Here is our methodology for selling NFTs in 2024. This tutorial was designed by Original, a B2B NFT back end SaaS for mobile, desktop & browser applications for a seamless & engaging gaming experience.
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Step 1 : Choose your selling platform
Choosing the right selling platform is crucial for the success of your NFT project. To simplify your decision-making process, consider these three important factors:
- Popularity and user base: Choose a platform with a thriving community and a growing user base. This ensures that your NFTs are highly visible and reach a greater number of potential buyers.
- Specificity and niche: Identify platforms that match with your NFTs purpose. For example, if your NFTs are art pieces, consider platforms like OpenSea or SuperRare, which are renowned for their art collections.
- Fees and commissions: Compare the fees and commissions charged by different platforms. Make sure the platform’s fee structure aligns with your overall sales strategy and profit margins.
Here are some of the most popular NFT selling platforms:
- OpenSea is the largest NFT selling platform in the world. It offers a wide range of NFTs, including art, gaming, sports, and music.
- Rarible is another popular NFT selling platform. It focuses on art and collectibles.
- SuperRare focuses on high-quality art.
- Mintable is an NFT selling platform that allows users to create and sell their own NFTs
- LooksRare is an NFT selling platform that offers lower transaction fees than other platforms.
Original: the turnkey solution for selling your NFTs
Original lets you create and manage your NFTs easily. Our solution also provides you with a secure environment, even if you have no coding skills. With its advanced sales management functions, Original enables you to maximise your revenues effortlessly. Finally, the solution simplifies the whole process, offering seamless integration of NFTs into your business operations, in a snap!
Step 2: Create your NFT collection
As we said before, It’s crucial to explore the diverse types of NFTs and understand the process involved. Here are the details:
The different types of NFTs
NFTs come in various forms, catering to different digital assets and experiences. Some common types include:
- Digital art NFTs: Artwork and illustrations transformed into digital assets.
- Collectibles NFTs: Digital representations of unique items or characters.
- Virtual real estate NFTs: Ownership of virtual spaces or environments.
- Utility NFTs: Providing access or benefits within a digital ecosystem.
- Music and video NFTs: Tokenizing audio and video content.
- Gaming NFTs: Sorare, Stables (these have strong web3 loyalty program)
Examples of NFT Collections:
- Cryptokitties: Collectible digital cats with unique traits.
- Beeple’s Everydays: Daily digital art pieces compiled into a comprehensive collection.
- NBA Top Shot: Highlight videos of basketball moments transformed into collectible NFTs.
- Stables: The first web3 gaming universe based on real racehorses
How to create your NFT collection
Creating your NFT collection involves important key steps:
First of all you have to define your theme. You need to establish a deep narrative around a theme so that the NFTs have a clearly identified story.
The next step is to design and prepare the digital files or assets that will become your famous NFTs. Make sure you read the documentation specific to each platform to meet the specification required.
Now let’s get down to technical part. The next step is to write down the metadata describing the features and details of each NFT. You therefore need to define the attributes that enhance the individuality of each item.
It’s now time to mint! Use the minting process to officially create and tokenize your NFTs on the chosen blockchain. This process involves uploading your digital assets and providing the necessary information.
It’s important to keep in mind that some platforms offer user-friendly interfaces for minting, simplifying the process for creators who don’t have in-depth technical knowledge. By understanding the variety of NFTs types and following a structured approach to creation, you will be well equipped to build a unique collection of NFTs, and a strong web3 loyalty strategy.
Step 3: Define your pricing strategy
To develop an effective pricing strategy for your NFT project you need to consider few factors and adopt a strategic approach:
- At the very beginning you have to think about the scarcity and the rarity of your collection. Indeed limited editions or unique attributes can contribute to higher perceived value
- As with all projects, demand will dictate the value of your project. Stay in touch with market demand and current trends. Understanding what appeals to your target audience can help you set competitive prices.
- Take into account the cost structure of your project, as well as your time, effort and all your expenses to ensure profitability.
- Assess the level of engagement within your community (number of members on your Discord, subscribers to your X account, number of visits to your landing page…) and leverage web3 loyalty. Offering special prices or discounts to loyal customers can foster a sense of community and support.
If you follow these four factors to the letter and analyse them carefully, you will already have a good idea of the value of your project. Once that’s done, we’ll go into a little more detail to define your price:
- Market, market & market! Explore all similar NFTs in the market to gauge their pricing. This can provide insights into pricing norms within your NFT niche.
- You can also consider introducing tiered pricing structure. This allows you to offer different levels of access to your community, but also to offer benefits at varying prices, in order to reach a wider audience.
- Your community is the key, talk to them! Ask your community for their opinion or carry out small-scale tests to gauge how different pricing models are received (on Discord, Twitter or survey, for example). This iterative approach can help you refine your strategy and press your web3 loyalty program.
By carefully considering these factors and employing a strategic methodology, you can define a pricing strategy that aligns with the value of your NFTs and resonates with your audience.
