FxBrokerReviews.org – As the interest in NFTs continues to grow, digital creators are moving towards creating a larger share of their artworks and collections in the NFT marketplace. Due to its rarity and unique ownership, artists from all over the world have taken to the digital marketplace to showcase and sell some of the greatest artworks.
People have been trading music files, videos, trading cards, and antique assets and now even the metaverse has entered the NFT space. With such high opportunities for earning profits, more and more investors have become eager to mint not just single artwork, but NFT collections.
But, remember before you jump in and start creating your own NFT collection it is important to have a true understanding of what NFT collections are, how to generate an NFT collection and which of the top marketplaces to do so. The unspoken convention is that most NFT collections span between 5,000 and 10,000 tokens,
What is an NFT collection?
As the name suggests, an NFT collection is a unique collection of NFTs consisting of variations of the same design that make some much rarer than others. It is similar to an assortment of digital assets, which is released by an artist or group of artists containing a limited number of individual NFTs. Most of the NFT collections include numerous NFT tokens that are made in a similar way but with a slight difference in each token. Usually, most of the NFT collections include 5000- 10,000 NFT tokens.
Let us look at a Top NFT collection, to understand it better:
The BoredApeYachtClub is one of the most popular NFT collections. The collection is made up of 10,000 rare non-fungible tokens on the Ethereum blockchain. Each token is a simian avatar with various characteristics. Some of the variations that you would find are :
5% of Bored Apes have red fur, 3% sport a biker vest, and some of them wear exclusive accessories and look a certain way. The rarer the features of an NFT token are, the higher price it tends to fetch on the market.
Now, before you learn how to create NFT collection, it is important to know how to add value to your token so that it is profitable and stands out well in the marketplace. Read below
How to create NFT collection?
Opensea is one of the top NFT collection marketplaces for beginners, so we would recommend using the platform to create your first collection. Follow the steps below to generate your NFT collection.
1. Open the marketplace and go to the home page and open the avatar menu. Once you have seen the menu on your screen select “My Collections. From there select the “Create a collection” button and get started.
2. When you will click on the create option a page with several additional fields that you need to fill in. check the list below
- Name: Give your NFT collection a name and ensure it is around 20 characters.
- URL: create a creative URL for the link you will be using for your promotions,
- Description: Add a small yet informative description, explaining the function and purpose of your NFT collection.
- Category: Choose a category that fits your NFT based on either “Utility” Art” “Collectibles” or more.
- Links: Add links to your website or social media page
- Creator Earnings: mention the amount of royalty (ranging from 0 – 10%) you will collect on all the sales.
- Blockchain: carefully choose the blockchain in which you want to mint your NFT as it determines the gas fee, transaction speed, and time.
Once you fill in all the details hit the “Create” button becomes you’re done.
3. Now to create a complete NFT collection you need to add a few more details and then you can list it for sale.
How to upload an NFT collection in the marketplace?
1. Click “Create” in the menu bar. A large square box is displayed on the screen, click on the box and upload the media file that you want to make your NFT. Name it whatever you want, however, if you are creating a collection try using sequence names like – Buglady #006
2. Fill in the several fields listed below
- Description: This can be the same one you used for the Collection or a description of this particular NFT.
- Collection: Choose the collection you just created.
- Properties: Provide the properties of the NFT collection and add as much information as you can to create curiosity in investors. If you are creating a game NFT, then include the Levels and Stats
- Unlockable Content: it can include a bonus, a certificate of authenticity, a full-size print, and many other value-adding factors
- Supply: Mention the number of copies available for sale.
Finally, click “Create” and you have created your first NFT, collection!
What makes an NFT collection popular?
In order to earn a good space in the NFT marketplace you need to mint NFTs that are unique but also add value and provide a status symbol.
In this section, let us look at factors that help us understand: what makes a good NFT collection.
Rarity generates interest
You might have already heard enough that NFT tokens are popular as they are unique and rare. But what makes them profitable is the fact that people look forward to buying an NFT collection that is exclusive and not owned by many. If your NFT collection is limited in number and has a rare value to it investors will be curious about it and inclined to purchase it, thus giving you profits.
Importance of Utility
With the increase in the number of NFT tokens in the marketplace, almost every investor knows how to start an NFT collection. However, it would help if you kept in mind that making an NFT attractive is not enough. Your token should provide the investor with some utility, like a discount voucher, invitation to an exclusive event, or provide any in-game assets for free. All these factors add to the utility factor and work great to increase your NFT collection ranking.
Build a strong community
Listing your NFT collection on the marketplace is not enough. A creator must know how to market an NFT collection to increase its reach. And the best way to do so is by using social media. Platforms like Twitter, Discord, and Instagram help in announcing new NFT drops and also builds a community of followers.
