An NFT project requires a lot of work from start to finish. Making components for artworks, producing 10,000 original pieces of art and their corresponding metadata, developing a smart contract and deploying it on a blockchain network, putting up a website, a Twitter account, a Discord server, and an OpenSea collection.
Also Read: NFT MAGIC: HOW TO CREATE AN NFT?
Additionally, you must have some ETH or MATIC on hand and have MetaMask loaded in your browser. Did all of this work make you tired? Don’t worry; all you have to do is do each task one at a time after you know what they are. In this article we will explore how to join NFT project, know in dept about the NFT community and how to enter the NFT market in detail.
Sincerely, a team of three or more, including marketers, artists, and engineers, is preferred while managing an NFT project. But depending on your motivation, you might be able to do it alone. Some could appear later to offer help with your endeavor. One of the most important things is to get moving as soon as possible.
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WHAT IS NFT COMMUNITY
The “NFT crypto community” is a group of individuals who are actively buying, selling, and talking about Non-Fungible Tokens, or NFTs. By sharing hyperlinks to their creations or projects, creators will advertise their NFTs. Buyers of NFTs who later sell them for a profit are known as flippers.
It’s essential to build an NFT crypto ecosystem from the start. A strong community may create the buzz that encourages buy-in and increases traffic to your profile, in addition to creating the groundwork for an effective NFTs sale. The “NFT crypto community” is a group of individuals who are actively buying, selling, and talking about Non-Fungible Tokens, or NFTs.
By sharing hyperlinks to their creations or projects, creators will advertise their NFTs. Buyers of NFTs who later sell them for a profit are known as flippers.
TOP NFT PROJECTS IN MARKET
1. BEEPLE’s CROSSROAD
In the 10-second short Beeple’s Crossroad, viewers move by a big, laying body that is covered in insults.
Because they provide something a little different from the typical NFTs you see and because they are so expensive, Beeple’s works are quite valuable.
2. CRYPTO PUNK 7804
Undoubtedly not the final CryptoPunk on the list, but one nevertheless. One of just nine “Alien” CryptoPunks, #7804 is decked out in a stylish hat, a pipe, and some sunglasses.
3. CRYPTO PUNK 3100
#3100 outperformed its contemporaries in terms of value on March 11, 2021, just one day after the sale of #7804.
The sixth rarest CryptoPunk currently available is #3100, an alternate Alien punk who is only sporting a headband.
4. CRYPTO PUNK 4156
The majority of the items on the list are CryptoPunks, with #4156 ranking as the third-most costly Punk ever. On December 9, 2021, only ten months after a $1.25 million sale, it was purchased. Outstanding return on investment, that is.
5. CRYPTO PUNK 7523
In addition to outperforming all of its CryptoPunk brethren, Card #7523, the third rarest in the set, also fetches a premium to match.
6. BEEPLE’s HUMAN ONE
Three of the most costly NFTs Beeple has ever sold are among the top 10 most expensive NFTs ever sold.
He said in an interview that HUMAN ONE, which was substantially identical to his prior work “Everydays,” had been sold on November 9, 2021, for just about $30 million.
7. EVERYDAYS: FIRST 5000 DAYS
The Beeple piece was sold to raise money for a good cause and was the most costly NFT ever sold to one owner.
The best example of the high caliber and widespread recognition for which Beeple is recognized for his artwork is this masterpiece, which is actually a collage of 5000 pieces of Beeple’s artwork. Here is the outcome of his 2007 endeavor to produce a work of art each day. It is indisputable that the initiative was successful.
8. PAK’s THE MERGE
With contributions from over 30,000 collectors totaling $91.8 million, The Merge, another Pak product, officially shattered the previous record for the most expensive NFT auction on December 2, 2021.
This is the only NFT in our top 10 list (apart from Clock) that has had several owners, and its astronomical price reflects this.
HOW TO ENTER NFT MARKET / HOW TO JOIN NFT PROJECT
The phases that follow provide you with a general idea of the approach we’ll take.
An NFT may be created out of almost anything. The intellectual property of whatever it is that you wish to convert into an NFT must first and foremost be wholly yours.
Despite the fact that markets have the highest demand for artistic materials, this does not imply that the previously indicated alternative NFT versions are less feasible. In terms of the NFT lifespan, we are still in its early stages. Other kinds will become prominent content categories very soon.
