This post provides an idea about NFTs and guides you through the steps on NFT creation methodologies and popular NFT monetization strategies!

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Guidance on NFT Creation and Monetization
Strategies!
NFTs are cryptographic tokens existing on a Blockchain that can be traded or sold. NFTs
involve objects or assets such as music, artwork, trading cards, pictures, tweets, memes,
online gaming, virtual real estate, etc.
This concept came to light in 2014 with the first known NFT transaction: A video clip named
Quantum, registered by McCoy on Namecoin Blockchain was sold at $ 4 during a live
presentation at New York’s New Museum. However, this concept didn’t attract much public
attention until 2017 when the digital gaming brand CryptoKitties successfully sold tradable
cat NFTs as a monetization strategy. Gradually, with the rising popularity of cryptocurrency
usage, the NFT market picked momentum and by the end of 2020, the NFT market value
reached 100 million $.
NFT became a buzzword around the globe ever since the most expensive NFT sale took
place in March 2021: “First 5000 Days,” a crypto art by Beeple, was auctioned for 69.3
million USD. Here’s the example of another multimillion-dollar NFT transaction in 2021:
“Bored Ape Yacht Club” raised 26.2 million USD by selling a collection of ten thousand NFTs
in the form of cartoon primates that can be used by their owners as profile pictures on social
media accounts. The year 2021 witnessed a booming NFT market with countless profitable
transactions and the market value shot to 22 billion $.
Several brands, individuals, and enterprises including Yahoo, Star Trek, NYSE, Walmart,
Ticketmaster, Elvis Presley, and Panera have been trademarked for NFT. This post guides
you on how to create an NFT and monetize it. So, if you too wish to trade your asset/s via
NFT, this write-up is a must-read.

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But, before we dig deeper, let’s get a clear idea about NFTs & the concept of minting NFTs!
What are NFTs and how do they function?
NFTs or non-fungible tokens are data units stored on Blockchain, a digital decentralized
ledger. An NFT refers to a specific digital or physical asset that is virtually traded or sold.
NFTs grant ownership of the physical/digital objects by recording it on Blockchain. Here,
granting ownership means providing a license to use, copy, or display the asset for a
particular purpose.
NFTs work like cryptographic tokens but one cannot mutually interchange them like
cryptocurrencies such as Ethereum or Bitcoin. This is because, unlike cryptocurrencies, all
NFTs are not the same; each NFT holds a different value if they represent varied assets.
To create an NFT and earn money from it, one needs to mint an NFT.
What do you mean by minting NFTs?
Minting NFTs is the process of creating NFTs on a Blockchain. Here, the digital file gets
converted into a crypto collectible. During minting the data is recorded within a public ledger
which is tamper-proof & unchangeable. As such, all NFT transactions in the future can be
followed and tracked. For minting NFTs, owners have to pay the “gas fees.” However, some
platforms do not charge any gas fees from NFT creators; the fee is compensated in the form
of additional costs to be paid by the buyer just like VAT or airlines’ fuel charges.
How to Create NFT and Monetize it: Key Steps
Here are the key steps that should be followed to create an NFT and earn money out of it.

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1. Decide on the type of NFT based on your Objective
Selecting the type of NFT is a very crucial move as it should seem valuable to your target
audience and also be profitable for you. Take a look at some of the most popular NFT ideas.
Digital works of art have been so far the most profitable NFTs ever created, and this strategy
works best for individuals planning to create NFTs.
If you are a business brand selling physical collectibles, it would be a great idea to tokenize
those collectibles and sell them in digital format. Digital trading cards and sports cards are
good examples of this type of NFT. While physical cards are susceptible to damage, NFT
cards will retain their quality forever as they are securely stored on a Blockchain.
NFT-based video games have also proved to be immensely profitable as gamers usually
heavily invest in virtual gaming items.
2. Pick a Suitable Blockchain & NFT Marketplace to create NFT
Blockchain:
You also need to select an apt Blockchain technology to mint your digital asset into an NFT.
Select the Blockchain depending on the type of cryptocurrencies owned by your target
audience and the transaction charges involved in that Blockchain. The commonest
Blockchain used for NFTs is Ethereum; other Blockchains include Smart Chain, Binance,
Cosmos, EOS, Polkadot, Tron, Litecoin, and Tezos. For example, Ethereum powers NFT
platforms like OpenSea, Rarible, & Mintable; Polkadot empowers Xeno NFT hub; Wax
Blockchain empowers AtomicHub; and Tezos powers marketplaces like Bazaar market,
Rarible, & one of.
NFT marketplace:
The crypto space offers several NFT marketplaces, and you need to pick the one that suits
you best. It has been observed that non-curated platforms are preferred over curated
platforms. The reason is that NFT creators using non-curated platforms provide low-cost
options – you just have to register yourself and pay the transaction fee needed for minting a
token.
Here are the offerings of some of the most popular NFT marketplaces:
OpenSea:
This popular marketplace is used by a huge chunk of NFT traders as it hosts almost every
kind of NFT and supports 150+ cryptocurrency payment tokens. Furthermore, OpenSea
offers advanced features and user-friendly experiences to NFT holders enabling them to
create effective NFTs speedily. Here, the NFT owners can even group up with other sellers
for selling off their NFTs. The platform doesn’t charge any fee for creating an NFT and
enlisting it for sale. Creators need to only pay fees for one-time registration and contact
approval. Authors are charged a fee when their NFTs are sold.

