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Are you an artist with a major following, a brand looking for a new marketing strategy, or just someone looking to enter the crypto space? There are countless reasons why you may wonder how to launch an NFT.
Digital creators and crypto-coders have found some common ground in the world of nonfungible tokens (NFTs). Since the first NFT hit the market, investors have been abuzz with interest in this new and curious medium.
As a reader of this post, you may be wondering what NFTs actually are and how they work. Essentially, an NFT is a digital asset that is created on a blockchain network, like Ethereum, and which maintains a record of its previous owners embedded in the metadata.
Most commodities, like gold or silver, are fungible goods, which can be interchanged regardless of the item or service being exchanged. Any unique, one-of-a-kind item, like a custom painting, is a non-fungible good. NFTs are encoded to be unique in this way.
There is a lot of versatility in the format of an NFT. Minters have created tokens attached to songs, digital art and animations, screenshots, and even non-digital artworks IRL.
While a staggering number of NFTs have been launched in the last five years, many creators have capitalized on the infinite ways to launch an NFT, setting them apart from the rest. One blockchain company made headlines after burning an authentic Banksy artwork in a livestream — then selling a digital version of the piece as an NFT.
NFTs are popular assets because they are purchased using cryptocurrencies, which give them an assigned value, and are, in theory, difficult to falsify. There are countless NFT collections, and the most successful have dominated the launch process.
Why launch an NFT
Certainly it’s important to know how to launch an NFT, but a wise and cautious NFT mint begins with another question: why should you launch an NFT in the first place?
Perhaps you are responsible for a brand’s marketing strategy. In that case, launching an NFT could be a bold and innovative way to draw in new customers or promote a corresponding launch, like a new product or a concert tour.
Maybe you are a creator hoping to add extra value to the artwork you are already creating, or you may be thinking of new ways to take your art to the next level. An NFT could be a fun project, but a successful launch could be challenging for those without an extensive understanding of the crypto world.
Some artists have successfully launched their own projects, and, of those, many have documented their process in blogs and social media posts. Seek guidance from others who have been through the process and know how to launch an NFT from experience.
Be mindful, too, of the many avenues at your disposal for NFT promotion, like Reddit and Discord channels. Also, consider the existing value of any artwork, before tokenization, and the value of your preferred blockchain to develop a fair price point.
For more about crypto communities on Discord, find 12 crypto Discords you need to keep a pulse on here.
How to Launch an NFT
We’ve outlined some first steps any creator, brand, or marketer can take to create an NFT. By the end of this guide, you will not only know the basics of how to launch an NFT, but how to choose the right blockchain, how to choose the best art form, and more.
Step 1: Choose Your Format
Every NFT is a digital asset defined by its metadata, but that metadata could be attached to almost any digital asset. Videos, animations, still images, audio files, and even video game items have all been tokenized by various creators.
If you are a creator, consider the following:
- What kind of media are you trying to tokenize? Tokenizing music may take a bit more strategic planning. (For example, consider whether to tokenize one audio file, lyrics, or an entire album.)
- What do you hope to accomplish with your NFT? Mirza Uddin, the spokesman for blockchain company Injective Protocol, explained in one interview that burning the Banksy piece was an “expression of art” in its own right. What’s your angle?
- How many artworks do you wish to release at once? If this is your first NFT project, you may want to launch just one and see what happens. The market for NFTs is unpredictable and even with careful planning, chances are your first launch won’t be perfect.
- Learn as much as you can about blockchains if you are not well-versed in the technology. It’s important to understand the basics of how cryptocurrencies work before you launch any NFTs.
- What is your budget? Be realistic about how much you are willing to invest in the project, and remember that every NFT investment comes with risks. Prepare yourself to lose it all, in the worst case.
Various services allow artists to tokenize a range of assets, from image and audio files to text documents, with ease. Thoroughly research options like Rarible and Norion before choosing the right platform to suit your needs.
Additionally, make sure that all your art is in the right format to interface with the tokenization platform you choose. A high-resolution image file may be required for some artworks, while for others the file size and type may not make much difference. Consider your goals for the artwork before planning to launch an NFT.