The Ethereum blockchain is now the most widely used system. Undoubtedly, the markets that make use of this blockchain will see an increase in customers, but there are also drawbacks.
Creating and selling NFTs requires more traffic, which raises your gas expenditures (or transaction costs).Additionally, it’s crucial to keep in mind that some blockchains could be able to handle just a specific form of coin.
Ether is supported on the Ethereum network, for instance. There are further options; among the most popular are Tezos, Polkadot, Cosmos, and Binance Smart Chain.
A crypto wallet can be either a digital or physical wallet. A digital wallet stores all of your NFTs and cryptocurrencies in a virtual wallet, in contrast to a standard crypto wallet, which keeps them all on a physical device. (Such as a hard disc or USB device)
Numerous options are available. At present, Metamask is the most well-liked and compatible wallet. Other options include the wallets from Trust Wallet, Enjin, and Coinbase.
It is crucial to keep in mind that various markets have honed their competence in certain NFT types. For instance, the same-named game is the focus of the marketplace Axie Endless.
NFTs for the game are traded every day on Axie Infinity.
According to the NFT TONE | Decentralized NFT Marketplace for Music Arts website, users can “Buy, Sell or Auction Any Audio File into a Unique NFT with the Power of Blockchain.”
Since OpenSea is the most well-known (and adaptable) marketplace, let’s continue with it. Additionally, it controls the NFT market thanks to sales of more than $3.4 billion in NFTs in just August 2021.
Create an account on OpenSea and connect your digital wallet to proceed.
You’re ready to upload and mint your file. On Opensea.io, click Create after selecting My Collections under Create. You may access the page where you can upload the file and complete all the essential information by clicking the extra Create button there.
A) Fixed Price – This strategy is straightforward. At a price you select for your NFT, the asset is accessible for inspection and purchase on the open market.
B) Timed Auction – Choose a beginning bid and an auction that lasts up to a week. The highest bidder receives the prize.
IT IS NOW!
HOW TO REGISTER AN NFT
1. CHOOSE YOUR ITEM
Let’s begin with the fundamentals. You must decide what special digital object you want to turn into an NFT if you haven’t already. It might be a unique piece of art, photograph, music, collectible from a video game, meme, GIF, or even a tweet. An NFT is what is meant by a distinct digital thing. An NFT value is provided by that rarity.
2. SELECT A BLOCKCHAIN
It’s time to start minting your chosen digital asset as an NFT after you’ve made your decision. Selecting the blockchain technology you want to utilize for your NFT is the first step in achieving this. Ethereum is the coin that NFT creators and artists prefer most (CRYPTO: ETH). The most popular solutions include Cosmos, Tezos, Polkadot, and Binance Smart Chain.
3. MAKE A VIRTUAL WALLET
If you don’t already have one, you should set up an NFT since you’ll require some bitcoin to fund your initial investment. You will have access to your digital assets through the wallet.
Some of the best NFT wallets include Metamask, Math Wallet, AlphaWallet, Trust Wallet, and Coinbase Wallet. You should acquire some cryptocurrencies as soon as you’ve established your digital wallet.
Ether, which is the currency used by the Ethereum network, is supported by the vast majority of NFT platforms. Link any cryptocurrency you already have in your possession from another source to your digital wallet so you may use it to create and sell NFTs.
4. SELECT AN NFT MARKET
Once you have a digital wallet and enough bitcoin, it’s time to start creating (and, perhaps, selling) your NFT. You must select an NFT market for it. Some of the top NFT markets are OpenSea, Axie Marketplace, Larva Labs/CryptoPunks, NBA Top Shot Marketplace, Rarible, SuperRare, Foundation, Nifty Gateway, Mintable, and ThetaDrop.
You must evaluate each NFT marketplace in order to choose a platform that is effective for your NFT. For instance, Axie Marketplace is the name of the online store for the well-known NFT game Axie Infinity.
A website devoted to basketball is called NBA Top Shot. Additionally, it’s important to keep in mind that certain markets desire their own currencies. Rarible, for instance, requires Rarible.
Always a fantastic place to start is OpenSea. It is the market leader in NFT sales and enables you to mint your own NFT. NFTs were sold on the market for $3.4 billion in August 2021 alone.
