Icoda FAQ

Decentralized finance is a collective term for financial products and services that are accessible to anyone. This emerging financial technology is based on secure distributed ledgers similar to those used by cryptocurrencies. The system removes the control banks and institutions have on financial space, businesses and services.

If you have an idea contact us by our online form, e-mail or Telegram. We’ll take a call and talk it over. Just be sure to prepare as much info about your idea as possible, it will make our call more effective and benefit further cooperation.

A DeFi wallet is a non-custodial wallet that stores your funds in cryptocurrencies. They are non-custodial, meaning only those with the seed phrase or private key (that looks like a password) can access your money.

Find minting projects in advance

Doing detailed NFT project research helps recognize excellent NFT projects before their official minting stage. The best place to commence your early study is the project’s official website. 

Use Twitter and Discord

The most popular social networking and digital advertising platform, many NFT products, gifted artists as well as investors are concentrated there.

Discord is the highest-ranked invite-only app for community building. The higher a project’s community engagement on Discord, the greater its potential and reliability. In addition, early details like drops and whitelisted wallets will be published on Discord.

NFT calendars

Calendars are quite popular for finding the most promising NFT projects early. They promote tokens hosted on multiple blockchains. Check them out:

• https://nftcalendar.io/ 
• https://nftprojectlist.com/ 
• https://nft-catalog.com/ 

Select the most suitable calendar and subscribe to grab lucrative artworks earlier.

Here are several steps to follow:

• Select a marketplace and create an NFT

The first step is selecting the right NFT marketplace. There are dozens of marketplaces, and many of them specialize in a certain type of audience. Here are some websites to choose from:

• OpenSea
• Magic Eden
• Rarible
• LarvaLabs 
• LooksRare
• Stargaze

Each platform’s process will differ slightly, but most allow you to create tokens in a matter of minutes. Also, note that if you are interested in passively monetizing your work over time via royalties (a percentage of each subsequent sale of your NFT on the secondary market that will be paid for you).

• List your NFT for sale
• Promote your token

Once you complete the listing, your NFT is accessible on the marketplace. Now you need to promote to potential investors to get new clients and boost your sales.

Follow these easy steps to make your first purchase:

Top up your wallet with cryptocurrencies;

Find the suitable and popular platform and select a token;

Here are some websites to choose from

• OpenSea is the most popular NFT marketplace on the Ethereum blockchain.
• Magic Eden is one of the leading platforms in the Solana ecosystem.
• Rarible is one of the “oldest” places to purchase some tokens.
• LarvaLabs is the marketplace of the studio that released the most famous and one of the very first CryptoPunks NFT collections.
• LooksRare is another popular marketplace on the Ethereum blockchain.
• Stargaze is the first major NFT marketplace in the Cosmos IBC ecosystem.

Buy a non-fungible token.

That’s all!

In this section, we break down the process of building an NFT collection into six easy-to-follow steps. Take a look at them

Step 1: Decide on the theme of your collection

The very first step is to settle upon a theme for your collection. Here, you have no real limit, but it might be useful to review recent trends in the market to see what’s popular. As with any artwork, however, you should make sure that you settle on a concept you really love and feel passionately about. This will shine through in your work.

At this early stage, you should also decide what form your NFT will take. It could be a GIF, image, audio clip, or something else altogether. Practically any digital file can be a non-fungible token, but you may find yourself limited by the minting tools available through the marketplace you’re using.

Whatever theme and format you choose, make sure that it’s something truly unique, something that will stand out from all the other NFT collections out there and grab the viewer’s attention. You should also ensure that you own the intellectual property rights to your idea. If you don’t, you could end up in serious trouble later down the line.

Step 2: Create your collection

Once you’ve decided on a theme and format for your NFT collection, it’s now time to create it! Designing NFTs represents an opportunity for you to try new things as an artist. While developing your style, don’t impose limits on yourself or the creative process. 

For artists, the most exciting thing about non-fungible tokens is that they’re a new form of art; play around with the medium to find the best way to convey your message.

Once you’ve created your token collection, it’s time to mint them. Before you do so, however, it’s a good idea to get a crypto wallet set up in advance.

Step 3: Set up a crypto wallet

You might already have a digital wallet set up, but if you don’t, now is the time to change that. There are loads of crypto wallets out there for you to choose from. We encourage you to do a little research into the various options available to you before jumping in.

When purchasing cryptocurrency for your wallet, make sure to double-check what coins are accepted by the platform you intend to use. This will vary from site to site, but Ether is usually a safe bet.

Once your wallet is set up, you’ll have to connect it to your preferred NFT platform before you can list your collection. Before you can do that, however, you first need to decide what platform you’re going to use. This is the next step in the NFT building process.

Step 4: Decide which NFT platform you want to host your collection on

There are scores of NFT platforms out there for you to choose from. Some are relatively new and growing, still in the early stages. Others have been around for a while and have become giants in the token industry. A few of the most well-known NFT marketplaces include OpenSea, Axie Marketplace, and Larva Labs. However, you might decide to go with a smaller platform, such as AtomicHub or SolSea.

But the popularity of a platform isn’t the only thing you should take into consideration when thinking about which marketplace to use. You also need to think about which one would be the best fit for your collection. Some marketplaces have particular themes, for example. Others may use a specific kind of cryptocurrency—in some cases, their native coin.

That being said, because of its massive popularity and ease of use, OpenSea is a popular option for artists looking to host NFTs for the first time. You can mint tokens through the platform with ease and will also benefit from the large volume of traffic the site receives.

Once you’ve decided on an NFT platform, simply sign up for an account and link it with your crypto wallet. Then, you’re finally ready to move onto the minting stage.

Step 5: Mint your NFTs

The exact process you’ll have to go through in order to mint your NFTs will differ depending on what marketplace you use, but you should find your chosen platform has a guide to walk you through it. Broadly speaking, though, you’ll want to look for a tab called “Create NFT” or something similar.

First, upload the file you’d like to mint, whether it’s an image file, video, or audio clip. You’ll also have to provide an external link to your piece.

Next, pick a name for your piece. Make sure it’s something that will stand out and grab your audience’s attention while also capturing the spirit of your work. The most successful NFT artists are ones who understand the importance of branding and do their best to cultivate a strong online presence with their pieces. In many cases, the branding process begins with a strong name. 

Finally, you can add a few optional details if you like. For example, you can provide a description for your token or add filters to make it easier for people to search for your work. If you’ve already set up an NFT collection, you can also add your token to it from here.

As a final note, do keep in mind that minting an NFT is not free. You’ll have to pay a gas fee in order to do so.

Step 6: List your collection for sale

At last, we find ourselves nearing the end of the NFT selling process. All that’s left to do now is list your tokens for sale. 

Decide how you’d prefer to monetize your token. The options available to you will vary from platform to platform, but generally speaking, there are three options available to you. These are:

• Fixed price: Allows you to set a fixed price for your NFT. The first buyer willing to pay the amount, you can own your token.
• Timed auction: Set a minimum price you’ll accept, and decide how long you want the auction to run. Keep the cost of gas fees in mind when determining a minimum price to make sure you don’t lose money.
• Unlimited auction: An unlimited auction will continue until you decide to accept an offer.

With that, you should have an active token listing. But the journey doesn’t stop there! Now that your NFT is uploaded and available for purchase, you’ll want to do everything you can to make connections in the community. Twitter is a popular social media platform for NFT developers looking to get their work out there. Discord is another extremely popular channel.

You’ll find the NFT community an active, enthusiastic one. Developers and consumers alike are eager to find new artists to keep track of. With any luck, you’ll be able to steadily build a name for yourself!