Non-fungible tokens (NFTs) have been making waves. With innovations and projects coming out daily, the technology and art of NFTs have been all the hype. There’s no better time to start learning about NFTs and dabbling in the NFT space.
But how does someone create and sell an NFT? What is the best course of action?
This article is intended for those who want to learn how to turn their art into an NFT and sell it on the Crypto.com NFT Platform. Those who are looking to sell a previously purchased NFT can learn how in this article.
Key takeaways from this article:
- How to become a creator on the Crypto.com NFT Platform
- How to mint an NFT on the Crypto.com NFT Platform
- How to list an NFT for sale on the Crypto.com NFT Platform
- What makes an NFT popular on the Crypto.com NFT Platform?
Before selling an NFT on the Crypto.com Platform, users will need a Crypto.com App account and a Crypto.com NFT Platform account.
Once your account is set up, navigate to the NFT Platform section, as seen above. From there, follow the prompts to set up a Platform account.
Once on the NFT Platform, navigate to ‘Create’ and complete the application form to become a creator, which allows users to mint and sell their NFTs on the platform. The review process typically takes up to seven days. Once approved, users can create NFTs. For more details on how to become a creator, read this help article.
How to Mint an NFT on the Crypto.com NFT Platform
The next step is minting your NFT(s). Minting refers to publishing the NFT on the blockchain, where it will be recorded forever.
Here’s a checklist of the things needed to make sure this process goes smoothly:
- NFT file ready in a compatible format (JPEG, PNG, GIF, or WEBP) with a max size of 60 MB
- Description and category
- Number of editions to mint (edition refers to how many copies of the same NFT, up to a maximum of 10)
Review that the details are correct and move forward to ‘Mint’.
Once the NFT has been minted, users can check their NFT in the collection section by clicking on ‘View My Collectibles’.
For more information, check out this video:
Take note: There is a 10% royalty on future resales that go to the creator of the collectible on the Crypto.com NFT Platform.
How to List an NFT for Sale on the Crypto.com NFT Platform
When listing an NFT on Crypto.com, there are two options: ‘Fixed Price’ and ‘Auction’.
Fixed price is straightforward; simply list the NFT at the desired price. However, when it comes to auctions, it’s a little different.
Here are the important points:
- Set the duration of the auction
- The highest bid at the end of the allotted time receives the NFT
- Creators can end auctions early (up to 24 hours), not accept any bids, or pick the top bid at the time
There is a primary fee of 1.99% (promotional rate expiring 30 June 2022) when selling an NFT. For a creator, this fee will only be charged on the initial sale of each edition of the NFT.
What Makes an NFT Popular?
Below are two ways to garner interest in your NFT:
- Promoting through various social media platforms
- Collaborating with other artists
Promotion is Key
When it comes to an NFT, promotion is key to getting as much visibility as possible. When becoming a creator on the Crypto.com NFT Platform, users have the option to add various social media links. Add the best links for potential buyers to see other examples of your art.
When deciding to list your art on the Crypto.com NFT Platform, it’s a good idea to become more active on social media platforms like Twitter and Instagram. Some of the biggest NFT collections have large followings, which play a role in getting their NFTs sold.
Here are a few examples:
Loaded Lions: 25.5k followers
PsychoKitties: 14.6k followers
Mad Hare Society: 11k followers
These projects all sold out quickly at launch and handled large volumes in secondary sales. Some of the collections even sold all the NFTs within minutes of launching. Engaging with people is a great way to gain more exposure. Consider doing an AMA (Ask Me Anything) so more people can get to know about the project. Engaging with users on Twitter is also another option to encourage popularity.
Collaborate With Others
A creative way to gain more exposure and acquire access to different communities is by creating partnerships with other projects and collaborating with other artists.
One example of a successful partnership is the ‘Own Every Word x Loaded Lions: Expansion Pack’. This collaboration sold out within one minute of being dropped. ‘Own Every Word’ gained more exposure through collaborating with one of the biggest NFT projects on the Crypto.com NFT Platform.
What’s Next?
As the NFT market evolves and continues to grow, it’s important to take the time to build your profile as an artist and grow your community in order to stand out. Consider checking out our DeFi Wallet App where you can house NFTs on the ‘NFTs’ screen.
To learn more about what makes an NFT popular, check out this article on the three factors that can influence the popularity of an NFT amongst collectors.
Due Diligence and Do Your Own Research
All examples listed in this article are for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained herein shall constitute a solicitation, recommendation, endorsem*nt, or offer by Crypto.com to invest, buy, or sell any NFTs. Returns on the buying and selling of NFTs may be subject to tax, including capital gains tax, in your jurisdiction.
Past performance is not a guarantee or predictor of future performance. The value of NFTs can increase or decrease, and you could lose all or a substantial amount of your purchase price. When assessing an NFT, it’s essential for you to do your research and due diligence to make the best possible judgement, as any purchases shall be your sole responsibility.
