This article was last updated on June 10, 2022
NFTs (or Non-Fungible Tokens) are the latest crypto phenomenon taking the art world by storm, even if virtually. They’ve been changing artists’ lives for the better, mainly through enormous sales and exposure. The trend began back in 2021 and even attracted celebrities to hop on the hype train. This attracts many to think about how to create NFT art and profit from it.
Of course, there are many who believe NFTs are just a fad and will soon go away. Many crypto specialists do think that most of today’s NFT projects will fail in the long term. However, these same people also believe that NFTs are the future.
Although you see people buy and sell NFT art pieces, this is not their only use. Since they represent ownership of an asset, for example, many singers have started selling unique music videos. However, art is not the limit. Many influencers are selling their NFTs, promising buyers to attend their podcasts, YouTube videos, have one-on-one sessions, etc.
It will be up to you to decide what your NFT will look like. But before we get to creating NFTs, we will first need to explain what NFTs are and how exactly they work.
Table Of Contents
What NFTs Are & How They Work
As mentioned earlier, NFTs (Non-Fungible Tokens) represents ownership of a unique asset in the form of a token. This is possible due to blockchain technology. The phrase “Non-Fungible” means that they are irreplaceable and distinctive. Each NFT comes with a unique code, ensuring nobody else can own that same code; therefore, the NFT you own is entirely unique to you, at least by code. If you are looking for more information on NFTs check out our detailed article where we fully explain “What Are NFTs?”.
For a better example, we will briefly mention Bitcoin. A single Bitcoin token is precisely the opposite of a non-fungible token. It is replaceable, as every Bitcoin token is worth exactly the same amount and is indistinguishable from other Bitcoin tokens.
NFTs allow us to turn things such as images, songs, videos, etc., into a property in the form of a token. Due to their uniqueness, each is worth a different amount, where some sell for millions, and others never see their owner. NFTs are usually on the Ethereum blockchain, although other blockchains support NFTs as well.
The first NFT dates back to 2014, although it got the general public’s attention in 2020 and 2021. Furthermore, the first NFTs that saw great results were CryptoPunks, a collection of 10,000 NFTs, and CryptoKitties, a video game. For example, Cryptopunks #7523 sold for more than $11 million in 2021.
In 2021, an artist named Beeple sold his art piece “Everydays: the First 5000 Days” for more than $69 million. This is the most expensive NFT as a purchase by a single person. Of course, you cannot expect all NFTs to have potential. It comes down to the art piece, marketing, timing, and luck. Making sure you have no unrealistic expectations is a must if you plan on diving into that sector.
How To Create NFT Art
Creating an NFT might not be as easy as many might think; however, it becomes easy once you understand the basics. We will cover all the steps in detail that you need to make to create an NFT, starting from the idea and ending with the minting.
1. Idea & Create Your NFT Art Piece
First of all, you need to decide what kind of NFT you want to create. Are you a professional artist who wants to sell your art piece, song, video, or photography? Or do you want to sell an NFT that will provide other benefits to the buyer?
Once you come up with an idea and create the art piece, you can move on, make a wallet and purchase crypto.
2. Create a Wallet & Buy Crypto
If you want to list your NFT, you must cover transaction fees and minting fees. For this purpose, you will need a crypto wallet with some Ethereum, for example, stored on it. This is because NFT markets work with cryptocurrencies. The crypto wallet also comes into use when an NFT is purchased since the buyer/platform will send the amount to that crypto wallet.
Don’t worry if you do not have a crypto wallet yet, as it is pretty easy to set up one. However, not all crypto wallets support NFTs, so make sure the one you choose does. Some crypto wallets that support NFTs, are very secure, and are trusted by many are Metamask, Coinbase, Trust Wallet, and Enjin.
Once you create a wallet, you can go ahead and purchase some Ethereum to get you ready for the fees and any additional costs.
Suggested read: The Cheapest Penny Cryptocurrency To Buy In 2022
3. Choose a Marketplace
As NFTs are getting more popular, new NFT marketplaces offering all sorts of benefits arise. We will mention some of the most prominent marketplaces out there, but keep in mind that there are other options.
OpenSea – Inarguably the biggest marketplace by average daily volume, as of January 2021 is OpenSea. Their user-friendly website attracts a lot of engagement. The platform’s been dominant in the Ethereum-based NFT sector for quite some time now. Their 2.5% fee applies after your NFT is sold. Additionally, minting on OpenSea is entirely free.
Rarible – One of the oldest decentralized NFT marketplaces, aiming to reduce the gap between artists and their audience. Rarible is well-known amongst NFT enthusiasts. Coinbase is an official partner of the platform, further proving its credibility. The platform supports images, GIFs, video, and audio files. Same as OpenSea, Rarible applies 2.5% fees to the price your NFT was sold for.
Foundation – Foundation is a more exclusive marketplace as it requires an invitation. Invitations are eligible from artists who sell at least 1 NFT. It is an Ethereum-based NFT platform that supports images, videos, and 3D artwork. It charges its users 15% service fees, one of the highest in the NFT sector.
LooksRare – And finally, the latest NFT marketplace that’s getting a lot of attention. It is a brand new marketplace, made public in January 2022. It surpassed OpenSea by daily volume in its first days, which is quite intriguing. Additionally, LooksRare charges 2% fees, the least out of all major NFT marketplaces. Once you sell your NFT, the profit will instantly transfer to your wallet. Furthermore, the platform is Ethereum-based.
