Step-by-step plan creating NFTs
How do you create NFTs and which choices are they based on? How do you sell them and how do you choose the platform on which you are going to sell them? How do you earn euros with the sales and what do you need to look out for?
On this page
1. Reading up and gaining experience
It's important to read up on the subject before starting to create and sell NFTs. It is important that you know beforehand how a blockchain works, how cryptocurrencies arise and how this market moves. In order to gain experience, you can start small. Convert ten euros into cryptocurrency, for example, and create a wallet. Buy a couple of (cheaper) NFTs and create an NFT yourself. By doing this, you will gain a better understanding of this market and if it suits you.
Directly to:
2. Determining a strategy
Decide what you want to make and give your creativity free rein in doing so. You should also determine your goal and/or revenue model. In addition, you answer the following questions: Would you like to create a single NFT or a collection? What will the added value of the NFT be? What makes it unique?
3. Choosing a platform
NFTs are sold via public platforms and transactions are visible. There are lots of these platforms and you can choose yourself through which platform you want to sell your NFT (collection). Choosing a particular platform goes hand in hand with choosing a blockchain and corresponding cryptocurrency.
The largest and most well-known platform is OpenSea. This platform is compatible with various blockchains, including the Ethereum, Polygon and Klaytn blockchains. OBJKT is the most popular platform on the Tezos blockchain. There are also platforms that select creators and work, which are comparable to a gallery, such as the Dutch platform Authic and the platform 1stDibs and SuperRare. SuperRare has even continued to evolve and now has a physical gallery in New York City. In addition, the platforms can be specialised in specific art forms, such as the platform fx(hash) that focuses on generative art – NFTs are created here on the basis of code and (often) artificial intelligence.
There are also galleries that sell NFTs, such as Upstream Gallery in Amsterdam. The gallery OP.ENSPACE in Amsterdam is completely dedicated to NFTs. As a young creator, it is interesting to investigate whether you can collaborate with a platform or gallery. As in this way you will raise your public profile, and you will receive help and guidance. There are costs (percentages) associated with this, of course, just as in the physical art world.
The administrative costs that you pay for minting an NFT (placing it on the blockchain) differ per platform. You pay these in cryptocurrency. Because their value fluctuates so much, the costs do not remain constant. You can roughly count on 20 cents to a few euros per NFT. However, keep in mind that outliers are possible.
4. Creating a marketing plan
You create NFTs (in principle) in order to sell them. That means that the marketing of the NFTs requires a lot of time and attention. If you only put your NFT (collection) on the blockchain and you don’t take any action further, nothing will happen probably. Therefore, you should create a detailed and thorough plan beforehand, which will significantly increase your chances of success. You may want to adjust your initial strategic plan accordingly. The choice of sales platform is extremely important and also forms a major part of your marketing plan. Choose a platform (or gallery) that suits your work!
Directly to:
5. Create your NFT (collection)
After creating the NFT (collection) you place it on the blockchain. You ensure that you have a wallet and cryptocurrency (in order to pay the administrative costs). Read up on this properly, because you also have many choices when it comes to wallets. This choice can also affect the disbursement of scriptural money. Read more about this in step 7 and in the download ‘Legislation on income from NFT sales’.
You will subsequently mint your NFT on the blockchain. It may be the case that you need specialist help (in terms of ICT) for this. Expect additional costs in that case. You will find numerous step-by-step plans online about the technical aspect of minting. This will also involve making choices with regard to your rights.
Be careful when creating NFTS that you do not violate other people’s rights. Ensure that your object is completely unique. Do not, for example, use an existing font or image. If there is a programming error in the code of the NFT, it may be difficult to repair this. In the worst-case scenario, you will have to pay the same costs again to create a new NFT.
6. Creating publicity
As soon as your NFT (collection) is minted, or even before that, you can start creating publicity. In step 4 you drawed up a good plan and you will now set to work in practice. Online communication channels such as Twitter and the metaverse, for example, play a much bigger role in the marketing of NFTs than physical (art) products. The metaverse is the virtual (3D) world in which people online come into contact with each other. They also form communities here and there is also room for the promotion of NFTs therein. Therefore, think broadly and especially creatively, because there are no well-trodden path yet.
Directly to:
7. Paying yourself after a sale
Bear in mind that you will not have scriptural money in your wallet after the sale of NFTs, but a particular type of cryptocurrency. This is worth more some days than others. In addition, it is good to know that converting cryptocurrency into scriptural money can cause problems in practice: it can be refused. This is dependent on the policy of the (financial) institution (e.g. a provider of crypto services that converts virtual currencies into euros and vice versa, and providers of custodial wallets). You can read more about this in the download ‘Legislation on income from NFT sales’.