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Rarible
This is another popular marketplace, a self-service platform that is interconnected with
OpenSea. The offerings of Rarible are quite similar to those of OpenSea. However, Rarible
offers limited formats and smaller-sized artworks. Moreover, Rarible users can mint tokens
prior to selling them, while in OpenSea token minting is managed at the time of selling the
NFT.
Mintable
This platform is ideal for novice traders as it is one of the most cost-efficient options for
creating and selling NFTs. This platform doesn’t charge any fee for registration, NFT
creation, or NFT sales. Free NFT minting services make this marketplace the most viable
option for artists who seek zero investment and huge returns. But this platform is not so
user-friendly and requires a lengthy registration procedure.
Is it necessary to use a marketplace for NFT Creation?
You need not use an NFT platform if you are technical enough to build a smart contract,
choose a Blockchain to deploy it, and use it for minting tokens. You can also hire Blockchain
app development services for customized requirements.
3. Create a Digital Wallet & Fund it with Cryptocurrencies
A digital wallet is an app that is used for storing cryptocurrencies as well as buying, selling,
or minting NFTs. So, pick a wallet that is compatible with the Blockchain you use for minting
your NFT if you are a creator/owner. MetaMask and Coinbase are the most commonly used
ones.
Once the digital wallet is created, you need to add some cryptocurrencies for paying the
NFT minting fees to the marketplace you’ve chosen. Ether or ETH, Ethereum’s native
cryptocurrency, is the most commonly accepted currency in NFT transactions.
4. Connect your Wallet to an NFT Marketplace
Now, you need to connect your wallet to the NFT marketplace you have chosen. For
OpenSea and Rarible, this process is quite easy: you need to click the top left button for
connecting the wallet. Then, you can view a list of compatible wallets; you need to select
one out of these for continuing the connection process.
If you already have installed the extension of either Coinbase or Metamask, a pop-up will
appear asking you to connect to your wallet, and you can connect with a few clicks. For the
Coinbase wallet app, you also get the option of connecting with the marketplace using a QR
code scanner that is present on the main wallet screen on the right side of your balance
amount.
Remember to go for a trusted site instead of an unknown site, to prevent scammers from
accessing your NFTs or funds.

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5. Add Description to your NFT
Now, you need to upload the file that needs to be converted into an NFT to the marketplace
you have picked. Then add a catchy title and description to your NFT for listing purposes.
Once uploaded you need to select whether you wish to mint a single token or an entire
collection of NFTs.
Thereafter, you will be asked to decide on the percentage of royalty you would like to claim
whenever your asset/artwork is resold in the future. But, this part is a bit tricky. If you set a
high percentage of royalty for resale, it may seem profitable but individuals who have
purchased your asset might be reluctant to resell it.
The last step involves adding the properties of your file; this step is optional.
6. Enlist the NFT for Sale
After you are done with filling out the information and you have uploaded your file and
minted it, you need to enlist it for sale. Click on “create item” and then you will get the option
to connect your wallet for paying the listing fee.
Once your file gets listed for sale on a particular marketplace, the platform will calculate the
“gas fees”. This type of fee refers to the costs incurred by the Ethereum Blockchain network
for recording transactions and the amount depends on how busy the platform’s network is.
However, if you enlist your NFT during the non-peak hours, the fee will be lesser.
7. Promote your NFT
After creating an NFT and minting it, owners need to promote it through proper channels for
maximizing the chances of success. The promotional platforms & approaches include public
relations, online advertisements, crypto podcasts, and social media.
8. Select the NFT- Sale Strategy: Auction or Fixed Price
It is important to choose an NFT-Sale strategy: Auction or Fixed Price. The fixed price
strategy is simple, straightforward, and transparent – NFT owners mention a specific selling
price for their assets.
Setting up an auction is a way more interesting and exciting approach for earning money
from an NFT sale! Here, three options are available:
 Increasing price auction: The price increases and the highest bidder gets to buy the
NFT.
 Timed auction: The bid for each lot is set for a definite time, the interested collectors
have to submit the bid within the specified time, and finally, the person who submits
the highest bid wins.
 Decreasing price auction: The NFT price drops till a person buys the NFT.
 Online auction without a deadline: Interested parties will submit the bid and the owner
can close the auction at any time.

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NFT Monetizing strategies
The various approaches to earning money from an NFT are:
Royalty:
This is a crucial strategy to earn money from NFTs: the NFT creator can earn passive
lifetime royalties after selling their NFT to another individual. For this, the creator must
impose terms and conditions stating that royalties need to be paid to them every time the
ownership of the NFT changes.
NFT Staking & Renting:
Staking is to lock or deposit an NFT for generating passive income in the form of tokens.
If your NFT is gaining popularity, renting will be a good option to earn money out of your
NFTs. Here, a smart contract-empowered deal is sealed between two parties stating certain
terms and conditions. The lease amount and the duration of the rental agreement are also
fixed by the owner.
Liquidity Pool
This refers to a collection of digital assets locked within a smart contract. This collection can
be used as loans, collateral, etc. Moreover, the users of several platforms are rewarded with
NFTs that are exchanged with a liquidity pool and the owners can sell their NFT rewards for
liquidating their positions within liquidity pools.
Summing Up:
The NFT platform can be leveraged by artists to get digitally recognized and can be used by
business brands as a highly effective monetization strategy. As the trend to collect NFTs is
rapidly growing, the number of brands/firms applying for NFT trademarks is also on the rise.
The number of NFT-related trademark applications received by the Patent and Trademark
Office in the US was just three in 2020; the number rose to 1200 in 2021; 450 applications
were received in January 2022.
If you too wish to make money by creating an exceptional NFT for your business brand,
reach out to Biz4Solutions, a prominent software firm offering high-end mobile app
development services as well as Blockchain-related services to global clientele for the last
12+ years.