So you’ve heard of the NFT wave, and you’re even curious about creating your own NFTs. Then read this article dedicated to NFTs! You will discover all the basics of creating and selling NFT art!
In recent years, NFTs have received a lot of publicity. For example, you may have seen that Beeple sold a piece of digital art for the staggering sum of $69 million.
Most NFT artists don’t make nearly as much money from their art. But it is still worth knowing more about NFT digital art. Contents Show
What is an NFT?
But before we dive into creating an NFT, let’s start at the beginning. What exactly is an NFT?
NFT is short for Non-Fungible Token, is a unique digital code, unlike any other in the world, and it cannot be duplicated or destroyed and is mundane or extremely rare.
Some people collect NFTs like they collect art or paintings. And similarly, an NFT can retain its value, so you can resell it and even make a profit. (Although nothing is guaranteed).
Therefore, you can even buy an NFT as a type of investment. And as an artist, you can earn revenue every time it’s resold, even years later.
An NFT can be any form of digital art, such as a video, song, or digital drawing, and it can even be a GIF or text. It is hosted on a blockchain, and the same technology helps establish the owner of the NFT.
Why create an NFT?
I hope you now have a clearer idea of what an NFT is. But you might still be wondering why you should care about creating your own NFT.
First of all, creating an NFT will cost you money at first. Indeed, you have to pay to mint your creation, i.e., host it on a blockchain. (If you don’t know what a blockchain is, check out this explanation here ).
But the idea is that you will then sell your artwork and make money from it. The amount you can earn selling NFTs can vary wildly, and it’s never guaranteed. It depends on your skills, your reputation, your clientele, etc. You will also need to consider the fluctuation in the cost of cryptocurrencies.
However, some artists have had great success creating and selling NFTs. And the good news is that it’s straightforward and doesn’t have high barriers as the regular art world can.
For example, it is not easy to exhibit your works in a gallery when new to the scene. You’ll need to build a reputation, but it’s as much about who you know in the industry as what you create. Therefore, breaking through and presenting your works to the public can seem almost impossible.
In contrast, when you sell NFTs, you can reach people all over the world. It doesn’t matter where the buyer is, and it’s not about who you know or where you’re from.
But if you want to make money from NFTs, you will have to market your works. Don’t expect customers to flock to you!
Finally, you can continue to collect royalties on your NFTs months or years later. If someone resells your NFT, you will receive royalties from that sale. So it’s an exciting bonus that you can get from time to time!
How to create an NFT of your art
Now it’s time to learn how to make NFT art! Let’s start with what you need to create your own NFT.
What you need to start creating an NFT
You might be wondering how to create an NFT? There are several steps to the process, but don’t let that put you off. This guide will walk you through these steps to know exactly how to make your first NFT.
Most of the steps in the process are not about making the artwork at all. Instead, they relate to the technical aspects of downloading and selling your NFT.
Creating the work (or choosing a work you already have) is the first step. But there are still many other things to do.
For example, you will need to choose a blockchain to host your NFT. Next, you’ll need to find a compatible marketplace so you can sell your NFT. (I explain in more detail below where to sell NFTs).
Once you’ve decided which blockchain and marketplace you’re going to use, you’re not done yet. You will need to buy cryptocurrencies and create a wallet to hold them.
Then you can upload your works and hit them. And finally, you are ready to sell it!
As you can see, the process has several steps. That’s why it’s so important to do your research before jumping into making NFTs. I’ll detail each step below so you can follow the guide as you create your first NFT.
You don’t need to know how to code
Creating an NFT might seem a bit complicated, but don’t worry. For most simple NFTs, you don’t need any coding skills.
Many marketplaces make it easy to create and sell NFT art without technical skills. For example, OpenSea and Rarible are both great for non-coders.
But if you want to sell a more complicated NFT, you may need to hire a developer. The latter can, for example, help you solve the complexities of interactive NFTs. A developer can also implement smart contracts if needed.
In most cases, however, you can manage on your own. You don’t have to be an expert to create an NFT!
Do you have to be an artist to create an NFT?
It is easy to sell NFTs of your works if you are an artist. But you can enter the NFT market even if you are not an artist.
In this case, you will need to hire an artist to do the creative work. The best sites for this are Upwork and Fiverr. You may already know someone you can hire for a one-time project.
