Minting NFTS: I Asked An NFT Expert How To Mint NFTs

Asking An NFT Expert How To Mint NFTs

People are making millions of dollars minting NFTs.

GaryVee made $90 Million minting NFTs in 90 days, and Beeple’s auction made him $69 Million!

However, these guys are talented entrepreneurs and artists with a huge social media following.

But what if I told you people like you and me can do the same?

I ask my NFT expert friend JPEG Lord the step by step process on how to mint NFTs so regular people can 10x their money.

This is what he had to say…

Asking An NFT Expert How To Mint NFTs

Btw -- Sign up for my newsletter. It's FREE, and you'll get my best business tips.

Hey JPEG Lord, why should people listen to you?

People shouldn't listen to me because I'm not a financial advisor and I don't give financial advice.

But, I have been in crypto and NFTs for a while.

I was buying Bitcoin when it was $1000 dollars, I was buying Ethereum when it was $80, and also I spend pretty much every single day researching, reading, and writing about NFTs and I put all my research on Twitter for free.

What’s the First Step to Minting NFTs?

So the first step is to find promising NFT projects before they open up to the public.

The main reason is that any project that is really good is going to sell out in seconds.

And you basically need to find it before it gets super big.

How do you actually find good NFT projects?

I find everything on Twitter. And I think most people who are really into NFTs find everything on Twitter as well.

Just start by following a few accounts on Twitter. You can follow me at JPEG Lord, also S◎L Legend is a good follow, and S◎L Big Brain.

If you're looking for more people to follow, I would honestly start by following some people that I’ve mentioned, or you can find some on your own as well. And then look at who they're interacting with. Look at who they're liking, look at who they're retweeting, and start building your portfolio of people that you follow that way.

Next — and I think this is the most important thing by far — is you need to make a group of friends on Twitter or via Discords. These are what we call “Alpha Groups.”

“Alpha” on Twitter basically means a group of people who are discussing what things are going to do well, and which things aren’t going to do so well. It just means good information.

Every single day, there's 50 people in these groups sending each other different projects, so I don't need to go out and spend hours on Twitter figuring out what’s legit. This group does all the research for me.

And I contribute to it, too. We're all sharing ideas.

So if you're completely new to this space, one of the most important things you can do is make friends because it’ll help you duplicate your research efforts.

So how does someone who doesn't have connections get into an Alpha group?

What I would do is pick a couple of projects that are within your budget — let's say you have less than 5 SOL — then go on HowRare.is. Figure out some of the top 100 projects that are less than 5 SOL to enter, and go into their Discords to see what the vibes are.

Are they active? Are people talking?

And then ask somebody. Tell them that you’re new to minting NFTs and ask them if it’s a good group and if people are supportive. They’ll probably say that they’d love to have you.

And so then you can join that group and get embedded into the community.

What makes a good NFT project?

Okay, so vet every single project as if it were a company on Shark Tank.

  • The first thing I look at is the utility of the project. So for example, it could be for real estate or for a casino — something like that. What is the utility is going to be?
  • The next thing I look at is if the team is capable of pulling this off. Can I actually look up this team on LinkedIn or are they anonymous and I don't know anything about them? Do they have experience building a video game? Do they have experience building a real estate company?
  • And the last thing I look at is if there are any partnerships or influencers associated with it. So there's a new project launching on Solana and Shaquille O'Neal is an influencer for it — which is a big deal.

One project that I recently invested in that checked all these boxes is SOL Flowers. It’s one of my favorite NFT projects of all time.

They have everything that I want.

I can find their profiles and see that they’re real people, they have an amazing award winning artist (BUILDESTROY, which you can find on Twitter), they have a token called FLWR which actually has real utility (it's not just a useless token you get), you can use the FLWR to buy things within the FLWR Shop, and you can also upgrade your 3D Flowers into exotics and unique.

They also have great sponsors and influencers too like Steve Aoki, Joel Madden, and Dillon Francis.

