The number of unique wallets that carried out certain actions with NFT assets grew exponentially within a couple of years (2020–2022).
This is the data that reflects the changes from the 1st quarter of 2020 to the 3rd quarter of 2022.
The growth slowed down in 2022 due to a number of economic reasons, and the number of NFTs sold daily fell considerably.
The imbalance between supply and demand, the Federal Reserve raising rates and lots of scandals in the blockchain sphere made investors turn to more defensive stocks. This is a usual situation, as people need something that provides consistent dividends and stable earnings in turbulent periods.
However, that’s just NFT winter for all the fans. Sina Estavi who bought famous Jack Dorsey’s twit for recording $9 million, couldn’t sell it even for $14K in just a year.
Mr. Estavi said that ‘failure of the auction wasn’t a sign that the market is deteriorating, but was just a normal fluctuation that could occur in any market.’
Now the market is clean of empty and meaningful projects, and it’s a very good sign. Moreover, it’s a good time to start your own project and create the NFT of your dream!
So where to start from?
Step 1. Get a crypto wallet
Briefly, a crypto wallet is a computer program or a physical gadget that allows you to store and transfer digital assets.
There are 2 types of wallets: software and hardware.
When it comes to fast minting and сonductioning operations with NFTs, a software (hot) wallet is a perfect choice. You can download and install it as an app on your device. Hot wallets are always connected to the internet, that’s why they are more convenient. But as a result, these wallets are more open to hacking attacks and therefore less secure. Metamask or Coinbase Wallet will be a good choice.
A hardware (cold) wallet is a physical gadget that functions as a USB stick that you might use to store files from your computer. Cold wallets are isolated from the network, which is why they are considered more secure. Ledger Nano X will be a good choice if you want to store your NFT in this type of wallet as it supports both Ethereum and Solana NFTs.
Step 2. Buy crypto
Some marketplaces like SuperRare and OpenSea only let people use cryptocurrency when it comes to NFT trading. Ether (ETH) is one of the most common and widely used currencies when it comes to operations with NFTs. ETH is usually available on all major trading platforms like Coinbaise or Binance.
However, we are all aware of the fact that ETH can be very expensive in terms of transaction fees. That’s why you can choose an alternative like Solana, BSC or Tezos.
Solana offers transaction fees of less than $0.01 and is considered to be the nearest competitor to the Ethereum blockchain, which is why there has always been good volume.
Solana NFT volume since July 2022 speaks for itself.
Step 3. Choose a marketplace
That’s one of the most important steps. Choosing a marketplace depends on your goal and the number of NFTs you want to place.
If you have a huge collection, it’s better to choose one of the world’s largest NFT marketplaces like OpenSea or LooksRare.
OpenSea supports over 150 cryptocurrencies as a payment method and 14 different crypto wallets, that’s why it’s quite easy to buy NFTs here for anyone. However, due to its popularity, it was hacked many times.
And here’s what you should do to protect yourself from OpenSea’s locked asset policy.
LooksRare can become a great alternative for NFT collections with its 2% low fees on sales.
However, it’s better to choose a platform like Foundation for single NFTs. Here original creators receive 95% of initial sales, and the platform gets a 5% marketplace fee.
Besides, Foundation is well-known for its top-notch art.
Сons: lots of competition here.
Step 4. Create/mint your NFT
Minting is actually a process of creating an NFT. This process links a specific set of data — the NFT — with a specific asset or object.
Owning the copyright and IP rights for the NFT you’re minting is crucial. No law troubles are needed, right?
After you selected a marketplace and created an account, you can start the minting process.
The steps may differ a little, but the main procedure is pretty much the same.
Let’s take a look at OpenSea. To create an NFT here, you need to select a corresponding section by clicking on your profile avatar in the upper right corner.
Then you’ll be switched to the page where you’ll be able to create your NFT by filling out the description section.
The more sections you fill, the more detailed and trustful your description will look.
Double-check all the information and press the ‘Create’ button.
That’s it!
In a word
The NFT and crypto winter is the best time to test your forces and upload your first NFT. Take your time, choose the niche wisely and make sure you’re interested in what you create. Put your art first, and success will come!