Communication is the key
Once you have launched your NFT collection on your preferred marketplace, like Opensea, you need to interact with investors and create hype about your collection. If you have an NFT collection website then make sure you promote that as well and keep it up-to-date.
How much does it cost to mint an NFT collection?
The cost to mint an NFT collection greatly depends on the blockchain you have chosen to mint on. The most popular blockchain to create NFT collections includes Ethereum, Solana, Polygon, and more.
The blockchain network charges a fee known as a gas fee to initiate a transaction on the network. The gas price is the fee you pay to the blockchain and plays a crucial role when it comes to creating NFTs. Your cost to mint NFT may range as low as $0.01 and can even go into thousands. However, the gas fee associated with minting NFT can cost you an average of $500.
With a low gas fee, it is possible to mint thousands of NFTs at an affordable price. If you want to reduce the gas fee then either choose a cost-effective blockchain like a polygon or try to mint your NFTs when there is less traffic in the marketplace, depending on your location.
How to promote your NFT collection?
Now that you know how to mint an NFT collection, the next step is to make sure your artwork reaches the maximum number of people. Similar to the traditional market you need to market your digital token to get the attention of the investors. The easiest way to market your NFT collection is to promote it on social media. Investors use platforms like Twitter and discord to find top NFT collections.
Spread out the message of your NFT drop, by creating a strong community, teaming up with people, and collaborating with other NFT creators to increase your reach. If you are a beginner and do not have a good community behind your NFT collection then you can choose to list your NFT on popular NFT marketplaces like Opensea, which has millions of visitors a day.
Take a look at some of the best NFT marketplaces to create and sell your NFTs.
Top NFT collections
If you are in the need of some inspiration on how to launch your NFT collection, then this section will cover some of the best NFT collections for beginners to learn from
CryptoPunks stand first in the NFT collection ranking and are one of the most popular NFT collections. The CryptoPunks NFT collection includes 10,000 unique 8-bit characters based on a punk theme. All the NFTs in the CryptoPunks collection feature some unique highlights, which help in determining their value. With various value-added features, the collection is currently the most expensive NFT collection in all the marketplaces.
Bored Ape Yacht Club
Even if you do not invest in NFTs, you might have heard the name of the Bored Ape Yatch Club. BAYC developed by Yuga Labs features unique avatars based on the Ethereum blockchain. The collection consists of an animated ape, with different designs for each character. The unique designs of the digital apes validate their rarity, thus increasing their value.
BAYC is one of the popular NFT collections among celebrities, such as Paris Hilton and Jimmy Fallon. And due to the trading volume of BAYC collection has doubled unconditionally. On average the overall trading volume of BAYC amounted to almost $1.4 billion.
NBA Top Shot
Another best-selling NFT collection is NBA Top Shot. The NFT collection is a project where basketball fans can get access to some unique collectibles to celebrate the game and collect some memorable moments. NBA Top Shot offers collectibles known as ‘NBA Moments’ in the form of NFTs. The NBA Moments are a collection of NBA highlight clips, which you can use as trading cards. NBA Top Shot is, therefore, hugely popular amongst sports fans in recreating the tangible experience of collecting game souvenirs.
Where to sell NFT collections?
A majority of NFT collections are bought and sold across NFT exchanges. These NFT marketplaces offer a great platform to market and display NFTs and also provide security and liquidity. Take a look at some of the best NFT marketplaces:
- OpenSea – It is the world’s largest NFT marketplace, with a wide range of digital tokens including, art, virtual worlds, trading cards, sports items, and collectibles. Based on Ethereum the marketplace is also a suitable platform for beginners.
- Rarible – it is a large NFT marketplace with a focus on art collections, including books, music albums, digital art, and movies. The marketplace is also based on the Ethereum blockchain and supports ETH as currency.
- Nifty Gateway – it is an ideal marketplace for art enthusiasts. While there are high fees at 15% per transaction, Nifty Gateway is one of the industry-leading marketplaces where buyers and sellers of digital art can connect.
Whether you are a creator or investor, the NFT space provides plenty of opportunities to engage and trade digital art and also earn profits. However, generating NFT collections can be a little intimidating for beginners. Therefore, at forex broker reviews, we suggest you start by creating NFTs on a small space and then move to mint collections, as you have to pay a substantial amount of gas fee.
Hopefully, after reading this article, you now have the knowledge you need to know how to generate an NFT, promote it, and earn profits. If you’re new to the space, remember to watch out for some of the scams and manipulations in the NFT marketplace.