I minted SOL Flowers for 0.7 SOL and today the floor is around 85 SOLs so it's like 120s from when I bought it.

One thing I want to call out is when you mint NFTs, you get it at an early price but that doesn't guarantee you're gonna get rich. What's a recent example of that?

Yeah. You and I both minted Dronies and we thought they checked all the boxes.

They had a fully doxxed team you could find on LinkedIn, they were partnered with Solana Labs, and the co-founder of Solana had a Dronie as his profile picture on Twitter.

They really checked all the boxes.

It minted for 3 SOL and today the floor price is 3 SOL.

So we didn't lose any money, but it didn’t 10x or 100x, even though it checked all the boxes.

The point here is that this stuff is hard.

So you found a good NFT project, you vetted it, and now you want to get in early — what do you do next?

Get on the whitelist. This means you get access to a pre-sale on it.

So before the public is able to mint it and get their hands on it, you get a private 1-hour pre-sale just for you.

Any really good project is going to sell out in seconds when it hits the public, so in order to get your hands on these highly desirable NFTs, you need to try and get on the whitelist.

How do we get on the whitelist?

It varies by the project.

Every single project will tell you how to get on the whitelist. If you sign up for their Discord or their Twitter, they usually have the steps laid out.

But I'll give you an example of a time that I had to get on a whitelist.

There was a project called Chillchat on Solana, which was super hyped. I really wanted to get in on it (it did 20x since mint day) but to get on the whitelist, you needed to invite 20 people to the Discord.

So for them it's a win-win. They're growing their marketing and their user-base, and they’re rewarding people who hustle.

But something that anybody can do is just be super active in these communities.

So for example, I have a friend who was a little bit late to Dronies (and you really want to get in on the early bird) so I was like dude, just go in the Discord and talk all the time, answer people's questions, and network with people in there.

And eventually, this guy got a whitelist spot on Dronies because he was just super active.

He ended up messaging the founder of the project and the founder recognized him because he was always answering people’s questions, and taking work off people's plates. So sometimes you just have to roll up your sleeves and just be a hustler and you'll get rewarded with a whitelist.

Can you only get rich by minting NFTs, or can you still make money on a project that’s been out for a while, like Bored Ape Yacht Club?

You can get rich off Bored Ape Yacht Club, but they're not going to have an exponential gain.

A floor Bored Ape Yacht Club right now is around $300,000. It's not going to 10x and go to $3 million tomorrow.

Plus, a lot of the really established projects are really expensive right now.

If you get a mint and it’s a good project, you're going to get that project for the cheapest it's ever going to be. So if you want exponential returns in a short period of time, you have to mint and then sell.

Once I’m whitelisted and I'm early to a project — what do I do next?

Mint the NFT.

“Mint” just means “buy.”

You're buying the NFT.

But it's mint because it’s the first time that you can actually buy the NFT.

When I mint an NFT, do I sell it right away or do I hold onto it forever?

Sell your minted NFT within 24–48 hours.

You get exponential returns within the first 24–48 hours of something minting.

For example, I minted a project called SolSweets, and this project went from 2 SOL to 20 SOL within 5 hours.

But it doesn't work 100% of the time.

I've actually lost tons of money minting projects. I'll give you a couple examples of ones that I actually lost a lot from.

One is Solarians. I spent about $50,000 minting Solarians and you can't even really sell them right now. I can maybe get $1000 dollars out of them. So that was probably a $49,000 loss.

Another one I minted was Mutant Monkey Business. I think I lost about $3000 minting this. You can't even find the creators anymore. They deleted the Twitter page and the Discord.

Another one is SolMees. I probably lost about $1000 minting these.

So the takeaway here is there’s definitely risk involved in minting NFTs — as fun as it is, you can lose a lot of money with this stuff.


 

Join 157,000+ subscribers getting my FREE weekly business tips


Leave a Reply

Your email address will not be published.