4. Minting Your NFT
For beginners, the process of minting NFTs means turning your image, GIF, audio or video files, etc., into a collectible token/digital asset, mainly on the Ethereum blockchain. After you mint your NFT, it is stored in a completely decentralized database (or distributed ledger), making it impossible to modify, edit, or even delete it. This is actually when you “create” your NFT art.
Minting itself can happen on a marketplace, such as OpenSea, for free or outside of it, by writing your own code (which can be difficult, especially for those with little to no experience).
Because minting is a process, it can take up to a couple of hours. If you feel like something is wrong, make sure to reach out to the customer support team of the platform you choose.
Marketplaces are mainly Ethereum-based because the blockchain is quite secure and nearly impossible to tamper with. Aside from that, Ethereum is the second-largest cryptocurrency by market cap. To elaborate, this means that more people are likely to come across your NFT in an Ethereum-based marketplace than at any other marketplace.
Selling Your NFT Art
Decide On A Price
Pricing your NFT is just as crucial for its success as how to create the art piece itself and the way you market it. However, we are so early into the NFT industry that things have yet to settle down. Prices are one of the things affected by this, which in turn means that there isn’t a particular value you will be looking at.
Platforms allow you to choose one of two options when selling your NFTs. One is “fixed price”, and the other is “auction”. Fixed prices are when you choose a particular price for your NFT, which the buyer has to pay. Auctions, however, are a bit different, as you can tell by the name.
The reason auctions are popular is because it gives everyone a fair shot at purchasing said NFT, regardless of timezone and availability. Most NFT auctions have a 24-hour time limit, although this is not set and could be more or less. After the time limit is up, the highest bidder gets the NFT.
If a bid enters the auction within the last 15 minutes of it, the timer extends by about 20 minutes on average. This will continue until no new bidders join the auction.
The truth is, many NFTs are popping up all the time, making it harder for buyers to come by your NFT if you are new to this space. To make things easier and your art more accessible, it is better to keep your price low at the beginning of your journey and increase it consistently once people pick up on your work.
Make sure you check the fees of the marketplace you choose before listing your NFT. Furthermore, as a bare minimum, you want to set the price at least as much as the minting costs.
Promoting Your NFT
Due to the saturation of the market, the NFTs that sell and those that don’t are separated by successful marketing. One can go through a lot of different platforms where promotion is possible. Most artists selling NFTs have their own blogs or are known on social media and art platforms.
Having a social media following will help your art reach an audience that is interested in your work. The bigger the audience, the higher chances you have of your NFT getting sold. Suitable platforms can include Instagram and Twitter, as well as DeviantArt and ArtStation.
Other artists also have their own Discord servers, where they and their audience can interact, forming a bond. Some even teach their followers how to create their own NFT art.
If you wish to go even further, you can find influencers who can promote your work. However, this will most likely happen for a price. Influencers already have a stable following, so you will be getting immediate exposure. On the other hand, even if you gain exposure, your new audience will need to stay engaged, which is why a social media account is more than necessary.
As we mentioned earlier, blogs are a great way to keep an archive of your work while working towards getting known. For example, imagine someone interested in your art going through your old blog posts. Keep in mind that this is different than having an art platform account, as blogs are entirely managed by you.
There are, of course, other ways to promote your work through different types of networking, PR, listing your art to a metaverse gallery, etc. Essentially, you should look to connect with people that will be interesting in what you have to offer.
Payments
When the time finally comes, and you sell an NFT, the payout can be delivered instantly, or it can take some time. This shouldn’t be more than a couple of hours. However, as we mentioned earlier, platforms such as LooksRare pay immediately upon the sale of an NFT.
Most NFT marketplaces charge you fees after the sale of your art piece; however, some do so beforehand. Make sure you check things out before choosing your marketplace because it could mean you will need a bigger budget.
Furthermore, all funds are delivered to your crypto wallet, so keep an eye on it after a sale. If there is a problem with the processing of the payment, most platforms offer customer support 24/7, so make sure to reach out to them.
Interesting read: The Best 5 Crypto-Friendly Banks In The UK
Final Words
In 2021, what we saw is probably only the tip of the iceberg for NFTs. However, we are still in the early days of the NFT industry, equalizing the playing field for everyone. If you are looking to create NFT art and sell it, don’t be discouraged if it doesn’t find its buyers immediately. The market is currently getting quite a lot of volume, so it’s only a matter of time before your work gets noticed.
Of course, as we mentioned, there are many steps you can take that will increase your chances of getting noticed. Just like every other art industry, one has to put effort into promoting themselves to help reach an audience easier.
Some were lucky enough to get into the spotlight, where by chance, whereby following and status don’t matter. It is great to be optimistic, but it gets even better if you add a bit of realistic thinking. What we mean by that is that you might not want to expect your first NFTs to get sold for millions of dollars. This will only bring you down, so aim for consistency and publicity.
Finally, we suggest you keep up with all the latest NFT trends, new marketplaces, and news. Doing this will help you capitalize on fresh opportunities. New marketplaces that cause an uproar, in particular, are an excellent place for your art, no matter if you have a following or not.
Be thorough and patient while taking on this new endeavor to make sure you are as close as possible to the goal of selling NFTs.
