What is an NFT Creation platform?
An NFT creation platform, sometimes referred to as an NFT minting platform, is a service or tool that allows you to create a non-fungible token.
The minting platforms are different to the NFT marketplaces where you can buy, sell, or trade your NFT collection. While it's true that some of the best NFT marketplaces have a minting feature, they generally focus on the monetization for your NFTs.
A specific minting platform will allow you to turn your creation into a non-fungible token that's minted on the blockchain. This allows you to create it as a digital original which automatically builds in the scarcity and security features that make modern NFTs so popular and desirable for investors and collectors alike.
If you want to mint an NFT, you'll need to choose the right platform. There are many different NFT formats that can be minted. Choosing the right NFT creation platform is key to ensuring your NFT has the best chance of success.
What is an NFT?
NFT stands for non-fungible token. An NFT is a digital asset that cannot be replicated. While people might be able to copy it, thanks to the way NFTs are minted and stored on the blockchain, there will always be a clear path to find and show the original piece on which the copies are based.
Think of it as a piece of art in a museum.
There is the original which is on display. There are also replications, postcards, and other merchandise that feature the original artwork. However, the copycat merchandise might be worth a few bucks. The original is worth far more because it's the only original in existence.
Up to this point, this hasn't been possible with digital assets as they've been so easily copied and distributed. NFTs allow you to create a truly original piece of work. People can still copy its design, but there will always be a permanent ledger and proof that your piece of work is the original.
This is what makes them so attractive to collectors.
We will also add for those thinking of creating their own NFT, the most popular and successful NFTs are those that have real world utility. You can read more about the best blue chip NFT collections here.
What kinds of NFTs can I create?
You can create NFTs of almost anything.
Right now, much of the focus is on artwork collections. however, an NFT doesn't necessarily have to be visual art.
There's a growing number of tools that allow you to create and mint NFTs of all different kinds. A few of the most popular include...
- Turning traditional artwork into collectible pieces
- Turning written articles into collectibles
- Crafting membership badges for people to get access to tools and communities
- Turning existing digital assets like Tweets into collectible items
- Turning musical pieces into one of a kind collectibles
Really, any creation you can think of can be turned into some form of NFT.
You just need to find the right NFT creation platform for your medium and you'll be able to turn your existing works into one of a kind collectibles.
Why create an NFT instead of using existing channels?
There are a lot of existing creators out there that are making a good living using existing channels to distribute their work.
- Musicians partnering with record labels or Spotify to distribute their music
- Artists selling through sites like Etsy or looking to generate interest through art showrooms
- Writers partnering with publication houses or writing for clients
- Creators of all kinds using sites like Amazon to sell to their audience
All of these can be great ways to make money. The problem is that you're adding a middle-man into the equation. Often, those middlemen keep the vast majority of the proceeds and profits from your creations.
Peter Yang has done extensive breakdowns on this.
What NFTs do, in addition to creating true digital originals, is cut out this middleman. They allow the creator to collect a far higher percentage of the money being paid for their creations.
They also allow the creator to fully control the relationship they have with their customers.
If you learn how to use one of the better NFT marketplaces, you could take hime a far greater curt of the profits than going a more "traditional" route.
How much does it cost to mint an NFT?
On average, you could be looking at anything between $1 to $1000 to mint an NFT.
And it will fluctuate in price drastically depending on the time of day.
A lot of the NFT marketplaces and NFT minting tools charge a % fee of the final sale price. This is usually between 2% and 15%.
In addition to this, you might have to pay gas fees.
A gas fee is the cost of energy needed to make the transaction permanent on the blockchain. And it fluctuates wildly with the time of day. As more transaction volume happens, the gas fee increases.
This means it's often better to wait until nighttime for you to mint your NFTs as fewer people will be making transactions in the wee hours.
How can I make a successful NFT creation?
As mentioned above, a lot of NFTs right now are little more than generative or collectible art pieces.
However, in our studies we've found the most successful NFT collections tend to have one thing in common. They offer some form of utility to users.
For example, a user will buy into your NFT collection and receive specific benefits for doing so. The most common benefits include...
- Access to a private, holder only community
- Real world discounts for physical products related to your brand
- Collectibles and fashion for the burgeoning Metaverse avatar industry
This is a shortsighted view in a way.
Here at DeRev we believe that NFTs have a much wider future than the current usage of generative art. We believe they'll be used wherever a permanent, traceable record is needed.
A few examples of where we see NFTs going include...
- Ownership documents for cars, houses etc
- Ticketing for large events to remove chance of scalpers
- Proof of membership to exclusive clubs or local establishments
And so much more.
In short, usability and real world application is going to be the differentiator for successful NFT collections.
If you're creating your own NFT, make sure some form of real world utility is included.
How to choose a good NFT minting platform
With that being said, how do you choose an NFT creation platform to help you dip your toes in Web3?
Good is subjective in this case as it relies heavily on your needs.
But if you want to make the best choice when minting your NFT, make sure you consider the below.
- Does the platform allow you to create NFTs in your chosen medium?
- Are the rates for tis NFT creation platform within your budget?
- Does it mint to the blockchain and in the right format that you need?
You want to make sure you review the platform you're using to create NFTs before making any solid decisions. The list on this page should help you make that decision.