You must then link your NFT marketplace to your digital wallet after choosing it. This will let you pay for the cost of minting your NFT and keep any gains.
5. UPLOAD THE DOCUMENT
The time has come for you to mint your NFT. For uploading your digital file to the NFT marketplace of your choosing, a detailed tutorial should be offered. Use that technique to convert your digital file, whether it be a PNG, GIF, MP3, or another sort of file, into a workable NFT.
6. ESTABLISH THE SALES PROCEDURE
Making a decision about how to sell NFTs is the last step in the minting process. You can, depending on the platform:
- You’ll deliver your NFT to the first person who is prepared to meet it by establishing a fixed price. Sell it for the agreed-upon amount.
- To give potential buyers of your NFT a deadline for submitting their highest offer, set up a timed auction.
- Launch a boundless auction: An unlimited auction has no end date. Instead, it is entirely up to you to decide when the auction should stop.
You must select the minimum bid price, the royalty payments you wish to continue receiving in the event that your NFT is resold on the secondary market, and the auction’s duration if you decide to organize an auction (if timed).
You definitely run the risk of losing money if you set the minimum price for your NFT sale too low, so consider fees while making your choice. Sadly, it’s probable that the cost of creating and promoting an NFT will be high.
You could have to pay a listing cost, an NFT minting fee, a commission on the sale, and a transaction fee to move money from the buyer’s wallet to your own, depending on the platform and price. Due to the erratic nature of bitcoin prices, the fees might change. Therefore, it is crucial to carefully evaluate the expenditures you will incur to produce and market your NFT in order to ensure that they are reasonable.
HOW TO OWN AN NFT
The smart contracts that govern NFTs preserve the distinguishing ID and metadata that might be used to determine the NFT’s inventor and owner. You can also verify the transaction history to check any ownership claims.
To get this information, go to the smart contract for the NFT. The details of the contract should be available for you to see and review. If the NFT adheres to the current NFT standard, the following information should show when you click the button:
- The NFT’s token ID
- The address listed in the collection agreement
- hosting blockchain on the NFT
- The metadata state of the NFT is centralized or “frozen.”
One of the NFT’s encoding standards is ERC-721. The smart contracts that govern NFTs preserve the distinguishing ID and metadata that might be used to determine the NFT’s inventor and owner. You may also check the transaction history to verify any ownership claims.
Once you know the token ID, you may look out for the owner address for the token by searching the blockchain and marketplace archives. You might want to keep a record of any new transactions that seem shady.
An NFT should be in one of two states: “centralized or “edible.” The core information of a centralized NFT is stored in a single location and cannot be altered by the developer. The creator of an editable NFT can change the storage connection in the interim. An NFT that has been frozen cannot be moved or sold since it was reported for acting suspiciously.
Keep in mind that this information just gives you the owner’s blockchain address. They won’t be disclosed until the specific marketplace makes their full name or other credentials available.
HOW TO JOIN NFT DISCORD
On the social networking site Discord, there may be a substantial user base that registers and participates. They are now the most pleasant setting for NFT efforts since they are community-focused.
Discord offers a fantastic platform for managing every aspect of an NFT community. Numerous people are involved in NFT efforts, including developers, funders, and artists.
The following elements may be found on a standard NFT Discord server:
- Where all members may converse with one another is in the general chat room.
- News: The NFT team typically reserves the use of this server only for significant announcements and news.
- Events: You can add the significant upcoming events listed here to your calendars.
- Servers with a specific focus: Chat rooms for NFT airdrops, tokens, goods, social media, etc.
If you haven’t already, create a Discord account first. Before visiting Discord.com, download the required app for your smartphone. Install it on your phone, so you can quickly use the QR code to log in to the Windows or Mac app.
Write down your account ID: Many projects ask for your ID and wallet address when you sign up for NFT whitelists.
Launch a server: A link to the NFT project’s discord server is readily available on their official website or social media pages. You’ll notice a list of the servers on the left-hand side of your screen.
NFTs have both benefits and drawbacks, but buying any asset just because it has been tokenized is probably not a wise move. Whether or not a blockchain reveals who the owner of a specific item is, investing principles remain the same. The ideal course of action for you as an investor is to choose the high-quality assets that you would most want to purchase and to take the required actions to accomplish so.