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Let’s say - hypothetically - you would want to mint 40,000 NFTs, selling each for an average of 100 USD. 40’000*100 = 4’000,000 USD. You would want to make your NFTs are
- Easy to find and buy with a good “cultural fit” (KnownOrigin: good, BakerySwap: not so good)
- Be stored safely forever on the blockchain (on ArWeave for instance)
- Easy to transfer to regular wallets (ETH being king, but Tezos being green...)
- Affordable to mint with good input workflow (good setup for custom contracts, metadata, royalties, commission split)
- Market data is easily accessible (easy to track artist market value)
- Affordable to mint and transfer
The table is not accurate as the terms and fees change all the time but help me to conceptualize who to work with and in what conditions at what stage.
- “Mint cost”: if on Ethereum, can be between 15 - 200 USD to mint a work. That’s fine for a collaboration on a few works. Not good if we’re minting 40,000+ works.
- “% Commission”: that’s the percent the platform will take. Again, it makes sense to work with a high commission platform to establish an artist’s floor price. The highly curated platforms should only be used to sell a handful of works.
- “Set up” some platforms require a setup fee - but that also seems to vary greatly and change.
- “Cultural Fit”: that’s highly subjective, and here, I only mean to match a specific artist who does not do “generative art”. If you do generative art then “Async Art”, or “Art Blocks” makes sense. If the art is more traditional, then working with Sotheby's makes more sense :)
| Img | Name | Network | Currencies | Comment | Link | Cultural Fit | % commission | Mint Cost | Setup | Expandability |
|---|---|---|---|---|---|---|---|---|---|---|
KnownOrigin | ETH | ETH | Highly Curated. Art Galery | 98 | 17.5 | $50.00 | 10 | |||
SuperRare | ETH | ETH | Highly Curated. Art Galery | 95 | 15 | $50.00 | $0.00 | 10 | ||
Makerspace | ETH | ETHCredit Card | Highly Curated. Art Galery | 95 | 15 | $50.00 | $0.00 | 85 | ||
ETH | ETH | Highly Curated. Art Galery | 90 | 35 | $50.00 | 10 | ||||
Nifty Gateway | ETH | ETHCredit Card | Highly curated. Gemini owned | 80 | 35 | $0.00 | $700.00 | 30 | ||
ETHMATICXTZFLOW | ETHMATICXTZFLOWCredit Card | Decent and art-focused | 90 | 5 | $0.00 | $20.00 | 100 | |||
MATICETH | ETHMATICCredit Card | Minting paid by buyer | 80 | 2.5 | $0.00 | $120.00 | 100 | |||
ETH | ETH | DAO, flat. | 85 | 5 | $0.00 | $0.00 | 50 | |||
ETH | ETHCredit Card | Free Minting... For now | 80 | 3 | $50.00 | $0.00 | 90 | |||
Async Art | ETH | ETH | Programmable art: digital paintings split into "Layers", which you can use to affect the overall image. | 80 | 10 | $50.00 | 10 | |||
ETH | ETH | Generative art. Curated | 60 | 10 | $50.00 | 10 | ||||
ShopX | ETH | ETH | E-commerce NFT. Shopify Extension | |||||||
NEAR | NEARUSDCredit Card | Chat with Devs. Extendable on a rising network (NEAR) | 70 | 2.5 | $0.04 | $110.00 | 20 | |||
SOL | USDSOLETHCredit Card | Exchange, not really sexy for art.. | 10 | 2 | $0.01 | $0.00 | 30 | |||
Kalamint | XTZ | XTZ | South Asian NFT platform | 2 | $0.05 | $0.00 | 10 | |||
CNFT | ADA | ADA | Cannot mint there yet. Floor price is 8ADA | 10 | 2 | $5.00 | $0.00 | |||
Binance NFT | BNBETHbUSD | BNBbUSDETHCredit Card | Selective and not sexy | 10 | 1 | $0.01 | $0.00 | 30 | ||
BakerySwap | BNB | BNB | No no no | 10 | 80 | |||||
Kucoin Windvane | 10 | |||||||||
Paras | NEAR | NEAR | NEAR NFT market from Indonesia. Commission of 5% is pretty high: https://paras.id/publication/paras-marketplace-comfortable-fee-622367bd12bbfa5e33c37f38 | 30 | 5 | |||||
Venly | AVAXBSCETHMATIC | AVAXBSCETHMATIC | All in one minting and marketplace. Seems Dev friendly and well documented. They have a Shopify+ Merchant solution | 20 | ||||||
LooksRare | ETH | ETH | Rewarding NFT trading | 75 | ||||||
MetaMirror | ROSE | ROSE | ||||||||
Rosart | ROSE | ROSE |
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Based on this research, this will be my strategy
- Build the full database (notion) of artworks and workflows online both on web2 and web3 (Arweave)
- Test low-barrier of entry marketplace under my personal account (Rarible, OpenSea, Mintable, Coinbase NFT, FTX, Binance, Kucoin)
- Prepare legal documents dealing with different types of ownership
- Digital only
- Digital + Physical
- Multiple items release
- Single item release
- Increase security with an isolated cold wallet and high-level encryption BEFORE setting up a custom account for the Artist work.
- Prepare the artist portfolio, release strategy, and share with top NFT Marketplaces and Galleries. Obtain the green light to drop on the most exclusive marketplaces.
- Choose real-world gallery partners in physical space to launch a hybrid show globally
- Launch the NFT drops with in-person exhibitions in several locations, simultaneously. Uncover the collection. Announce the strategy. Open the Communication channels.
- After the “Floor Price” has been established, mint more artworks on lower cost platform
The overall concept is to
- Be free
- Enable collectors to collect
- Work with the industry leader
Great article
Very smart people there!
Excellent gateway to check notable collections: https://zora.co/explore?
NFT market tools: https://jeangalea.com/the-best-nft-trading-tools/
More NFT tools: https://beincrypto.com/learn/nft-tools/
More NFT tools: https://nftnow.com/guides/tools-tracking-nft-collectors-trades/
Recently acquired by OpenSea, Gem: https://www.gem.xyz/