How to Create and Sell Non-Fungible Tokens
How do you create your own non-fungible token? What does it mean to create your own non-fungible token, and why would you want to do so? How can you sell your non-fungible tokens and make a profit? These are all questions that this blog post will answer. In order to start creating non-fungible tokens, you’ll need to first have an idea for one. There are two types of ideas that you could potentially have, but there are various ways in which both can be transformed into something marketable on the Ethereum blockchain using NFTs.
What are non-fungible tokens (NFTs)?
Non-fungible tokens, also called unique tokens or rare digital collectibles, are a special kind of crypto token that can be uniquely identified. These tokens have characteristics that make them individual from all other similar tokens in existence.
Different types of blockchain based tokens
ERC20, ERC721, NFT. While each token has its own pros and cons, you’ll probably be best off using ERC20 tokens for your initial project.
Types of collectibles
There are several types of collectibles that you can sell: art, antiques, comic books, baseball cards, stamps, coins, etc.
Building your own ERC721 token standard
Before you can even sell your NFT, you have to build it! It’s best if your token is built off of a well-known standard.
Legal considerations for NFTs
Non-fungible tokens (NFTs) can sometimes exist as a digital representation of ownership in physical assets. When an NFT represents ownership of something physical, there are certain legal considerations that must be taken into account.
Steps for creating an ERC721 token
Decide what your game is about, what you want players to do, and how you want them to be able to interact with one another. Integrate an ERC721 library into your game’s contract for creating tokens.
Creation tools
What is a NFT? A token that’s unique. A rare item. Collectibles like CryptoKitties or Beanie Babies on Ethereum.
Crowdfunding platforms that support NFT creation
NFTs have gained a lot of attention recently, but most don’t understand what it takes to create and sell NFTs. There are some new initiatives from high profile projects like Enjin Coin that hope to streamline NFT creation.
Marketing your ERC721 token
After you’ve created your ERC721 token, you’ll need to get people interested in buying them.
Sales channels to sell your tokens
Sales channels have a large impact on how many tokens you’ll be able to sell. A token that can only be sold on one obscure exchange is likely to sell fewer units than a token that can be bought with fiat currency from any major exchange.