What are the different phases of launching an NFT?

The process of launching a non-fungible token (NFT) typically involves several distinct phases. The first phase is conceptualization, where creators and artists develop the idea and concept for their NFT, deciding on the theme, artwork, or unique digital asset they want to tokenize. The next phase is creation, where the artwork or asset is digitally created or converted into a digital format suitable for tokenization. Once the creation is complete, the NFT is minted, which involves assigning a unique identifier and linking it to the digital asset on a blockchain network such as Ethereum. After minting, the NFT is ready to be listed on a marketplace, which is the distribution phase. Here, creators can negotiate the terms of sale, set a price or auction for their NFT, and make it available for purchase. The final phase is the transaction and ownership transfer, where buyers purchase the NFT using cryptocurrency and gain ownership rights. Throughout these phases, promoting and marketing the NFT can also play a crucial role in attracting potential buyers and creating value for the asset.

This mind map was published on 2 August 2023 and has been viewed 66 times.