In the past few years, non-fungible tokens (NFTs) have become one of the most popular types of cryptocurrency. Billions of dollars have been traded in NFT Art, and many celebrities have pushed digital art to the forefront of mainstream media.
Non-fungible tokens can be made directly on NFT Platforms. This lets you mint (the process of making something) and upload your artwork to a blockchain. Follow the steps in this guide to make your first NFT, upload your artwork, choose the suitable blockchain, and put it up for sale.
How NFTs Work (NFT Art)
NFTs are digital assets that let you own digital items authentically. NFTs are created using Blockchain Technology. Blockchain is also used to create cryptocurrencies such as Bitcoin and Ethereum. Each blockchain is unique, giving the asset a sense of scarcity and value, and a public record of ownership keeps people from making fakes.
This lets people own and trade digital art (with file types like JPG, GIF, or PNG), sound recordings, and other collectibles in a way similar to how things work in the real world.
Even so, NFTs can be risky on their own. The asset’s blockchain is unique, but the support can be copied. For example, a piece of NFT art is valuable because the blockchain makes it one-of-a-kind. But anyone with internet access who can see the NFT can also right-click the image and copy it.
Even though NFTs have a lot of fans, the fact that some of their most important parts can be copied calls into question their worth. As with any other art, people who want to make NFTs should learn about the market and their audience.
At the same time, there are some essential advantages to NFTs. The smart contracts that can be used to make NFTs are one of the most important things for the people who make them. When a piece of traditional art is sold on the open market, the artist only gets the money from the first sale. With NFT smart contracts, the person who made the NFT can get a cut of every sale it makes.
What are the Top NFT Marketplaces?
To make, buy, or sell a non-fungible token (NFT), you’ll need to use a unique NFT marketplace.
OpenSea and Rarible are two well-known examples. When you buy an NFT, you’ll get a digital ownership certificate stored on the blockchain. After that, you can keep it, trade it, or sell it.
Beeple’s “Every day: The First 5000 Days,” which sold for $69.3 million in 2021, was one of the first high-value NFTs. With this sale, NFTs became more well-known. Since then, Christie’s auction house has also joined the NFT game. Through its new platform, Christie’s Encrypted, digital artists can sell their work.
Benefits of NFT Art
Whether you’re an artist, an investor, or just someone who likes art, there are many good reasons to make and buy these digital assets.
Unique and Collectible
A blockchain, or distributed ledger, records transactions using NFTs. Because of the blockchain’s code, NFTs can only partially be replicated. Although the value of an NFT is subjective, some have sold for thousands of dollars or more due to their scarcity.
NFTs can be bought and sold again. NFT owners can sell them to others or trade them with other NFT owners if they want to get more than one piece of art or digital asset.
Easy to Claim and Authenticate
Blockchain technology keeps track of all transactions, so there is a history and proof of ownership for all NFT digital files. This makes it easy to verify and authenticate NFT digital files. The works are digital records in and of themselves.
Smart Contract Royalties
Creators can add smart contracts to NFTs that pay them royalties every time the NFT is sold. When the NFT is created, smart contracts are made and become a part of the code that can’t be changed. Creators will get a cut of each sale of their art on the open market if they can code royalties into it. This is a very different way to do business than with traditional art.
The Market is Going Up
The NFT market is still in its early stages but rapidly expanding. According to Chainalysis, over $37 billion was invested in NFT marketplaces as of May 1, 2022, nearly matching the total of $40 billion in 2021.
NFT Drawbacks and Risks
NFTs are not without disadvantages. Therefore, when considering NFTs, it’s critical to be aware of the risks.
The Market is Volatile
The NFT market is volatile and prone to abrupt change. While there are trends and people have made money trading NFTs, the value of these instruments can fluctuate rapidly.
The initial reception of your artwork may not result in a sale.
There’s no guarantee that if you create NFT art, you’ll find a buyer immediately. It may take some time to pique someone’s interest in your work before they are willing to pay for it.
