5 Things You Should Not Do With

NFT’s Development
By: Manoj Aswal, 08-06-2022

Do you remember when Goods were exchanged for goods that was the system of barter, the problems
associated with barter system was inability to make deferred payments, lack of common measure value,
difficulty in storage of goods, lack of double coincidence of wants. So that the concept of common exchange
arrived which is currency measure (Bank Notes and Coins) but with the emergence of time this system is also
having some loopholes like Discounting to face value, legally valid claim on the issuing bank, Cost of transport
& Cost of acceptance. Introduction NFT’s A non-fungible token (NFT) is a financial security consisting of digital
data stored in a blockchain, a form of distributed ledger. The ownership of an NFT is recorded in the
blockchain, and can be transferred by the owner, allowing NFTs to be sold and traded.

What is NFT Development

NFTs can be created by anybody, and require few or no coding skills to create. NFTs typically contain
references to digital files such as photos, videos, and audio. Because NFTs are uniquely identifiable, they differ
from cryptocurrencies, which are fungible.

Making NFTs
Select your
Choose your Set up your Upload your Set up the can be a
Pick your item. NFT
blockchain. digital wallet. file. sales process. profitable
marketplace.
investment.
Mistake that needs to avoid during NFT development

1. No Investments are made in your NFT

Many people think they can create and list NFTs for free, but this is not the case. It is usually
not free to list your NFTs for sale on a marketplace. If you use the Ethereum blockchain
network for your NFTs, you will need to pay a “gas” fee.

If you create NFTs that you want to have a high value, you need to invest in them. We are
not just talking about paying the different fees here. You need to invest in marketing to spread the word about
your NFTs.

2. Not Understanding NFTs properly

This mistake is easy to avoid, but many people make errors with their NFTs because they do not
have a good overview of how NFTs work. You need to know the basics about crypto and
blockchain, and there are many resources online available to help you with this.

3. Listing your NFTs on the wrong Marketplace

This mistake is easy to avoid, but many people make errors with their NFTs because they do not
have a good overview of how NFTs work. You need to know the basics about crypto and
blockchain, and there are many resources online available to help you with this.

4. Trying to Make Money too Quickly

People see that some NFTs have sold for millions of dollars, and they think it is a good way to
make money quickly. This short-term thinking has been the undoing of many NFT creators and
sellers. To succeed with NFTs, you always need to provide value first. Focusing on making
money fast with NFTs is a recipe for disaster. You need to trade NFT’s that people want to buy
consistent with your promotional efforts.

5. Not Promoting Listed NFTs

This is the “build it, and they will come” syndrome. You create an NFT or a series and list it on
NFT Marketplace. Because NFT Marketplace gets millions of visitors each month, you think that
your NFTs will sell like hotcakes. You need to consider that there are millions of NFTs available
on the Market all the time, so yours can just get lost in all of this.

You need to do more than create and list your NFTs on a marketplace. Use social media platforms and find
communities dedicated to your NFT niche. Determine who your target audience is, and then promote your NFT
drops to them.

Nobody likes to be sold to, which is particularly true in the NFT world. When promoting your NFTs, you need to
avoid outright sales tactics. You need to showcase your NFTs and let people know what is unique about them
to generate interest.