want to earn a passive continuous income from your NFT, even after it is traded multiple times and doesn’t belong to you anymore, you should set a royalty fee. A royalty fee makes sure you get a percentage of every future sale of the digital item. But make sure to choose a balanced percentage. A higher percentage will bring you more money, but it will decrease the chances of selling the NFT in the first place because the buyer wants to benefit as well.
Selling your NFT
After creating the NFT, you should choose an NFT marketplace to sell it. There are many different NFT marketplaces, and we have reviewed some of them in the former articles. You can choose them based on the blockchain types, formats and standards, accessibility, and the price for minting.
You can decide whether you just want to send the digital format of the NFT to the buyer or a physical version as well. There are two ways to sell the NFT. You can specify a fixed price as a transparent and direct deal, or you can activate the bid option and create an auction. How long the item will be in the auction, depends on the seller.
The auction can be the English type in which the price increases and the highest bid wins or can be the Dutch type in which the price drops until someone buys the NFT.
Promoting your NFT
The last stage would be promoting the NFT. Public relations would have an immense importance at this stage. The more positive and well-known reputation you have in the NFT community, the faster your NFTs will be sold. Some scammers insert an invisible code into a digital item’s file and since it does not affect the item’s appearance, the seller will be able to double mint an NFT. Being legit and keeping integrity is important and you should avoid double minting.
Online advertising on crypto podcasts, crypto news channels and social media could help as well. Many of the NFT projects are done as collaboration with famous people, influencers, or artists to boost the chances of getting viral. There are so many community clubs and forums on discord and twitter which will help you to introduce your NFT project to more people. Investing in your community and supporting them is vital for anyone who wants to become a pioneer in the NFT industry.
Paycer’s goal is to aggregate DeFi investments multi-chain and make them available to users without the need for their own wallet nor the expertise. This should allow anyone to generate a passive income in a world where banks no longer pay interest. Hence the Paycer team is developing a bridge protocol for DeFi and TradFi to combine the best of both worlds and make it available for retail clients #CeDeFi. Apart from the technical matters and the creation of a super easy to use final product. The goal is also to create a regulatory framework that allows the legal operation of a DeFi platform within the EU first and subsequently in other regions.
Currently, a DeFi platform is already available on paycer.finance on which Paycer tokens PCR can be claimed and staked. More features will go live soon. At the moment on Polygon but other blockchains will be integrated in the near future. Paycer is also working on a banking partnership to be able to combine DeFi with a traditional bank account. In addition to the development of the DeFi platform, the development of the final consumer product is also in progress.
Be sure to follow Paycer on social media for all the latest updates on product development. We have further exciting announcements to share very soon.
- Wilson, Brad, and Katina Hristova. “How to Get Started with NFT Trading.” Finance Monthly, 31 January 2022, https://www.finance-monthly.com/2022/01/how-to-get-started-with-nft-trading/. Accessed 27 June 2022.
- “How to create an NFT: A guide to creating a nonfungible token.” Cointelegraph, https://cointelegraph.com/nonfungible-tokens-for-beginners/how-to-create-an-nft. Accessed 28 June 2022.