We all know that the value of NFTs is going up by the day, so why not get in on the ground floor and start your own website that deals with minting them? The amazing things about NFTs are their uniqueness and lack of digital fingerprints.
There are plenty of people getting into the world of NFTs, simply because they are easily transferable and a great way of tying up digital assets.
You can trade them on the NFT (see also ‘How To Price Your NFT‘) marketplace, which is where you can buy and sell NFTs in a decentralized space.
So why should you set up your own NFT minting website? How can you make your website user-friendly?
What are your goals for selling NFTs? Well, if you want more information on this and more, then we would recommend that you keep reading.
Why Trade NFTs?
NFTs are a great way of transferring digital assets without actually having to hand over any fiat currency.
NFTs are also extremely diverse, allowing you to transfer avatars from video games, limited edition music merch, artwork and a whole plethora of other digital assets.
The great thing about this kind of digital object is the fact that it is very authentic, which means that it is a one-of-a-kind object whose scarcity determines its value.
However, one of the main reasons that someone might sell an NFT is the ability to control it. You can store your NFTs in your digital wallet and put them on a hard drive so that people cannot access them online.
This also gives you the freedom to keep your assets away from centralized banks and governments.
But if you want to mine NFTs, then one of the best methods of doing this is by setting up an NFT mining website. But what does that entail?
What Is NFT Mining?
This is a method of creating NFTs on a NEO blockchain. To do this, you will need to provide a Proof of Work certificate. You can get these by solving complex maths problems.
However, you can get machines that will solve these equations for you, effectively mining the NFTs.
However, one of the main downsides of NFT minting is the fact that it is very harmful to the environment. Minting requires lots of computational power and will drain a lot of electricity for not a lot of reward.
A lot of trading will require a ‘gas price’. This will be the amount of energy that it takes to transfer the requisite Bitcoin or NFT from one place to another.
Creating An NFT Marketplace
To make an NFT marketplace where you can sell your NFTs, you first have to register with a website and then get yourself a digital wallet. This will allow you to collect Bitcoin or other digital assets for your NFTs.
If you are going to be using a straightforward marketplace, then you won’t have to pay that much money.
However, if you are going to be using a more convoluted marketplace tool where you can create your own NFTs, then you should be expecting to pay a little more.
If you are going to be making your own marketplace, it is important that you are aware of what kind of NFT you will be selling. Here are a few tips to help you establish your NFT mining website:
What Is Your Specialist NFT?
There are two types of markets that you should be aware of: horizontal and vertical.
The horizontal marketplace is when someone sells a lot of different types of NFTs to a lot of people.
This will usually result in a lot less yield, as the demand will be lower and therefore so will the prices.
However, if you are aiming for a vertical marketplace, then you could be seeing a lot more of a return for your investment.
This is because you will be selling a very specific product to a very specific target market, who will be willing to pay a much high price for what you are willing to offer.
What Model Are You Using For Monetization?
There are a few different types of models that you can use for monetization, some of which are more reliable than others. Here is a brief list of them:
- Subscription – this is where you will be having to pay the platform owner a flat fee, usually per month, to use the NFT marketplace website.
- Commission – this is a very popular method of monetization, whereby whatever price you sell your NFT for, the platform owner will take a small cut of the profits.
- Lead fee – this is when the vendor will pay the platform owner for access to the buyers of whatever NFT they are selling.
How To Make Your Product Appealing
Often you’ll need to give proof that your product is going to sell to whatever target group that you have chosen. This will give your investors and platform owners faith that they will be able to get a return on their investment.
One method of increasing the visibility of your product is having an increased presence on social media. You can also target your audience through this method, using filters such as age, professions, interests and hobbies to determine the appetite for your product.
What Features Should You Have On Your Website?
One thing you should consider when you are setting up your NFT mining site is how exactly the user is going to interact with your product and how easy your page will be to navigate.
How user-friendly is it? The simplicity of your NFT website will often be the key to its success, as users will want to visit the website again and again.
You should also have decent search filters that will help your users to decide what NFTs they would like to search for.
We hope that this article has helped you when you are setting up your own NFT mining website, as well as what to think about when you are establishing it and finding your target audience.