If you’ve spent any amount of time consuming content online, you’ve likely seen the acronym NFT floating around.
Do you know about NFTs? And do you know how NFTs can benefit you as a creator?
Whether you’re an NFT expert or you’ve only heard about them a couple of times, NFTs will continue to become more relevant in our economy. And for creators, they will become increasingly important for those looking to build communities and earn a living through their art.
NFTs are more than just a Twitter and technology trend. When done correctly, creators can share their art, build communities with like-minded individuals, and enjoy unmatched experiences.
If you aren’t sure where to start, don’t worry. We turned to NFT enthusiast Waldo Broodrÿk. He’s the Director of Community & Special Projects at Blush and Community Manager at Robotos, and he’s passionate about the NFT space. Waldo gave us the rundown on what NFTs are, how to do them right as a creator, and how you can be successful in building a community as part of the journey.
What are NFTs anyway?
If you’re learning about NFTs for the first time, or need a quick refresher, NFTs are non-fungible tokens. Waldo described them as a one-of-one creation or a minted creation. Essentially, they are anything you can create (e.g., an image, animation, music, website), and there’s only one of that exact creation.
NFTs provide the opportunity for creators to create unique art and cool experiences and sell them as a form of currency. There’s more money in the artwork than there is in modern-day investments right now. It’s like owning the original Mona Lisa versus purchasing screen-printed posters of the painting. And there are public records of NFTs so you can see who owns them, transfers them, or invests in them.
Knowing about blockchains applies to understanding the NFT space. Ethereum is the most common blockchain right now. For example, ownership of NFTs is tracked on the Ethereum blockchain, and Ethereum is also the currency used to buy and sell NFTs.
An example of how NFTs work
Robotos is the project Waldo is most involved in. With NFTs, you store them in a wallet (e.g., Metamusk or Trust Wallet). When you connect your wallet to a decentralized app (dapp), you can create different experiences. So instead of robotos.art being just a landing page for the project, it’s a place where you can interact with the art you’ve purchased.
And, technically, this isn’t a one-of-one NFT project. Nine thousand nine hundred and ninety nine Robotos were minted. Much like currency is minted, NFTs can be minted on the blockchain. This is comparable to being an early investor. At minting, you don’t know what you’re going to get most of the time. Sometimes there’s an instant NFT reveal, and sometimes there’s a minting window where the reveal comes later.
When you’re minting, you’re paying what’s referred to as “gas fees.” Think of these fees as transaction fees. It’s what you pay to list something for sale or claim it on the blockchain, essentially.
Why have NFTs gotten so popular?
Waldo believes NFTs started gaining traction for a few reasons. The first — and arguably biggest — is because of wealth distribution.
Another benefit of NFTs is the community-building aspect that comes with them. As humans, we crave connection no matter our personality type. And, as Waldo points out, we can do so much more when we come together as a community.
Finally, NFTs attribute works back to the original artist, and you can also get royalties for any secondary sales.
“Ultimately, when we come together to build things, or if we want to facilitate change on Earth, we can do so much more together. A lot of people are doing that through NFTs.”
How can creators turn their art into an NFT project?
If you’re thinking about turning your creations into NFTs, Waldo shared the steps you should take to dive into the creation process:
- Set up your wallet and send some Ethereum to your wallet
- If you choose OpenSea (which is one of the most accessible platforms), there’s a “Create an NFT” button
- Upload your file from your computer (ensure you meet the file size limits)
- Name it, set a price, and set the quantity (if needed)
Once you’ve completed these steps and created the NFT, people can start investing right away. You should share your NFT and encourage others to invest in it. This process is referred to as “shilling” in the NFT space.
How creators can have success with NFT projects
It might seem like creating and selling art is all it takes to thrive in the NFT space, but that couldn’t be further from the truth. Waldo emphasized the power of building a community to set yourself up for success with NFT projects. Specifically, you can grow your NFT community on Twitter. It’s a great platform to get to know people.
Find projects that you admire and see what they’re doing to create utility within their projects. For example, some projects partner with musicians to use NFTs as a method of entry for concerts. Or you can use NFTs to offer discounts at stores. Use NFTs to create experiences.
“What experience are you creating at the end of the day? We’re in the experience economy. People pay for experiences.”
Sharing what you’re working on and being transparent throughout the process is another great community builder. People enjoy seeing the raw work and feelings behind the scenes. You can also set up Discord to connect with others and keep conversations going.
If there’s anything we learned from Waldo, it’s that there’s so much more than artwork at play when it comes to NFTs. When jumping into NFTs successfully as a creator, it comes down to building a community.
