The NFT (non-fungible token) industry is rapidly booming as more artists emerge to sell NFT art. In this digital marketplace, you’ll discover lots of opportunities for blockchain startups and artists as well as influencers. On one hand, startups and creators have the chance to be creative and unveil new NFT collectibles.
On the other hand, investors can seize the wave of opportunities before NFTs become mainstream. Likewise, you can also leverage the NFT fad to design and trade on digital collectibles. When your assets soar in worth, you can earn more in profits.
What’s NFT art?
NFT is an acronym for non-fungible tokens – these are fixed and unique data units based on the blockchain network. The asset value depends on market demand at any given time, or perhaps what someone is willing to offer for it.
Why trade NFT art?
There are several reasons why people trade NFTs, the following being the most common:
- As an artist, NFT technology presents an opportunity to sell your digital masterpieces without the need for middlemen. You can tokenize artwork, image rights, and music. You can then sell them directly to prospective buyers.
- Investors can generate asset liquidity while still maintaining actual ownership by tokenizing virtual assets like lands.
- NFT technology provides people with an avenue to tokenize items like artwork and sell them to make profits.
How do you create an NFT and then trade it?
NFTs are the digital representation of actual assets in the real world. In other words, you can have an NFT video, music, or even art. Nowadays, NFTs are more popular as digital artwork. Unlike actual art, digital art is indestructible and unique. It therefore eliminates the threat of piracy and content misuse. Additionally, when you buy NFT art, you become the sole owner of that file.
Furthermore, many people embrace NFT art as regular artwork and they’re collecting, and enjoy selling them for profits. Depending on the type of file, you can collect royalties as the artist every time your art gets sold. Considering the astonishing prices that NFTs are fetching, this is great news for all artists, especially digital artists. But how do you create and sell NFT art?
Fortunately, with enough knowledge, anyone can generate and sell NFT art on a blockchain. The best place to trade your items is on the NFT marketplace. Luckily, you’ve got several options to choose from.
These marketplaces include SuperRare, Rarible, OpenSea, and – the most popular one of all – Foundation. This year, Foundation hosted a mega sale of an NFT graphic, the “Nyan Cat”. This tokenized graphic was sold for over half a million dollars.
Now that we’ve cleared that up, here are some steps to generating and trading NFT art:
Step 1: Pick or design a digital art piece
Picking or designing a digital art piece is a crucial step for all artists. After all, that art piece is what you’ll use as NFT. On the brighter side, you don’t need to create art from scratch. If you’ve got art pieces in your collection that you would like to share with the world, you can use them.
Keep in mind that there are a handful of rules when it comes to what you can convert to NFT and sell. Provided that your piece of art is yours and original, you can go ahead and sell it. Even so, you can’t convert and sell a random illustration or meme you’ve found online. But if you have your memes, music, or digital art, feel free to use them. Some people even use recipes as NFTs.
Of course, if you experience satisfaction from creating new art from scratch, you can do so. Since you can transform anything you own into an NFT, there’s no magic involved in creating the art. However, it’s important to note that most marketplaces only support the following formats:
Step 2: Create an Ethereum wallet
Ethereum is the center point when it comes to the NFT marketplace. Therefore, if you need to venture into it, creating an Ethereum wallet is vital. Using the digital wallet, you’ll be able to sort out the hosting fee in the marketplace. Additionally, it allows you to receive payment once someone buys it. Keep in mind that the payment will be in the form of cryptocurrency.
Luckily, there are countless options for platforms where you can create your virtual wallet. If you happen to choose a major platform, you’ll have access to most NFT marketplaces. Speaking of which, the following are examples of famous digital wallets you can consider:
In case you’re as interested in buying as you are in selling, you should strongly consider the above options. These digital wallets allow you to buy and store your NFT assets directly in them. Thus, you can have access to your NFTs anytime you wish.
Step 3: Buy Ethereum (ETH)
After creating the Ethereum wallet, it’s time to purchase Ethereum currency for your wallet. Since your target is selling NFTs, this step may seem odd at first. However, it’s not, and there’s a compelling reason behind it.
You see, most NFTs marketplaces offer their services at a fee. This fee is supposed to cater to the hosting service the platform is providing to your NFT assets. When buying ETH, it’s important to note that the prices are not constant.
On the positive side, you can conduct this transaction directly from your wallet with no need for an exchange platform. And of course, if your wallet doesn’t support direct transactions when buying ETH, you can consider using exchange platforms.
Step 4: Choose a marketplace
At this stage, your wallet is ready and it has crypto for paying your hosting fee. All you need to do now is choose the right marketplace. Just as with creating your virtual wallet, you’ve got options when choosing a marketplace. Some of the popular options include:
- Axie Infinity
- Nifty Gateway
Be forewarned that the process of using these marketplaces can be slow and sometimes frustrating. Having said that, the first step is sending an application requesting your work to be approved for sale on the platform. Thereafter, you’ve got to wait until it passes approval. Even so, the wait is worth it, since your work has a better chance of getting sold on these platforms.
