Everything You Need to Know About NFT Project Management

NFT Project Management

Did you know that last year, the NFT market was worth over $41 billion? This goes to show just how popular NFTs are becoming so, learning how to use this to your advantage is undoubtedly a good idea.

If you’re looking to master everything NFT, you’ve come to the right place. NFTs might seem complicated at first but, we’re here to help you understand everything there is to know about NFTs including what it is and tips for a successful NFT project.

Ready to optimize your NFT projects and improve project management? Let’s get into it.

What is an NFT?

NFT stands for non-fungible token. 

“Fungible” is how an asset can be interchanged with something of a similar kind. For instance, you could trade a 10-dollar bill for 2 5-dollar bills. Non-fungible assets, on the other hand, are unique assets which means that they have distinct identifying codes. For instance, your rare and one-of-a-kind baseball card is distinct. You can exchange or trade it for something else such as a signed basketball ball but, you won’t trade it for the same baseball card. Your non-fungible asset won’t be equal to another.

Let’s take the concept of non-fungible assets and make it digital. You get non-fungible tokens that digitally represent real-life assets such as artwork and properties. These non-fungible tokens do not have something similar or the same.

How do you create an NFT? 

NFTs are items you tokenize and put on a marketplace. One of the most popular marketplaces is OpenSea. You can use this marketplace to start creating an NFT. Here’s how.

  1. Navigate to Open Sea and click on Create.

Go to your browser and type in ‘OpenSea’ or click on the link above. You’ll be redirected to OpenSea’s home page. Feel free to scroll down to explore the website. Since you’ll be creating your own NFT, click on Create. 

  1. Register and link your Ethereum wallet.

Once you’ve clicked on Create, it’ll ask you to link your Ethereum wallet and provide you with providers so you can create a wallet if you don’t have one yet.

For this article, we’ll focus on MetaMask. Click on MetaMask and install it. You can also go to MetaMask’s website yourself by clicking on the link.

Once you’ve installed MetaMask, you can create an account. Much like most accounts, you’ll need to create a password. Once you’ve done this, MetaMask will send you a 12-word secret recovery phrase which you will have to store. It’s a great way to make sure you don’t get locked out of the wallet you’re making and the funds within.

Once you’re done creating an account, go back to OpenSea. You can now link your wallet to this marketplace. Click on the wallet icon on the top right corner of the site.

This will lead you back to the list of options. Click on MetaMask. If you used a different provider, click on that. Terms and Conditions will be given to you. Read through it and accept. This will signal the end of the linking process.

  1. Create an NFT.

Once you’ve linked your wallet, you can now create an NFT. Click on the Create tab once again.

You will then be redirected to the page where you can create a new NFT. Upload your file, the name of the art, descriptions, and an external link if any. 

Source: OpenSea

Once you’ve completed those, you’ll need to fill out other fields including adding it to a collection, properties, stats, whether it has explicit or sensitive content, and the like.

Source: OpenSea

Once you’ve filled out every field, click on Create.

  1. Mint your NFT.

You’ve created NFT art but it doesn’t end there. You have to sell your NFT. To do so, you have to mint it. Minting means you’re tokenizing a file so that that file is turned into a token. This token can then be stored, recorded, and moved on the blockchain. 

To mint your NFT art, all you have to do is set a price and a duration for the auction because you will be selling your item to the highest bidder. Once you’ve done that, OpenSea will add it to their marketplace.

Tips for a Successful NFT Project

You’ve created your NFT art. How do you guarantee that people will bid for your NFT? The best way to do that is by marketing it well. Here are a few tips for good promotions and a successful NFT project.

Tip 1: Use social media platforms.

Social media platforms like Twitter are great places to promote your NFT. You can build communities to talk about your NFT projects and get support from them. These platforms will also connect you to other NFT artists and NFT lovers who’ll help you expand your network and communicate your project’s value to target audiences.

We suggest you make use of other social media platforms as well such as Quora and Reddit. You can also create a Discord server and invite your target audience so you can privately talk about your products and promote them properly.

If you’re not well-known as an NFT artist yet, use popular marketplaces where there are more buyers. This would mean more diverse target audiences and more people who’ll take a look at what you’re offering.

Some popular marketplaces aside from OpenSea are Axie Marketplace, Nifty Getaway, Rarible, and SuperRare

Tip 3: Keep track of your projects properly.

One of the problems you might encounter as an NFT artist – especially one with tons of projects on sale – is organization. You have to be able to keep track of your projects, the bids, your prospective buyers, and more. 

The question is, how do you properly keep track of everything? That’s when organization tools like Trello and extensions such as Blue Cat Report come in. These tools are designed to help you keep track of everything including your NFT projects.

Tip 4: Create visuals.

Get your audience excited and hype up your projects through teaser videos. Introduce a bit of your art, enough to get your target audience on the edge of their seats wanting to buy them. 

If you’re experienced or want to try it out for yourself, you can create your teaser videos and visuals. You can use tools like VEED and Pixelied to edit videos, add text to photos, and so on.

If you’re not sure how and want to hire someone, check out freelancing sites like Fiverr and Upwork, or hire someone full-time using a specialised job platform like Web3 to hire people passionate about NFTs.

The Takeaway

NFTs are getting more and more popular. It’s no wonder you’re looking into it. We’ve shown you how to create an NFT and properly market it. Now, it’s your turn to put this to good use and create a successful NFT project.