Non-fungible tokens, also known as NFTs, have created quite a buzz in the crypto markets across the globe. People are spending millions of dollars to buy and sell NFTs, making it a fantastic way for artists to sell their work.
Beeple (Mike Winkelmann), a digital artist, created Beeple’s Everydays, a digital artwork that sold for $69.3 million. As an artist, creating NFTs and putting them up for sale is a great way to jump on the bandwagon!
If you are interested in starting your own NFT collection and selling them, then keep on reading.
Non-fungible tokens are digital assets. Non-fungible means that the asset is unique and can’t be replaced with another of its kind. For instance, Ethereum is a fungible asset; you can trade one for another.
However, an NFT is simply a unique digital asset, with most of them available on the Ethereum blockchain. Other blockchains have also begun implementing other types of NFTs. Any digital creation can be an NFT, including:
- Custom paintings
- Video game collectibles
This list is not exhaustive. Even a domain name, or a digital GIF, can be an NFT.
How to Make an NFT
If you want to learn how to make NFT art, the first step is to decide which blockchain you will issue your NFTs on. As mentioned above, the best option available right now is Ethereum.
The Ethereum blockchain is widely used for buying and selling NFTs, and it is the most popular option for budding artists and NFT creators. However, it’s not the only option. Others include:
- Binance Smart Chain
Step 1: Get a Digital Wallet
You need to weigh the pros and cons before making a decision. Each blockchain has its own token standard for issuing NFTs, discrete marketplaces, and digital wallets. You can’t receive Ethereum in a wallet that’s compatible with the Binance Smart Chain, for instance.
Ethereum’s token standard for issuing NFTs is ERC-721. Therefore, your first step is to get a digital wallet that supports ERC-721. Popular options include Trust Wallet and MetaMask.
Step 2: Select a Marketplace
The next step is to select a marketplace where you are going to sell your NFTs. There are several options available, including:
Once you have selected a marketplace where you are going to issue your NFTs, you now have the groundwork laid down.
Step 3: Connect Your Wallet
Popular marketplaces like OpenSea (pictured above) have a Create button. Once you click on that, you will be asked to link your Ethereum wallet. It requires a digital signature, and there’s no charge for it.
Once you connect your wallet to OpenSea, the next step is to create your NFT collection!
Step 4: Create Your NFTs
For this example, we’ll be sticking to OpenSea. To get started on OpenSea, just click on Create and then navigate to My Collections. There, you will see another Create button.
You can simply upload your artwork after formatting it properly.
Once you have uploaded the digital asset and customized the fields, you can decide to customize it a bit more. This includes adding textual traits, unlockable content, the supply of the NFT, and even the blockchain on which you wish to mint the NFT.
Once you are done, the next step is to sell your NFTs on the marketplace.
How to Sell Your NFT
Now that you have created an NFT, the next step is to sell it to an audience. OpenSea makes this process considerably easy, allowing you to alter the pricing, set royalties, and even create auctions.
To sell your NFT, navigate to your profile on the top-right. From there, select the NFT that you intend to sell. You will then be taken to the listing page.
On the listing page, you can set the price of your NFT, as well as the kind of sale you want. The two options include a Timed Auction and a Fixed Price sale.
Fixed Price NFTs can be sold right away once a buyer matches your asking price. For a timed auction, you must select a duration.
You can select the duration from a drop-down calendar. OpenSea also gives you default options, including one day, three days, and one week.
If you want, you can also group the NFT as part of a collection. To do so, just add the buyer’s address under the Reserve for specific buyer field.
It’s important to note that platforms like OpenSea charge a fee for allowing creators to sell NFTs on their platform. The service fee is 2.5%. You can also set up a creator royalty, which entitles you to a small percentage of the sale every time your NFT changes ownership.
Once you are done, your NFT will be listed for sale on OpenSea!
Review the Fees and Revise Your Expectations
There is a lot of interest amongst artists for creating and selling NFTs, especially due to some high-profile sales in the past. However, it’s important to understand that these large sales aren’t representative of the NFT economy in general.
Many people often think that selling a NFT doesn’t require any major investment. That’s not true either. It’s important to understand that there are quite a fair bit of fees associated with creating, maintaining, and eventually selling an NFT.
While there are certain platforms that let you mint NFTs for free, most popular ones require buyers to pay the cost before their NFT is minted.
If you want to receive a decent price for your NFTs, you need to learn how to promote them. If you can create a feeling of exclusivity in the market and build hype for it, your NFTs will obviously fetch a higher price.
Ideally, there are several things that you can do to promote your NFTs to a wider audience, and some of which will require you to spend some money in the process. These include:
- Working with relevant influencers to promote your NFT collection.
- Start developing a white list which includes your friends or other influencers. This lets you offers your NFTs before they are mined.
- Start promoting your upcoming NFT collection on Discord.
- Use Twitter Spaces or Clubhouse to promote your upcoming NFT collection.
It’s Time to Create and Sell NFTs
If you are a digital artist looking to sell your artwork online, NFTs offer a fantastic outlet.
To really profit from your NFT collection, you need to learn how to market it. Don’t just list it for sale and expect people to buy it. Make sure you promote your NFT collection to your fans. However, it’s important to be wary of scams in the NFT space, as there are quite a few of those going around.