Brands raised awareness before the 1990s through commercial advertising. In the 1990s and 2000s, as the internet expanded and changed, brands developed advertisements initially for static web pages and later for more interactive and powerful social media platforms. Ideas about decentralization, ownership, and authenticity have spawned a market for non-fungible tokens (NFTs) as the internet continues to develop into Web3.
This has led to a boom in the ownership of NFTs. These distinctive digital assets are emerging as new ways for businesses to communicate with their customers. It’s a new way of interaction because a lot of information can be recorded and confirmed on a public blockchain.
As NFTs have drawn in investors from across the globe, businesses have become interested in learning how they might participate in this rapidly expanding asset class, and apply it in their marketing.
For businesses aiming to boost income, community involvement, and brand visibility, the emergence of NFTs offers many options. NFTs are no longer just a novelty investment.
A market research and consultancy company called Market Decipher found that the market, which was estimated to be worth $232 million in 2020, had grown to $22 billion just one year later. The company has projected that the NFT market might be worth more than $60 billion by 2031.
Understand what an NFT is & looks like
NFT stands for non-fungible token, which means that inside those pieces of art is a singular, non-transferable data unit that is kept on a digital ledger utilizing blockchain technology to create evidence of ownership. The essential technology that underpins cryptocurrencies like bitcoin and ether is also employed to ensure the uniqueness of each NFT and establish ownership.
However, each NFT is fully unique and cannot be traded for another of the same kind in the same way that a unit of bitcoin can. The file contains additional information that transforms it from a kind of currency into, well, really anything.
NFTs have developed into collectible digital artifacts that are valuable in the same way that real-world art is.
NFTs can be created from virtually anything that is distinct, valuable, and can be stored digitally. Like other collectors’ objects, such as paintings or antiques, you pay for a file and documentation proving that you have the original copy.
Plan what you want your NFT to be
NFTs are offering creators the ability to establish a platform around the projects important to them and to share their creativity with new people. NFTs are transforming how businesses do marketing, create communities, and how the public perceives artists.
Investigating two key factors—the founders and the existence of a roadmap—is the first step in determining whether to invest in an NFT project. A long list of goals regarding the various stages of the project, what they'll be giving away to their community, and what will happen when they reach particular milestones is frequently spelled out in the roadmap for various NFT initiatives. This is what you should also be planning.
However, if you look at the already established community, you'll see that it's not always strong enough to support just a roadmap. A synergy between the founders and the community needs to exist and match to support the roadmap. This is something that every successful NFT project has.
Things to know before working with an NFT designer
Where will your NFTs be sold?
People have managed to make money by creating tokens out of tunes, digital images, photos, memes, and even their gaseous emissions.
A rising number of trustworthy platforms include a verification procedure for NFT developers, even though certain NFT marketplaces allow anybody to create non-fungible tokens. Frequently, this entails filling out an application or getting a recommendation from another artist.
There are also ways to sell NFTs through your own eCommerce website - this is where we can assist, just contact us by filling out this form.
Costs & fee structure
Certain fee models may or may not be ideal for you as an NFT artist, depending on your needs. For instance, a non-fungible token developer may want to collaborate with a platform that would enable them to manufacture hundreds or thousands of NFTs based on a single work of art without having to pay anything upfront. If not, they risk paying tens of thousands of dollars in gas fees.
As an alternative, a creator may decide to work with a platform that charges up front but does not later collect any fees, if they are only looking to generate a single "master copy" of an NFT.
What to look for in an NFT designer
Do you like their style?
Many artists have a distinctive style. It's crucial, however, to bear in mind that their skills might not be as good outside of their field. For instance, even though Andy Warhol is a renowned artist who revolutionized 20th-century pop art, you might think twice about commissioning someone like him to paint an incredibly accurate landscape. Following in this vein, your NFT artist needs to adhere to the desired aesthetic.
Knowing what you are looking for is the simplest way to go about doing this. Which aesthetic are you aiming for with your NFT artwork? What tone does your present brand have? Do you have any interest in additional NFT projects with a similar aesthetic? Finding an artist that can assist you will be simpler once you are clear on what you want.
Are they within your budget?
Some artists offer extremely low rates (less than $10 for a project), others demand high hourly rates (more than US$200 per hour), and everything in between. When it comes to NFT artists, as with other things in life, you get what you pay for.
Make sure you know who owns the NFT
Although the underlying technology is strong, many legal difficulties, such as copyright concerns, are being worked out by the NFT community. As a result, there’s fraud, bogus goods, and stolen assets in the NFT market. Buyers and owners alike must exercise caution until the technology becomes more developed to make sure their assets are protected.
A digital certificate that confirms the legitimacy of some NFTs is included. Similar to the conventional certificates of authenticity you frequently get with collectibles, digital certifications function in much the same way. The manufacturer, owner, manufacturing date, programming information, NFT status, serial number, and token ID are all listed on these certificates. The digital signature of the owner should also be included.
Where to find NFT designers
A vast variety of independent artists and designers, from highly regarded experts to newcomers to the field, can be found on Upwork. The Upwork NFT professional directory is simple to look through, and the search results show you their important characteristics right away.
It's also easy to hire people via Freelancer.com. A freelance designer can be contacted directly, a job can be posted, or you can use their recruiter service to get a hand-selected list of designers. To interact with freelancers on your behalf, you can even employ a project manager, which is helpful if you want to commission several NFTs at once. Freelancer.com allows you to employ an Intellectual Property Handover Contract when you construct your NFT project. This is a typical contract, which means your freelancer consents to transfer all intellectual property rights to you.
While still in its early days, the NFT craze might be just the right choice your brand makes right now. Relite aims to empower businesses via NFTs, a $300B market, by opening the funnel for NFT mainstream adoption. We help retail brands like yours implement a custom-tailored NFT strategy that will keep you on the edge of competition.
Want to sell NFTs on your website? The Relite creative team is here to assist! If you are not sure where to start but you want to innovate, contact us today to discuss the best NFT strategy, specially tailored for you.