New Artist needing assistance…
Hey guys, I’m new to the NFT space, and I’ve created some pretty awesome NFT’s and have come to a roadblock. My initial plan was to just selling them directly from OpenSea, but then today on my live stream my followers asked a question that had me scratching my head in reference to how I should go about selling them.
Option one is my initial plan, but option two would be to host a mint party. I personally don’t mind this, as in reality I don’t have the funds it’ll take to mint them all myself (I have about 1K unique NFTs).
My question is, I’m terms of profiting from this in a serious way, in my position, what are the benefits of throwing a mint party, and how would I profit from this type of thing.
I have done some research, but still can’t find the best way to go about this. In my ignorant head I envisioned me just pricing them how I saw fit, and paying OpenSea on the back end of sales, but I also wanted to do a sale for owners of a particular NFT brand I’m affiliated with as an advantage to the consumer (before the public sale).
Could someone in plain English help me navigate the advantages and disadvantages in terms of profiting off my work?
Thank you for your time.
The problem with listing them direct on Opensea is market saturation – you would need a big enough following in the thousands with sufficient marketing to sell out (and this is actual ppl that you are sure will be buying your work). But there has been rare occasions in the past where a couple of collections had some success listing only on Opensea.
However, the advantage of NFT culture in the ETH space (I’m assuming you are using Ethereum?), is that people love minting – i.e. having a mint event is ritualistic because of the surprise element of what they will get (think of it like opening a pack of pokemon cards).
In terms of profit – a double-edged sword of holding a mint event is you will attract the “gamblers” of the NFT space – these are the ones that will mint anything trending and at the same time will further cause your minting event to trend (i.e. once you get your followers to start minting, after about 100 minted there are websites like icy.tools and mint.fun that automatically pick up your mint event and show it on the front page of their site, then other ppl see it and they likely will mint it as well – essentially free marketing). The “double-edged sword” part of it is that most of these minters will be either gamblers or bots and won’t actually care about your work, only hoping to profit themselves (and if they don’t profit, then you could receive some negative abuse).
I appreciate your response! So I’m fortunate enough to have been involved in a very popular community in the crypto space and definitely have the support of about 56K holders, who are excited for the debut. One of the whales for example asked me if he could “sweep the floor”. The developer and a handful of popular community whales from other projects also support what I’m doing as well. I’m expecting to sell out. And after my preview on my channel, I kind of got confirmation.
Now, what you said did explain to me the importance of minting. I am left with more questions about it though. So minting allows people to own a random piece of art by paying the gas fee I can’t currently afford to do on my own (yes the plan is to use ETH btw, although I’ve considered Polygon option as well)?
If I heard that correctly, how do I profit? And who/what sets the price of my art? I apologize for the noob questions, I just want to ensure I’m doing this right, if I’m gonna do this. 💯