Non-Fungible Token (NFT) Fundamentals Cheat Sheet – Get Started with NFTS Today!Jan 11, 2022
This Non-Fungible Tokens (NFTs) – Cheat Sheet has been created to help guide thru the top considerations, steps and processes around NFTs today.
Non-Fungible Tokens (NFTs) have been in the news a lot recently. They are a relatively new thing and people are already capitalizing on the craze. People want to know more about NFTs and how they can profit from them
Step 1: What are Non-Fungible Tokens (NFTs)?
- A hot new trend that will be around for a long time
- A unique digital asset
- NFTs are associated with blockchain networks
- NFTs are not the same as cryptocurrencies
- NFTs are not just about art
- Only one NFT owner at a time
- NFTs can be very valuable
Step 2: How NFTs Work
- Public and private keys are used for security
- Blockchain networks have to be used for NFTs
- You need a crypto wallet to create and trade NFTs
- NFTs have been around since 2017
- Reduction in carbon footprint actively sought for NFTs
Step 3: The Benefits of NFTs
- NFTs are in a decentralized market
- There is proof of ownership with NFTs
- NFTs provide authenticity
- NFTs are immutable
- It is easy to trade NFTs
- NFT creators can retain copyright
- NFTs are secure
- NFTs create a new economic opportunity
- NFTs can support inclusive growth
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Step 4: How to create NFTs
Step #1: You can create NFTs easily without knowing any code
Step #2: Choose a marketplace for your NFTs
Step #3: Setup a crypto wallet
Step #4: Choose your item to convert into an NFT
Step #5: Create your collection
Step #6: Create your digital token
Step #7: List your NFT for sale
Step 5: How to Choose an NFT Marketplace
Step #1: There are self-service and curated marketplaces
Step #2: NFT marketplaces work with different blockchain networks
Step #3: OpenSea
Step #4: Rarible
Step #5: Mintable
Step #6: Nifty Gateway
Step #7: SuperRare
Step #8: Foundation
Step #9: Niche NFT Marketplaces
Step 6: Proven Tips for Selling your NFTs
These are the proven steps for selling your NFTs
- You must promote your NFTs
- Why is your NFT special?
- Use Twitter to promote NFTs
- Use other social media platforms
- Use the correct hashtags
- Use Discord forums
- Apply to NFT Hunters
- Promote your NFTs on Reddit
- Share your back story
- List your NFTs on the right marketplace
- Use the Clubhouse platform
- Get started immediately
Step 7: NFT Mistakes that you Must Avoid
Consider the following mistakes to avoid for success:
- Thinking too short-term
- Not promoting your NFTs enough
- Choosing the wrong marketplace for your NFTs
- Doing NFTs on the cheap
- Not understanding how NFTs work
Step 8: Investing in NFTs and Flipping for Profit
Consider the following:
#1: People are profiting from flipping NFTs
#2: Understand that many people are buying NFTs
#3: Find undervalued NFTs that will increase in value
#4: Find NFT flipping opportunities on marketplaces
#5: Use NFT buying strategies
Step 9: NFT Best Practices
Consider the following:
- Understand what NFTs are and what they are not
- Know how NFTs work
- Understand the benefits of NFTs
- Know how to create NFTs
- Know the NFT marketplaces
- Promote your NFTs
- Avoid common NFT mistakes
- Invest in NFTs and flip for profit
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