What Everybody Ought To Know About NFT Market

Are you new to the NFT market and want to learn about it? You have come to the right place.

This blog aims to teach you everything that everyone should know about NFT Market.

It starts with explaining NFT and its types.

You will be then introduced to top NFT marketplaces.

You will also learn the NFT Market's current trends and lead generation strategies.

Let’s start.

What Is an NFT?

NFT stands for Non-Fungible Token. Non-fungible means “Unique & Not Replaceable.” The ownership of the NFT is stored on the Blockchain.

Kevin McCoy minted the first NFT, Quantum (an octagon-shaped animation), in the year 2014. You can find the picture of Quantum NFT below.

Source: nftnow.com

Types Of NFT

Profile Picture (PFP)

NFTs are used as a profile picture on social media sites.

CryptoPunks were the first PFP NFTs created in 2017 by Larva Labs.

You can get a feel of PFP NFTs below from the CryptoPunks collection.

Music

Music NFTs are used to gain ownership rights of audio tracks.

They allow creators to monetize their music creations securely.

For example, SAN Origin music NFT collection is a series of 10,000 original tokens.

Generative Art

Generative Art NFTs are generated by computer algorithms.

Randomness-baked AI algorithms create unique artworks that share a common look and feel.

Below are few examples of generative art NFTs, created by a project called Autoglyphs.

Gaming

Through gaming NFTs, you can gain ownership of in-game assets through NFTs when you play games.

Axie Infinity is a popular blockchain-based game where players collect, breed, and battle digital creatures known as Axies.

It is to be noted that some rare and powerful Axies have fetched high prices on the marketplace.

Sports Collectibles, Utility NFTs & Video NFTs are other few type of NFTs.

Top NFT Marketplaces

OpenSea

OpenSea is the largest NFT Marketplace active today. It hosts many type of NFTs like Art, Music, & Sports collectibes. NFTs created on Ethereum & Solana are most found on OpenSea.

OpenSea is very user friendly. One can even create NFTs on this platform.

This NFT Marketplace is definitely a solid choice for beginners.

Rarible

Rarible is another widely used NFT Marketplace. It charges a flat 2.5% fee on every transaction. With Rarible you can buy NFTs using credit card, thus allowing transactions in fiat currencies. Many type of NFTs like Art, Music and other can be bought through this platform.

Rarible is built on Ethereum Blockchain.

Software giant Adobe recently partnered with Rarible with a vision to increase the security of NFT transaction.

SuperRare

SuperRare is another NFT Marketplace built on Ethereum Blockchain. Artists receive continuous royalties for all secondary sales on their artwork. It charges a flat 3% fee on every transaction. This site includes Art, Videos and other NFT works.

Apart from being a NFT Marketplace, it also has social community features.

SuperRare as its name suggests specializes in unique NFT collections.

NFT Market in 2024

After experiencing a NFT crash in the year 2022, NFT market gained traction towards the end of 2023. This recovery is expected to continue in 2024.

According to Statista, NFT market revenue is expected to reach $2,378.0m in 2024. The NFT market is expected to show an annual growth rate of 9.10% (CAGR) resulting in a projected total amount of US$3,369.0m by 2028.

Source: Statista

There are several good reasons for investing in NFTs. Few are diversity in application and easy access. However some cons include liquidity issues and legal ambiguity.

Big businesses like Coca-Cola and Nike have consider adding NFTs to their branding and customer relationship. More companies are expected to consider adding NFT initiatives into their growth strategy.

Despite the market downturn in the year 2022, the NFT market has shown signs of resilience and evolution.

2024 is expected to be a big year for NFT Market.

Lead Generation For NFT

Build NFT Community

Community is the cornerstone of NFT marketing.

Create an NFT Community to promote your work to a larger audience.

Millions of people on social media platforms like Twitter and Telegram are already in love with art collectibles.

Start by creating your NFT community on platforms such as Reddit, Discord, Quora, and Telegram.

One can reward community members to increase your reach and sales.

Crypto Ad Networks

It is important to target your audience on the right advertising platforms. Therefore, as an NFT advertiser, you should think beyond Google and Facebook to advertise your project.

Get in touch with leading Blockchain advertising networks to market your NFT. These networks are cost-effective.

CoinZilla, CoinGecko and BitTraffic are a few popular advertising networks.

You can market your NFTs on Crypto News site like BtcWires.

NFT Marketplaces

NFT marketplaces should be an integral part of your marketing strategy.

Try to list your non-fungible tokens on the top marketplaces for the best results.

Investors and prospects meet in these marketplaces to buy the most popular NFT arts.

There are different marketplaces with their unique niche. Do sufficient research to select the marketplace that provides maximum reach.

NFT Roadmap

With a clear roadmap for your NFT projects, your audiences are more likely to count your project authentic.

The roadmap should include significant milestones, events and future updates.

Make sure you share the roadmap with the NFT community. This allows easy access for the prospects and creates more awareness about your NFT project.

AMA sessions

Another unique way to introduce your NFT is conducting Ask Me Anything (AMA) sessions.

For effective results, make sure your AMA sessions are 30 minutes or less.

You can get the questions beforehand and come prepared for the AMA sessions.

It is a good idea to reward people who are attending your sessions.

These type of sessions helps explain to the audience what the future holds for them.

Wrap Up

This blog covered all things everyone must know about the NFT Market.

I discussed NFT basics and its types like PFP, music, gaming and generative art. I then moved onto discuss top NFT Marketplaces like OpenSea, Rarible and SuperRare.

The current state of NFT market was discussed followed by lead generation strategies for selling NFTs.

These are the least minimal things that everyone should know about NFT market. You can do your research based on the discussed content, to acquire more advanced knowledge about NFT.

As I wrap up this blog, I suggest you to bookmark this page for future reference.