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 usual, 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 good 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.
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.
However, searching for an NFT app with an embedded wallet is always better as it is a more secure and fast way to store, protect, and exchange your assets. There are a number of reasons for that.
- Convenience: An embedded wallet can be more convenient because it is integrated into a larger platform, which can streamline the process of managing your cryptocurrency. This can include features such as instant trades, easy access to market data, and more.
- User experience: Embedded wallets often have a better user experience than hot wallets, as they can be more intuitive and easier to use. This is because they are designed to be a part of a larger platform, rather than a standalone application.
That’s why such apps like Bitorbit can be a great help as its secure non-custodial wallet is a great way to safely hold tokens and instantly swap them for BITORB, a deflationary utility token of the project that can be used to buy NFTs in the app.
And if you’re a seller, you can get paid in BITORB and hold the tokens in the embedded wallet. No need to connect any hot wallet for that purpose.
3. Integration with other services: Embedded wallets can also be integrated with other services within the platform, such as trading or investing, making it easier to manage your cryptocurrency portfolio in one place.
Step 2. Buy crypto
Some marketplaces only let people use cryptocurrency when it comes to NFT trading. For instance, if you want to purchase or sell NFTs in the Bitorbit App, you’ll first need to buy VLX and easily convert it into BITORB.
To acquire VLX, visit the official Velas website. Purchasing VLX from the Velas website ensures a transparent and secure transaction with no hidden commissions or gas fees involved.
Check out the detailed manual to learn how to buy VLX on different platforms as well.
To swap VLX for BITORB:
- Add Velas Network and token VLX
- Send your VLX to mm wallet (use VLX EVM network)
- Open https://wagyuswap.app/
- Click ‘Launch App’
- Click ‘Connect Wallet’
- Select Metamask
- In the field ‘From’, select a token with a positive balance (VLX)
- In the field ‘To’ select ‘BITORB’
- Specify the desired amount
- Press ‘Swap’
- Confirm actions
Now we can proceed to create an NFT.
Step 3. 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 the NFT creation in the Bitorbit app.
How to create an NFT
Now let’s move to the most exciting part.
- To create an NFT, press the ‘Post’ icon in the middle of the interface below.
After that, a menu will open. There are 2 options:
2. Let’s create an NFT.
You can upload NFT in 3 formats: JPG, PNG, and MP4. The maximum size is 100 MB.
Choose the name of your NFT and describe it.
3. In the menu below, you’ll find two icons.
4. The hashtag icon adds up to the 5 best hashtags describing your NFT. It’s an excellent tool for your future buyers. That’s how they can easily find your work.
Bitorbit advises you to create personal hashtags for your NFT art fans!
5. The photo icon is our brand-new development. You can create NFT right from the spot just by taking a photo from your phone.
Now, all that is left is to press the ‘Create’ button in the upper right corner of the app. 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 ensure you’re interested in what you create. Put your art first, and success will come!