3. Operational resilience
The ability to manage failures is essential to ensure normal application operation. Of course, applications must continue to function even during downtime or technical glitches. You need to be prepared for this, no matter what. As you know, Original’s robust solution ensures business continuity, guaranteeing successful operations even in the face of temporary failures. So you’ll be among the best performing applications in terms of operational and technical resilience.
Step 4: Smart contract integration
It’s smart contract time! Once you have created your collection of NFTs and defined your pricing strategy, you need to integrate a smart contract with your NFTs. A smart contract is basically a self-executing contract that is stored on a blockchain. It is used to automate the sale of your NFTs and to ensure that the transaction is secure and transparent.
Firstly, you can create your own smart contract, but this is time consuming and tricky if you don’t have blockchain skills. BUT you can use an existing smart contract. This can be a good option if you’re not familiar with developing smart contracts or want to save time.
Here are some examples of existing smart contracts you can use:
- OpenSea: OpenSea offers a variety of smart contracts for different types of NFT. For example, you can use the ERC-721 smart contract for art, the ERC-1155 smart contract for collectibles, or the ERC-20 smart contract for utility tokens.
- Rarible: Rarible also offers a variety of smart contracts for different types of NFT. For example, you can use the ERC-721 smart contract for art, the ERC-1155 smart contract for collectibles or the ERC-1155 smart contract for gaming NFTs.
- Mintable: Mintable offers a variety of smart contracts for different types of NFT. For example, you can use the ERC-721 smart contract for art, the ERC-1155 smart contract for collectibles or the ERC-20 smart contract for utility tokens.
To use an existing smart contract, you’ll need to follow the instructions provided by the smart contract platform. In general, the process is like this:
- Choose the smart contract you want to use.
- Connect your portfolio to the smart contract platform.
- Provide the necessary information (NFT collection, NFT prices, metadata…).
- Deploy the smart contract.
Once the smart contract has been deployed, your NFTs are ready to be sold.
However, if this isn’t the solution for you, you can always call on Original to set up a customized Smart Contract, and we can help you get it up and running quickly.
🔗 : Click here to set up a customized smart contract
Step 5: Customizing the payment process
Customizing the payment process ensures that transactions are efficient and accessible, while meeting the diverse preferences of your NFT community. There are several options for the payment process. The more options you offer, the wider the target audience you can reach, and the more likely it is that your technology and/or your NFT project will be adopted.
Let’s take a look at it:
- Cryptocurrency payment: The most widely used solution, of course! The most popular options are Ethereum (ETH) or Solana (SOL) and other altcoins. Integrating payments in crypto-currencies simplifies the transaction process and aligns with the ethos of the web3 movement & web3 loyalty.
- Fiat currency options: To enable mass market adoption, some platforms and applications allow users to buy NFTs using traditional fiat currencies such as the euro. This approach makes NFTs more accessible to a wider audience, as it is aimed at those who are unfamiliar with crypto-currencies or prefer not to use them.
- Adaptive payment systems: Finally, you can implement adaptive payment systems that automatically convert fiat currency payments into crypto-currencies or vice versa. This flexibility ensures that users can transact in their preferred currency, contributing to a more inclusive NFT ecosystem.
Platforms like Original recognize the importance of a personalized payment process. By offering bespoke solutions, such as integration with popular shop checkout systems like Google Pay or Apple Pay, we ensure a smooth, secure and above all personalized transaction experience.
Step 6: Sales management and analytics
Effectively managing your NFT sales is crucial to having a vision of the success of your project and the future of your operations. Original provides robust tools for sales management and analysis, enabling designers to track, analyse and improve their performance.
Here’s a complete guide to using Original’s features for optimal sales management:
- Original’s user-friendly interface simplifies the process of managing your NFT sales. Navigate seamlessly through the platform to monitor transactions and control payments. The intuitive design ensures a seamless experience, allowing you to focus on your core business.
- Take advantage of Original’s tracking features to monitor key sales metrics. Keep an eye on the popularity of specific NFT collections and the frequency of purchases. Understanding these metrics allows you to adapt your future strategies to effectively meet the demands of your target audience.
- Original ensures transparent payment tracking. Monitor the status of payments, identify successful transactions and quickly address any potential issues. The platform provides real-time updates on payment processing, facilitating a secure and reliable financial environment.
- Use the wealth of data provided by Original’s analysis tools to inform your future sales strategies. Identify patterns, understand buyer behaviour and refine your approach to align with market trends.
- Original’s platform is designed to effectively manage your sales, allowing you to focus on your creative activities. With a combination of user-friendly interfaces and powerful analysis tools, the platform ensures the resources you need to thrive in the competitive NFT landscape.
Conclusion
This guide takes a deep dive into the world of selling NFTs, sharing the keys to success and demonstrating how Original simplifies the process, making it accessible for businesses of all sizes.
We are Original, a leading B2B SaaS company, we help businesses easily incorporate NFTs into their platforms, opening up opportunities to boost customer engagement, build loyalty, and take advantage of the growing NFT market.