Step 5: Link your virtual wallet to the NFT marketplace
When signing up to join a marketplace, one of the critical steps includes linking your virtual wallet to it. Don’t skip this step, especially if you want to mint right away.
Step 6: Mint your art piece
Now, you’re set to upload your digital art file on the platform. To enjoy a smooth process here, ensure the file format is compatible with the platform. At this stage, you can also decide how to mint your NFTs, whether they’ll become a collection of items or unique pieces.
Step 7: Choose a title and asset description
Choosing a title and writing a compelling description is an important step in capturing buyers’ attention. Therefore, you should invest more resources in this stage.
Step 8: Set your price
Most marketplaces for NFT support two major approaches to setting prices.
- Auction model – where buyers bid and the highest bidder gets the item.
- Fixed price – the buyer can only purchase your item if they can pay the listed price.
Step 9: NFT marketing
Once your NFT art is in the public, the next step is marketing. While you can rely on the platform’s efforts to showcase new products to prospects, it doesn’t guarantee much. However, you can gain more from marketing your product beyond that marketplace.
To create online visibility for your NFT collection, you can conduct the campaigns on your own, or hire a PR agency like Pressfarm. The experts at these agencies will be more thorough in reaching out to prospects and will leverage all the potential media channels available.
Pressfarm works with NFT startups and companies of various sizes to create quality content that they can distribute to media professionals or publish on their owned channels. The Pressfarm team has experience with creating winning press releases, engaging guest posts and eye-catching media kits that can boost your brand image.
This team of PR specialists can also help improve your SEO with an effective distribution strategy. By submitting your content to the right media outlets, startup directories and professional networks, Pressfarm can ensure your project ranks in relevant search results across different search engines.
Once you sign up, their Account Executive will also create a customized media list containing the best media professionals in your niche. When you combine this with Pressfarm’s media database of 1 million+ journalists, bloggers, and influencers, you’ll be able to do extended media outreach for your brand for up to a year.
With an affordable package from Pressfarm, you can get your NFT project the publicity it deserves.
Step 10: Keep an eye out for bids
Don’t rely too much on the platform to alert you when there’s a bid on your product. It’s a great idea to check whether there’re bids from time to time to accept them. For NFTs with fixed prices, you’ll get a notification when a buyer purchases your item.
Where can I find places to sell my NFT art?
NFT marketplaces are platforms where creators mint, trade, collect, bid on, and display their NFT arts. While eBay and Amazon are marketplaces for goods, there are specific marketplaces for NFT products. Oftentimes, these marketplaces charge you when they host your items, and when you sell those items through their platforms. Unfortunately, there’s no fixed fee that applies to all these marketplaces. Ethereum transaction fee happens to be the highest.
The best NFT art marketplaces
- Axie Infinity: If you’re an Axie Infinity game fan and you’ve mastered the characters, here’s a platform where you can use them for NFTs.
- Sorare: The NFTs on Sorare are specifically digital cards with footballers’ images.
- Decentraland: Decentraland offers an in-house marketplace for users to sell and buy digital wearables or virtual lands
- NBA Top Shot: This platform sells NBA memorable moments on virtual cards.
- Valuables: This platform supports the tokenization of tweets.
- Foundation: This is a popular platform for both Defi fans and art creators.
- SuperRare: SuperRare works with a select few artists.
- Nifty Gateway: This is among the largest NFT marketplaces, especially in virtual arts.
- Rarible: This platform focuses on NFT art in addition to other NFT items.
- OpenSea: This is a well-established global NFT marketplace that accommodates domain names, virtual worlds, and collectibles (sports/arts).
NFT investment: Should you invest in NFTs?
NFT art is a worthy investment because of how fast its value appreciates with time. Furthermore, their valuations are not related to the investment market. As such, their value depends on two major elements, their scarcity, and their founder.
While NFT is a great investment, do not merely rush in and give all your money to the first NFT artist you stumble upon. It’s important to research your NFT assets before deciding to buy them. For instance, you can start by finding out more about the founder behind it. Thereafter, you can establish how many duplicate copies of that item are available.
Most importantly, it’s important to establish whether the item is authentic. Thanks to blockchain tech, you can discover the full history of the item from the founder to the current owner. Therefore, you won’t waste too much time on the research stage as an investor.
Moreover, it’s worth noting that the value of NFTs is very speculative. Therefore, don’t be shocked to find a particular painting costs $1000 while another is worth over $10M. Oftentimes, investors go for NFTs due to their intrinsic values that are beyond scope of investment. As a result, it can be challenging to determine an asset value properly.
Even so, it’s important to go for long-term investment. That’s because it’s a safer bet with a potential for significant value appreciation. Don’t invest in just any NFT. You should only target assets with the potential to appreciate.
There’s a common myth that creating and selling NFT art is best left for artists and tech-savvy people. In reality, that’s not the case – this is an industry that anyone can venture into. In the beginning, it can be overwhelming, especially if you’re new to blockchain tech. However, it’s quite simple and easy to master. Depending on how enthusiastic you are with this investment, a day is enough to create and begin selling your NFT art..