NFT Cheatsheet Fundamentals

This Non-Fungible Tokens (NFTs) – Cheat Sheet has been created to help guide thru the top considerations, steps and processes around NFTs today.

 Non-Fungible Tokens (NFTs) have been in the news a lot recently. They are a relatively new thing and people are already capitalizing on the craze. People want to know more about NFTs and how they can profit from them

Step 1: What are Non-Fungible Tokens (NFTs)?

  • A hot new trend that will be around for a long time
  • A unique digital asset
  • NFTs are associated with blockchain networks
  • NFTs are not the same as cryptocurrencies
  • NFTs are not just about art
  • Only one NFT owner at a time
  • NFTs can be very valuable

Step 2: How NFTs Work

  • Public and private keys are used for security
  • Blockchain networks have to be used for NFTs
  • You need a crypto wallet to create and trade NFTs
  • NFTs have been around since 2017
  • Reduction in carbon footprint actively sought for NFTs

Step 3: The Benefits of NFTs

  • NFTs are in a decentralized market
  • There is proof of ownership with NFTs
  • NFTs provide authenticity
  • NFTs are immutable
  • It is easy to trade NFTs
  • NFT creators can retain copyright
  • NFTs are secure
  • NFTs create a new economic opportunity
  • NFTs can support inclusive growth

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Step 4: How to create NFTs

Step #1: You can create NFTs easily without knowing any code

Step #2: Choose a marketplace for your NFTs

Step #3: Setup a crypto wallet

Step #4: Choose your item to convert into an NFT

Step #5: Create your collection

Step #6: Create your digital token

Step #7: List your NFT for sale

Step 5: How to Choose an NFT Marketplace

Step #1: There are self-service and curated marketplaces

Step #2: NFT marketplaces work with different blockchain networks

Step #3: OpenSea

Step #4: Rarible

Step #5: Mintable

Step #6: Nifty Gateway

Step #7: SuperRare

Step #8: Foundation

Step #9: Niche NFT Marketplaces

Step 6: Proven Tips for Selling your NFTs

These are the proven steps for selling your NFTs

  • You must promote your NFTs
  • Why is your NFT special?
  • Use Twitter to promote NFTs
  • Use other social media platforms
  • Use the correct hashtags
  • Use Discord forums
  • Apply to NFT Hunters
  • Promote your NFTs on Reddit
  • Share your back story
  • List your NFTs on the right marketplace
  • Use the Clubhouse platform
  • Get started immediately

Step 7: NFT Mistakes that you Must Avoid

Consider the following mistakes to avoid for success:

  • Thinking too short-term
  • Not promoting your NFTs enough
  • Choosing the wrong marketplace for your NFTs
  • Doing NFTs on the cheap
  • Not understanding how NFTs work

Step 8: Investing in NFTs and Flipping for Profit

Consider the following:

#1: People are profiting from flipping NFTs

#2: Understand that many people are buying NFTs

#3: Find undervalued NFTs that will increase in value

#4: Find NFT flipping opportunities on marketplaces

#5: Use NFT buying strategies

Step 9: NFT Best Practices

Consider the following:

  • Understand what NFTs are and what they are not
  • Know how NFTs work
  • Understand the benefits of NFTs
  • Know how to create NFTs
  • Know the NFT marketplaces
  • Promote your NFTs
  • Avoid common NFT mistakes
  • Invest in NFTs and flip for profit

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