When hiring an artist, it’s essential to have clear instructions on what you need. It would be best if you also did some research to know what you need to pay for the project. Also, be sure to get high-resolution files of the mockup.
Once you have your mockup, you can follow the rest of the steps in the process. It’s as simple as that!
How to make and sell an NFT
Now that you know what an NFT work is and what it entails let’s get into the details. Here’s everything you need to know to make and sell NFT art!
Select the blockchain (carefully!)
Before selling your works of art, you must authenticate them on the blockchain. And for this, it is essential to understand the different existing blockchains.
Indeed, each blockchain has its tokens, and additionally, the blockchain must be compatible with both the wallet and the marketplace.
Unfortunately, not all blockchains support all marketplaces, which can be complicated. But if you are well informed, you can make the right decisions. You will then save time (and money!).
Ethereum is the original blockchain for creating NFTs. It’s also the best-known blockchain, but it’s not your only option. Ethereum has a reputation for being very secure and reliable. But its scalability is limited.
You can also turn to Polygon, Immutatate, or Tezos. Many of these blockchains have meager power consumption and gasless transactions, and I recommend that you read up on each of these blockchains to make sure you make the right decision.
Choose a market for your NFT digital art
So you have created your artwork and authenticated it on the blockchain. But you still have to introduce it to people to sell it. So it would be best if you chose an NFT marketplace.
Here is a quick summary of the best places to sell NFT artwork:
OpenSea is the largest NFT marketplace globally, and it has handled a staggering $10 billion in sales volume since its inception.
Signing up for OpenSea is free. And since it’s a peer-to-peer marketplace, there are no restrictions on who can sell their works on OpenSea. So it’s quick and easy to get started.
You will find all kinds of NFTs in this marketplace, including everything from music to videos to digital art. But since there is a lot of content on OpenSea, you have to sift through to find the natural treasures.
The good news is that you don’t need any code to use OpenSea. It also offers lazy mint, another excellent feature for NFT creators. This means you don’t have to pay upfront to mint your NFT. Instead, the transaction fee includes the price of the minting, and the buyer pays the cost.
OpenSea is, therefore, a fantastic platform for selling NFTs. But that’s not your only option.
Rarible is another popular marketplace that has handled $260 million in sales. You can upload all kinds of NFTs to Rarible, so there’s no limit to what you can create and sell.
It offers some great features for sellers, including no-code and lazy coinage. Plus, it has a responsive customer support team if you run into any issues. This makes Rarible another strong contender for selling your NFTs.
If you have used the Solana blockchain for your NFTs, the SolSea Marketplace is an excellent choice. With low keystroke costs and fast transactions, it is user-friendly and straightforward. It also provides the option to add copyright licenses during the typing process.
The downside of the SolSea Marketplace is that it does not yet offer an auction function, and this function is still under development, which might be a hindrance for you.
For SolSea, you will need to use a Sollet, Solflare, or Phantom wallet. So be sure to keep that in mind when settling in.
Other NFT marketplaces you can check out: Mintable, NFT ShowRoom, and SuperRare. Of course, there are many more – it would take too long to review them! But now you have a good idea of the leading NFT marketplaces you can use.
Create a digital wallet for your NFTs and cryptocurrencies
You will need a digital wallet to store your cryptocurrency tokens. As mentioned above, not all wallets work with all marketplaces. So make sure you’ve checked compatibility before you get started.
There are many different wallets, including software and hardware options. The main distinction is that a software wallet stores your NFTs online. In contrast, a hardware wallet is more secure because it stores your NFTs offline.
Some of the most popular wallets include MetaMask, Enjin, and Coinbase. I recommend you to use MetaMask because it is simple and easy to use, and it has an app and a browser extension that works with Android phones and iPhones.
Setting up a digital wallet is simple. All you have to do is download the application (or extension) of your choice and create an account. First, you will need to go through a few security steps and agree to the terms and conditions. Then you can start!
Buy cryptocurrencies and add them to your wallet
Before earning money from your NFT, you must first spend money. This is because there is a cost to minting an NFT. Minting is the process that authenticates your artwork on the blockchain. Thus, it is in the public ledger and cannot be copied, duplicated, or modified.
Minting your NFT is essential if you want to sell it. And in most cases, you will need to pay the gas fee upfront for your NFT to be validated on the blockchain. However, some marketplaces allow lazy minting, i.e., it is minted during the transaction when you sell it.
