Learn about Algorand for NFTs

Algorand is a great choice to create an NFT project. If you have created NFTs on another blockchain (or have been researching options) there may be some differences in approach, terminology and services. This page will help you understand the basics of using Algorand for an NFT project.

Fast, fully automated migration

We have 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.

Creators do the minting

In general for Algorand NFT projects, the project creator mints the NFTs (writes them to the chain) as the first step in the process, ahead of any sale process. 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 implemented using Algorand Standard Assets (ASAs) - a first-class layer 1 mechanism that can be created as 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 one of the marketplaces (described below). 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 the NFTs have been minted, they can be viewed straight away via NFT explorer. You can easily see a collection by going to
https://www.nftexplorer.app/collection?creator= {YOUR_CREATOR_WALLET_ADDRESS}

Sell via shuffle, auction or fixed price

Creators have a range of options for the primary sale (or drop) of NFTs:

  • Auction: Regular auction of one or more individual NFTs in a collection to the highest bidder
  • Shuffle: Potential buyers purchase a random NFT at a known price
  • Fixed price: A buyer purchases an individual NFT at a known price

Popular services include AlgoxNFT (auctions, shuffles, fixed price sales - open platform), Instant Shuffle (shuffles - open platform), Rand Gallery (fixed price sales - curated platform) and algogems (shuffles, fixed price sales - open platform). There's also a whole bunch of specialist and other NFT Marketplaces worth exploring.

Some projects also custom develop their own primary sale mechanism through their own website.

Opting in (no unsolicited air drops)

An important privacy and security feature that you'll see on Algorand is that buyers have to opt in to an asset/NFT before it can be transferred to them. This helps reduce spam.

One key implication of this is that you can't do air-drops without collectors first opting-in to the asset(s).

Two methods are to use https://app.swapper.tools/ to manually facilitate one-off opt-in/drops, or instead to create an instant shuffle with an allowlist (perhaps with a nominal sale price < 1 ALGO so it's essentially free).

Secondary sales

Secondary sales can occur through a marketplace or custom developed on your website. Three of the most popular Marketplaces are AlgoxNFTRand Gallery and Algo Gems (though there are more popping up that we may not know well). Common sales methods are standard and dutch/reverse auctions and fixed price sales.

Royalties are paid to creators, between 1% and 10% depending on the service and collection. You will generally want to list your collection on the marketplaces so your NFTs are associated with your overall collection and you can control various things like royalty etc.

Secondary markets and how to find NFTs are covered extremely well in KKHoney's How to Algo NFT.

Sales analytics

Creators can track sales (previous and current) via NFT explorer or Asalytic.

Discord bot

You can add bots to your discord server so collectors can see new listings, sales and offers as they happen.

Some marketplaces have their own free bots:

NFT Explorer has NFTX.bot which is a paid bot that shows sales, aggregated across three marketplaces (Rand Gallery, AlgoxNFT and A2B)

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We want to make sure the experience we built is easy, secure and seamless and we want to do that by working closely with projects and listening to their feedback as we directly support their migration with expert advice.

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