According to a recent analysis, the value of NFTs or non-fungible tokens has surpassed $41 billion. This explosion in value is fueled by earthshattering sales of NFTs by some of digital’s most innovative artists.
For example, the artist Beeple sold an NFT — Everydays: The First 5000 Days — for $69 million. Since these artists can create an NFT with a few clicks, the digital medium is popular with artists that eschew traditional galleries and art houses where their art may not fit a conventional mold.
So, are you an artist that wants to create NFT artwork? How about an author or musician that wants to enter the NFT market?
In the following article, we’ll walk you through how to make NFT art and how to profit from it, no matter who owns it.
What Is an NFT?
Non-fungible means irreplaceable. Hence, a non-fungible token is a piece of art, writing, virtual world, music, or video that, thanks to blockchain, can’t be replicated or copied (look here for more types of NFTs). Of course, you can duplicate the original artwork, but the NFT will always have a blockchain that authenticates its originality.
Ethereum and Polygon are some of the most popular forms of blockchain that NFT artists utilize.
Everything from memes to feature films has been sold as NFTs. More importantly, as the artist, you can set the royalties for any future sale so that you’ll profit on any resale of your NFT.
Select a Marketplace First
First, you need to select a marketplace for your work. This is usually a website that hosts a collection of artists’ work. While there are many of these digital marketplaces on the web, OpenSea is currently one of the most popular for NFTs.
Link Your Wallet
Once you’ve selected your marketplace, you’ll need to connect it to a digital wallet to your account. You’ve maybe heard of these wallets as a place to hold your cryptocurrency.
These wallets are entirely anonymous, so you need to make sure that you back up your username and passwords. Losing these credentials can make it exceedingly difficult to access the funds in your wallet at a later date.
Setting up your account differs from one marketplace to the next, but there will be a certain amount of text to fill in to describe your art and you as an artist.
Set Your Royalties
Remember to set your royalties as you make your account. The standard percentage is 10%. This means that you will receive a 10% cut every time your artwork is sold.
List Your NFT for Sale
Once your account is created, start uploading your work. Often you’ll select files and upload them as individual files or as collections. You’ll then set the price for your art or the minimum bid for your auction.
Unfortunately, these marketplaces will often charge fees for recording transactions (gas fees) or listing your material. Remember to set the price of your artwork to accommodate these fees. You do not want the marketplace to make more than you do!
Ready to Create an NFT?
NFTs are a fantastic way to sell art but when you create an NFT, make sure your fan base knows about it. Make sure you send out links to your collections to fans through social media, discussion boards, and your website.
NFTs may be a new medium, but word of mouth always helps your art sell, so make the most of the digital world by posting early and often to your fan base.
Was this article helpful? Search this website for more on NFTs and cryptocurrency.