Algorand for NFTs
Algorand is a great choice to start your NFT business. If you have created NFTs on Terra there will be some differences in approach, terminology and services. There are many advantages to using Algorand, and Algogems, as your base of operations!
Fast & fully automated migration
MakerX has created Open Source tooling to help you automate the migration of your Terra Classic NFTs to Algorand. It’s fast and can run in minutes. If you want to access help from the Algorand NFT creator community, funds to cover the cost of the migration or assistance to run the automation tooling then SIGN UP. Big thank you to Maker X and Algorand for their great Terra to Algorand overview readable here.
https://migrate.algorand.foundation/learn
This post we will focus on a Terra users experience with Algogems & Algorand!
Creators do the minting
In general for Algorand NFT projects, the project creator mints NFTs (writes them to the chain) as the first step in the process, ahead of any listings. This is different to blockchains where the creator sets up the collection and holders do the actual minting as part of the primary sale.
This is related to the fact that NFTs on Algorand are generated as Algorand Standard Assets (ASAs) — a first-class layer 1 token that can be created in a simple transaction without writing any smart contract code. This has many benefits such as simple, consistent mechanisms for storing and querying ownership and easy transfers. The equivalent of looking for all NFTs created by a contract is to look at all NFTs created (minted) by a given account.
Creators who mint large (hundreds or thousands) numbers of NFTs at a time typically do it via scripts. Small amounts can be minted directly on Algogems.
https://www.algogems.io/create
There is also a web-based user interface the community has contributed for minting larger collections without needing to write code at https://algonfts.art/.
Once your NFTs have been minted, they can be viewed straight away via https://www.algogems.io/user/creations
Alternatively, you can view your collection on Algogems by going to
https://algogems.io/gallery/Algorand account or Username
Alternatively, with NFT explorer you can easily see a collection by going to
https://www.nftexplorer.app/collection?creator= {YOUR_CREATOR_WALLET_ADDRESS}
List with auctions, shuffles & sales, or make offers
Creators have a range of options for the primary sale (or drop) of their NFTs on Algogems:
- Offers: Propose a purchase price in $ALGO. This can be made on any Algorand NFT. The holder of that NFT will see your offer and have the option to accept.
- Auctions: Regular auction of one or more individual NFTs to the highest bidder. Bids in the final 10 minutes increase the Auction by 10 minutes. Bids must be 10% larger than the last.
- Shuffles: Potential buyers purchase a random NFT at a known price
- Sales: A buyer purchases an individual NFT at a known price
Algogems supports multiple listing currencies. This includes stable coins like $USDC and $STBL. Alternatively, you can list NFTs in ETH or BTC by using our Algorand wrapped equivalents $goETH and $goBTC. Finally, you can list in Algorand tokens such as: $GEMS, $HDL, $YLDY, $DEGEN, $CRSD. That being said, $ALGO is the most popular currency to transact with on Algorand. GEMS is an open platform where users can freely create, and get their Web3 start. We also offer Free to Mint for users with no $ALGO in their wallet. Users can apply for verification by our DAO through algogems.io/user and clicking Get Verified below their username.
Opting in (No unsolicited airdrops)
An important privacy and security feature that you’ll notice with Algorand is that buyers have to opt in to an asset/NFT before it can be transferred to their Algorand account. This helps reduce spam.
One key implication of this is that you can’t do air-drops without collectors first opting into the assets.
With Algogems users can manually facilitate one-off opt-in/drops using the private sale feature when listing an NFT and sell it for a fraction of $ALGO, essentially free(under 0.005 $ALGO total).
Secondary sales
Secondary sales can occur through a marketplace like Algogems . Listing methods, by popularity, are shuffles, sales, auctions, making offers, and finally private sales.
Royalties are paid to creators, between 0% and 10% depending on what the creator has chosen for their account. You can set your socials and add images to spice up your gallery as well!
https://www.algogems.io/settings
Sales analytics
Creators can track sales (previous and current) via NFT explorer or Asalytic. or by accessing their own or another's statistic page on
https://www.algogems.io/user
