Non-Fungible Tokens: 5 Things You Need To Know To Create a Highly Successful Career In The NFT Industry
Written by: SWADE SOUL
- The difference between a fungible and a nonfungible token.
When people are onboarded to the Cryptocurrency process, The importance of understanding the difference between a fungible and nonfungible token should be first and foremost on their mind.
A fungible token could be a one dollar bill that is exchanged between two individuals. That is an exchange of a fungible token. Neither person loses value in the exchange. Anything other than the exact identical valued item that must have the same exact value is considered fungible. One bitcoin is equal to one bitcoin which makes it fungible.
Non-Fungible are non-exact tokens. What that means is that your token could be a baseball card and my token could be a real house. As you clearly see they are not valued the same, which in turn signifies that they are non-fungible.
Ethereum is responsible for the NFT smart contract craze. Early NFT creators cut their teeth on using Ether to mint their NFT’s. But over time especially during the height of the pandemic, the rise of Eth gas fees slowly took a toll on developers pockets.
To the rescue we witnessed Matic/Polygon, Binance, Solona, Cardano, and many new Crypto Tokens enter the NFT playing field. Bringing with them a heavy attraction to the Web3 platform and a significant decrease in gas fees.
2. Understanding what can be turned into a NFT.
Anything that you physically or digitally own can be converted into an NFT. The secret sauce is in the smart contract.
Writing a smart contract can be as simple as transferring NFT ownership of a image that you created to a individual and uploading it to the blockchain to verify ownership.
Or you can write the smart contract to be as complex as adding utilities to your NFT by let’s say:
You are paying a farmer for his crops in Crypto. The smart contract will monitor the weather, and advance the farmer a extra pre-determined amount of cryptocurrency, when the temperature is above 90 degrees for more than 5 days in a row, to compensate for future lost crops.
How about NFTing the flowers in your garden and allow the NFT purchaser to choose whether the you donate them or sell them. If the NFT owner chooses for you to sell the flowers, then the NFT owner would share in a percentage of the sale.
3. Building a successful team.
A lot of new NFT creators watch a few YouTube videos, read a few blogs and begin to believe they understand the way to a successful NFT. 98% of the time, the opposite is true. You generally need a team of 3 to 5 skilled members to successfully promote a successful NFT launch.
Since the pandemic began, people were forced to learn more and wear several hats. That opened minds to new visions, but If you really want to be successful in the NFTs space, you will need to add people to your team that specialize in these areas.
Project Coordinator (The Visionary of the NFT)
Artist (Creator of the Look and Feel of NFT)
Developers (Strong understanding of coding, cryptocurrency, NFT marketplaces)
Marketers (Strong social media background)
Copyrighter (Makes your Promo ads/social ads/press releases sound professional)
Attorney (If you’re working for a project and helping a team you wanna make sure all your legalities are in place.)
Don’t lean on your own understanding when there may be someone who may understands a little more than you.
4. Setting the right Royalty percentage
One of the more attractive features of a NFT, is the ability to set a royalty rate inside of the smart contract. That royalty rate rewards you with a percentage (that you chose) every time your NFT resells…forever.
Understanding the right percentage to set for your royalty is important. Too high of a percentage will discourage potential buyers from purchasing or bidding on you NFT. Research successful NFT sales they that may be similar to what you were doing, and study their royalty rates. Mimic what successful NFTs do.
5. Creating a strong community
This is the most important part of 5 Things You Need To Know To Create a Highly Successful Career In The NFT Industry.
When you build a community in the NFT space and stay in touch with them through all important social media pipelines, you will have created a new profit center that can help other NFT owner projects by introducing them to your organically built audience for a fee.
The NFT space offers so many opportunities and jobs that will never go away. So don’t be fearful of the rise an fall of Cryptocurrency. There is less than 10% of the world using crypto Anna activate NFT‘s at this time. 10 years from now those people who are reading this article and are participating in the space will see that they are pioneers that will be around for many years to come.
The bitcoin community buys bitcoin because they support and believe in the coin. The NFT community follows the same cycle, they either believe in the actual image in product, or the artist/creator.
ABOUT SWADE SOUL
Swade Soul is the virtual persona of Harold “Hdub” Whaley a 30+ year Entertainment/Sports Exec and 11 year military veteran who started in the METAVERSE in 2004, Cryptocurrency in 2009, and NFTs in 2017. A Educator who regularly speaks at conferences around the world. Currently managing cryptocurrency for various projects.