NFTs are the new, exciting way of selling art in the digital space. Every day thousands of new pieces of art are being uploaded to crypto art platforms like Opensea or Rarible. What distinguishes the NFTs which end up successful from those which will never be discovered? Let’s dive into it!
The Crypto Art Community
Thanks to the invention of NFTs, the community of artists and investors has become more open. It consists of famous artists, but there are also those new to the scene - who with their networking skills have managed to become known among investors. But what are the investors interested in?
The investors may have different reasons for buying NFTs. First off, there are the artists’ fans who want to support their work by buying the tokens. Then, there are those interested primarily in the hype that the art generates - hoping to have a good ROI (return on investment) when the NFT is worth more than they paid for it.
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SuperRare - one of the most influential Twitter pages for NFTs.
Why do people buy NFTs?
Besides fans and people looking to flip NFTs to get profit, there are also collectors who are genuinely interested in getting rare pieces of art - they might choose pieces which are aesthetically pleasing to them. Others might purchase NFTs in order to have something to brag about - after all, an NFT contains undeniable proof that the token belongs to the owner.
There are also those who are interested both in profit and in supporting artists early on. They might be willing to invest in NFTs to later sit back and watch it get more and more valuable, as the artist gets more recognition.
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Risks of Buying NFTs
Buying NFTs comes with a double risk. First off, there is the risk of Ethereum losing its worth. The values of cryptocurrencies constantly fluctuate, and if Ethereum becomes less valuable, so will the NFT.
Besides that, the likelihood of seeing significant returns from buying random NFTs on marketplaces like Opensea or Rarible is quite low. Valuable NFTs are those which come from artists which have a large audience - which is willing to bid for the token. Without it, it’s not certain that the NFT will ever sell for the same price again.
CryptoPunks - one of the most popular NFT Collections.
What makes a Successful NFT
Here are 7 ideas to make your NFT collection successful:
- Networking in the Crypto Art community
Crypto Art has a big community on platforms like Twitter and Discord. In order for your NFTs not to get lost in the sea of other people trying to sell theirs, it’s helpful to build personal connections with those who are interested in investing.
- Promoting your NFTs
Sites like Superrare have power of influencing Crypto Art investors. Reaching out to the platforms which promote Crypto Art can definitely jumpstart your NFTs. Also, a no-brainer is posting your NFTs to sites like Twitter and Instagram and properly tagging them.
- Generating hype around the release
Most successful NFT collection drops are preceded by months of anticipation from the community. In order to build hype around your own drop, you need to gather an audience to generate buzz around it early on.
- Consider creating Generative Art
Generative art is getting a lot of attention in the Crypto Art community. If you are an electronic musician capable of creating generative music, give it a shot.
- The aesthetics
Successful NFT collections simply appeal to the taste of the investors. If you’re trying to get their attention - aim at providing the aesthetics that are valued in the Crypto Art community.
- A story behind the NFT
Most successful NFT projects have a story behind them. If you’re looking to improve your chances of selling the NFT, try writing an appealing description for the project.
- Added Value
Along with every NFT purchase, the buyer must pay a gas fee, which is not small. Therefore, adding perks to your NFTs can definitely make potential buyers more interested in it. An example might be an invitation to a private community, ticket to a show or a physical object.
Good luck with your NFTs!