For brands and creators, the journey to finding the right art form, and the right artists to collaborate with, doesn’t end with the medium. Just like any other marketing strategy, the secret to how to launch an NFT successfully is understanding your audience.
If you are creating an NFT for a brand, consider the following:
- What branding goal do you hope to achieve with your NFT? This could help you determine the proper medium (like animations vs live-action videos), among other things.
- How educated is your audience about cryptocurrencies and NFTs? Some tokenized items, like images, may be easier to sell to your customers than others, like meta-verse property.
- What is your budget? It’s essential before drafting idealistic strategies to create and launch an NFT to solidify a budget without a guaranteed ROI. This cannot be overstated.
- Develop a clear message. To ensure that your launch strategy accurately reflects your message to the right people, you’ll need to clearly communicate your goals to the artists.
HE IS SOOOO CUTE 💚🥰
Revealing Jelly #NFT Legendary Star Birdie! 🕊️
Like, RT, tag some friends, and turn notifications on for a chance to win WL! pic.twitter.com/nDqrsOZKMl
— Star Birdies (@StarBirdies) September 1, 2022
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Step 2: Choose an NFT wallet
If you’re going to launch an NFT, you’re going to need a reliable platform to store your asset once it is created. Choosing the right NFT wallet for your needs is essential to the NFT creation process.
Consider whether NFT wallets are cross-chain compatible. In other words, know whether you can use the same wallet to store Ethereum-based NFTs and Solana-based NFTs.
Think about web-based wallets compared to hardware ledgers: two popular crypto storage options each with its own advantages. Some NFT wallets can be accessed from either the web or via mobile app, and some interface more easily with crypto exchange tools.
Assess your specific needs and choose your wallet wisely. If you’ve never purchased cryptocurrency, you may want to do some further research to make the right choice.
Looking for the best NFT wallet options? Find our top picks here.
Step 3: Choose the right blockchain
Not all NFTs are created equal. Every token needs a blockchain, and before determining how to launch an NFT, it’s important to know which blockchain is best for your needs.
While Ethereum is one of the most popular homes for NFTs, others like Solana and Cardano have attracted new NFT creators in more recent years.
Ethereum is currently the second-largest blockchain and was one of the first on the scene. With a market cap of $250B, Ethereum is one of the most trusted blockchains but comes with a higher entry price. Solana, on the other hand, is a less expensive option that has quickly gained trust and interest since its launch in 2017. Cardano also remains a cheaper alternative to Ethereum and has supported NFT projects big and small.
Snoop Dogg was one of the first to launch an NFT on Cardano. Read more about Snoop Dogg’s NFT projects here.
We on the cusp of a digital revolution. Wake up n get it. Early access to a new digital experience from tha Dogg! 👉🏾 https://t.co/ckEOApZwL6 pic.twitter.com/8bC4gzAxwW
— Snoop Dogg (@SnoopDogg) December 4, 2021
Whether you are a creator or brand marketer, you can benefit from the simple first steps in our list. Of course, make sure you have a thorough understanding of the crypto market and the NFT creation process before you begin to create your own token.
You may decide to create and launch a series of tokens, as is common for some of the most popular NFT projects. If so, consider these steps a foundation to begin the creation process. Know that the best strategy to launch an NFT will depend on your specific goals and needs.
Also, be cautious and pay attention to the crypto market. NFT data company Nonfungible reported in early 2022 that NFT trading topped $17.6 billion in 2021 — a 21,000% increase from the previous year.
Still, at the time of this writing, the market is strikingly imbalanced. According to The Wall Street Journal, there are about five NFTs for every buyer. Since April, there had been 9.2 million NFTs sold, which were bought by 1.8 million people.
All things considered, many continue to bank on the value of cryptocurrency. Some investors assert that the crypto market may flux, as markets do, but isn’t disappearing. Know your budget and strategy goals to successfully launch your NFTs at the best time and in the right way.