It’s easy to find stories about NFTs selling for thousands of dollars in minutes. It’s true, but only for a subset of the market’s digital assets. The perceived quality of your NFT and how well it is marketed will determine how quickly it sells.
Many People are Still Perplexed by this Concept.
Even though NFTs are becoming more popular, many people still need clarification on the concept. In fact, according to a recent poll, 12% of respondents thought NFTs were a type of cryptocurrency, while only 26% chose the correct definition on a multiple-choice questionnaire.
Even though NFT art is worth billions of dollars, the concept is still gaining traction. But unfortunately, people are hesitant to invest in something they need help understanding, which could limit growth.
Negative Environmental Consequences
Some people are concerned about the environmental impact of NFTs. The energy-intensive process of minting an NFT can have a significant environmental impact.
The production and sale of NFT art results in significant greenhouse gas emissions. If you’re concerned about the environment, consider this before buying or selling NFTs.
The Possibility of Theft and Copying
Although the images cannot be duplicated, each digital asset’s blockchain technology can.
According to OpenSea, one of the largest NFT marketplaces, over 80% of the NFTs created with their free minting tools were plagiarised, fake, or spam.
Seven Steps to Making and Selling NFT Art
Are you ready to begin creating your own NFT art? To get started, follow this step-by-step guide:
1. Select a Concept
Determine a concept for your art before proceeding. Then, investigate popular NFT art styles to find one that fits your idea. Pixel art, cartoons, 3D characters, realistic art, freestyle pieces, and vector art are all options.
Remember that what you create will influence which crypto wallet or NFT marketplace you use. For the sale of a 3D model, for instance, you’ll need an online marketplace that supports such a file type.
Project CatalogTM offers NFT services to assist you in getting started on your NFT collection if you need help getting started.
2. Select Your Blockchain
Next, select blockchain technology for the creation and development of your NFT. This is a critical step because it affects how customers interact with your artwork.
Blockchains used to create cryptocurrencies are immutable and can be distributed across various networks. In addition, because all data recorded on the blockchain is verified by computers on each network, the technology is transparent and secure.
There are numerous blockchain platforms available for NFT development, including:
Bitcoin Tezos Polkadot Cardano Solana Polygon Binance Smart Chain (BSC)
Conduct your research to find the best one for your project. When evaluating each type of blockchain, consider transaction speed, technology security, scalability, functionality, and transaction cost.
3. Create a Digital Wallet
It would help if you first created a digital wallet before you can begin creating NFTs. A digital wallet is a cryptocurrency bank account that stores your public and private keys. These keys are used to gain access to your NFTs.
There are Two Types of Accounts to Consider.
Self-custody wallets are the most secure wallet account type because users have complete control over their private keys.
A third party manages custodial wallets.
Consider crypto wallets for storing and exchanging NFTs and other digital assets.
Wallet for Math
This wallet supports over 70 different blockchains. It also provides users with its utility token, allowing them to sell their NFTs on multiple marketplaces.
The Coinbase Wallet
This wallet allows users to buy and sell NFTs using cryptocurrency like Ethereum (ETH) coins. It is easily accessible via a mobile app.
A wallet Can be Trusted
This Binance Smart Chain wallet uses Ethereum/Ether crypto to hold and sell NFTs, game assets, and other digital assets all in one place.
The Enjin Wallet
This NFT platform lets users quickly launch NFT projects from beginning to end and store digital assets.
The Kukai Wallet
Users can safely import existing wallets into this Tezos-based digital wallet via Twitter, Reddit, and Google.
The Alpha Wallet
This mobile-only platform, an open-source crypto wallet, allows you to store and manage your NFTs using Ethereum (via the Ether (ETC) cryptocurrency) and provides enhanced security.
Wallet by Metamask
This app allows you to buy and sell NFTs using the Ethereum blockchain and other marketplaces.
This platform, which is a multi-chain wallet, is designed for mobile devices and desktop computers and supports over 125 blockchains and thousands of smart chain tokens.