You will need cryptocurrency tokens to pay for minting your NFT. The most common cryptocurrency is Ether, also known as ETH. But before you buy, double-check what type of tokens your chosen marketplace accepts.
Once you know what kind of cryptocurrency you need, it’s quick and easy. You can generally pay by Apple Pay or debit card. Don’t forget to add your currency to your digital wallet and connect it to the marketplace, too.
As for the number of tokens you will need, it can vary greatly. This is because cryptocurrencies markets fluctuate daily. So you need to carefully determine when you will buy your coins and mint your NFT. But in general, you can expect to pay around $100 for the typing process.
Upload your file and add a description
The next step is to upload your file to the marketplace and add a description. This step usually is straightforward, and it would be best if you gave the title and description careful thought. It would be best to make an attractive and detailed as possible to entice people to buy.
To upload your artwork, find out what file types the marketplace supports. Files like PNG, GIF, JPG, and MP3 work on most platforms.
Then you can click “Create,” and your artwork should start to load. At this point, you have the option of choosing how to sell your NFT. For example, you can choose between a fixed price or an auction model.
In the case of auctions, you can choose between a continuous auction or a decreasing price. (i.e., the auction continues by lowering the price until someone is ready to pay it). At this point, you can choose how you want to sell your product, and you will need to set a minimum price or manually accept an offer if you prefer.
Finally, you can set the percentage of royalties you want to collect if your NFT is resold. But be sure to think carefully! If you set it too high, you won’t have the incentive to resell it. On the other hand, if it is too low, you will earn very little money in the future.
Currency of your NFT
Coinage is essential because it turns your artwork into a non-fungible token, and you can then sell it.
Important note: you do not have to monetize your work right away. (But you will need to have done this before selling it). Since the (gas) fee varies widely, you should hit it when the fee is lowest. Otherwise, you risk spending more than you will earn from selling your NFT.
So you’ve uploaded your file and added a description, properties, and other additional content. At this point, you are almost done. Now all you have to do is click on “Create,” and you will have minted your NFT.
Remember that you may also have to pay transaction fees to sell the NFT. Some platforms also charge a commission. Therefore, it can be challenging to predict how much money you will earn with an NFT.
You will also find valuable tips in the video above made by Kapwing.
How to sell NFT art
When it comes to selling an NFT, you have several options. The first and easiest option is to set a fixed price for your artwork, and the buyer can then buy it immediately (like on eBay).
But you can also opt for an auction format. You can, for example, opt for a permanent auction, where you will continue to receive offers, and this can continue until you get an offer that suits you and accepts it.
The other option is to opt for a decreasing price auction. In this case, the market will continue to push the price down until someone agrees to buy it.
You need to weigh the pros and cons of each approach. But I have another warning for you! Don’t expect people to come in droves to buy your NFTs, especially if you’re a new artist.
On the contrary, you may need to put some effort and marketing. For example, you can build followers on social media or even build an email list. Then you can share your NFT artworks there to catch people’s attention and encourage them to buy.
Selling NFT artwork is not as straightforward or passive as some people initially think. If you are motivated and talented, you can earn a lot of money. But there is no promise of return in this sector.
How to Sell Art as NFT: Setting Your Prices
You may be wondering how to price your NFT works. Pricing your work can be tricky, even for traditional formats as an artist. You need to consider your experience, your reputation, and your clientele. But you also have to consider the cost of living.
When pricing your NFT works, you need to consider the cost of minting fees. You don’t want to end up empty-handed by spending more than the price of the NFT itself!
Another factor is how new your business is to that market. Do you already have a loyal clientele who buys your works? If so, you should have a good idea of what they’re willing to pay.
But if you’re still breaking into the world of NFT, it might be a good idea to start by setting lower prices. Don’t expect to win millions (or even thousands) with your very first NFT!
Next, does your NFT have additional content or benefits for the buyer? Some cryptocurrencies come with bonuses like merchandise, tickets, or unlockable content, which can drive up the price even more.
And finally, how rare is this NFT? Is it a unique piece that the buyer could potentially resell for a higher price later? Or do you have a whole range of similar works, making it less rare?
Keeping these factors in mind, you should be more confident when pricing your NFT artwork. https://www.bbtech88.org/?post=182