WHAT THE NFT: Understanding the Incomprehensible

Imagine it's 2012, a random person comes up to you and says that any digital photograph on your phone can be sold for $10,000, what would your reaction be? You would call that person crazy and walk away. Now come back to 2021 and see, even this pixelated artwork is worth $1,000

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This is an NFT. An expression of the digital renaissance period in which we are living. An NFT, or a Non-Fungible Token is like a ticket or a collectible that can provide you with additional perks of the community it is connected to. NFT’s are like digital Diamonds which hold a value and are nontransferable.

What is an NFT?

According to the books, NFT is defined as cryptographic assets on a blockchain that can be distinguished from one another by their distinctive identifying codes and metadata. Unlike Cryptocurrencies, NFTs are unique, and cannot be split into multiple assets. They cannot be traded or exchanged as well. Real-world objects like artwork and real estate can be represented by NFTs. These physical assets can be "tokenized" through NFTs, which improves the efficiency of trading while lowering the risk of fraud.

NFTs can be used to represent a variety of things, including people's identities and property rights. NFTs have drawn the attention of collectors as their value, which first rose but has now calmed down. Many artists and personalities around the world like Kevin Heart, Critiano Ronaldo, Tony Hawk, Stan Lee, and Snoop Dog, are using NFTs to create a special community and hype around their names.

Types of NFT

Anything can be an NFT. Be it a digital artwork, or a music album, anything that has a unique signature to it can be considered and sold as an NFT. Various types of NFT are as follows: -

Digital Artworks

Music

Video Clips and GIFs

Avatars or PFPs

Memes

Trading Cards

Metaverse Land

While many people wish to earn and become a millionaire by selling NFT, it is pretty typical to understand the trading and marketing process of an NFT. It is also equally important to decide why you are creating an NFT.

Is it to bring in the cash or to amplify an idea that you truly believe in? A little introspection is really important before you go down the rabbit hole in the wonderland world of NFTs and Cryptos. While you think of the purpose of your NFT, we did the hard work of going through numerous projects around the world to jot down the two strategies of NFT minting approaches.

Step by Step process to Launch a Non-Fungible Tokens

There are two alternate ways applied when you are launching your collection, depending upon your vision for the collection: -

Quick Mint Approach

This approach is employed when the objective is to sell the NFT collection in a short span of time fully utilizing the power of paid social media marketing. Marketers who follow this kind of approach usually become active for a time period of 3 to 6 weeks, when they market and promote their NFT aggressively and finish selling the project within a limited time span.  

This approach takes a hook around a trending topic in the digital world to leverage the possibility of making the NFT project a hit. It is equally essential to target the right influencers to market your NFT, i.e., choosing an appropriate influencer marketing technique. For example, Bored Ape picked Snoop Dog, a pop culture rapper and personality, to market their NFT which picked up a huge wave and is still going on.

This approach is also much riskier than deep rooted approach, which we are going to talk about in the next segment of this blog.  

Deep Rooted Approach

Deep Rooted Approach focuses on building a community around their NFT with a vision and mission as their foundation. They slowly create the hype of the project by providing a space for like-minded people to connect and build their projects.  

It brings in the space and time to grow the community organically through word of mouth. Slowly and gradually people join into the value and mission. Azuki is one such NFT collection that runs on building a community, a deep-rooted approach towards launching their project.  

There are a number of possibilities with NFT and it is just getting started. Who knows when the next time we are on the topic, we come up with something more interesting and pull up something which the world has never ever seen. And we do have a hinge for creating the unseen. Are you looking for a dedicated team to help your NFT collection soar to great heights?  

Well, Advist Global provides end-to-end solutions to all your branding, marketing and illustration needs when it comes to launching your NFT collection out in the world and we at Advist will be happy to gather the globe at your fingertips!