4. Choose the Best NFT Marketplace for You.
After you’ve decided on a blockchain, you’ll need to choose an NFT marketplace. This is where your NFTs will be created, issued, and sold.
Each marketplace has its own set of rules and requirements, so be sure to read them before you begin. Each provides something unique to users, and you’ll need to research to find the best one for your specific NFTs.
Consider the platform’s token standard, user verification process, and whether it has a price discovery feature, token fractionalization, wallet compatibility, and other incentives and features.
Among the Most Popular NFT Marketplaces are:
This is one of the largest NFT markets, and it also supports the most diverse set of digital assets.
This marketplace has made a name for itself by collaborating with large corporations such as Taco Bell and Adobe. In terms of size and scope, there are many parallels to OpenSea.
This platform is simple to use, which is beneficial for those who are new to NFTs. It also allows you to mint NFTs more quickly, making these digital assets more accessible.
This platform is also well-known for its straightforward format and ease of use. It’s also a growing market, with more than $100 million in NFTs sold last year.
Smart contracts can be used to create NFTs as well as mint them. Of course, this requires a higher level of technical knowledge, but many NFT marketplaces can assist with this process.
5. Publicize Your NFT
It’s time to start promoting your NFTs before you create and mint them. After all, what use is an NFT if no one is aware of it? There are several ways to spread the word and get people interested in your NFTs.
Make a website
This is an excellent way to display your NFTs and provide potential buyers with additional information about your offer.
Make use of Social Media
Twitter, Instagram, and YouTube are excellent places to share news and updates about your NFTs. Start promoting your NFT before it is minted to build excitement, and stay consistent with promotion to establish your NFT after it is listed on an NFT marketplace.
Create a Blog
Another great way to share information about your NFTs and connect with potential buyers is through a blog.
Join One of the Discord Servers
This can be a great way to find a potential audience for your NFT project.
Join Forces with Others
Bringing on a social media influencer or brand can help you expand your reach.
Participate in Online Forums
There are several online communities focused on NFTs and digital assets. These are excellent places to network with other industry professionals and learn more about what’s happening in NFTs.
Prepare a Press Release
Send a press release to newspapers, magazines, art magazines, and other publications that cater to your target audience.
Hire an independent community manager on Upwork to create a digital campaign for your work and grow an online audience.
Organize an Auction
Auctions are an excellent way to generate interest in your NFTs while also allowing potential buyers to acquire your digital assets. Investigate digital art online auction platforms such as Nifty Gateway.
6. Submit and Print Your Art Token
After you’ve decided on a platform, you’ll need to create your art token. This procedure will result in a one-of-a-kind digital asset that can be sold or traded on the open market. With the help of an NFT marketplace like OpenSea, you can easily mint your art token. Creating an account is simple, as is connecting it to your financial institution. After that, you can upload your artwork and start minting your tokens.
When you mint an NFT, you must pay a fee known as “gas.” This gas produces the miners who process and confirm your transaction. The amount of data in your marketing and the current gas price determines the gas fee.
The miners set the gas price, which can fluctuate depending on network conditions.
7. Set a Price for the Token and List It for Sale
After minting your art token, you must price it and list it for sale. This is where you’ll need to research to see how much comparable NFTs are selling for. You can also use this opportunity to set a reasonable price.
Consider the costs of creating the piece as you list your NFT. For example, it could cost around $250 to create and record your NFT, including listing and commission fees, gas fees, and other expenses. These transactional fees should be incorporated into your pricing.
You can typically list your NFT art for a fixed price or auction it, allowing buyers to make bids, similar to a platform like eBay.
Consider the actual value of your artwork, current NFT art trends, and objectives. If you want to sell your artwork quickly, your pricing strategy will be different than if you want to make a high-value NFT.
The creation of NFTs necessitates familiarity with several concepts, including minting, blockchain, crypto wallets, marketplaces, and gas fees. However, it’s simple to get started with NFTs once a creator understands how they work.