You may have heard about them in the news or read about them in an article. The novel concept provides an innovative way for digital artists to make money for their work. This article discusses the steps involved in NFT art development and helps you create an NFT for art.
NFTs made a big splash in mainstream news when a notable few sold at significantly high prices. They are now the trending thing in the cryptocurrency world, and now everyone wants to get a piece of the action. Businesses, entrepreneurs, and celebrities are jumping on the NFT bandwagon and eager to take advantage of this booming trend.
Overview of NFT
The term NFT stands for non-fungible tokens. The token may sound similar to Bitcoin, but there are significant differences. For starters, you can trade Bitcoin and have more of the same thing that represents real money. NFTs are not like that, and each NFT is a unique digital asset. Think of them as art pieces; each one is a unique drawing and has a different value.
With non-fungible tokens, you have the token that indicates you are the owner. You can trade the asset, but remember that you could get a completely different one. The more profound concept of NFT for art is the agreed-upon value and ownership. Even if anyone can see, screenshot, and print out digital art, a handful of people own that work.
NFTs are digital assets, and their ownership is stored on a Blockchain. You might be asking, what is a Blockchain? Think of a digital ledger open to everyone and record who owns what. It is similar to the network that cryptocurrencies have.
Where Can I Buy an NFT?
There are numerous locations online where you can buy and sell NFTs. These sites are called the NFT art marketplace. Here, the user can mint their NFT, list it on the platform and make a profit. The various gateways are SuperRare, OpenSea, Rarible, Nifty Gateway, and Makersplace are a few of the websites.
Additionally, niche NFT marketplaces like NBA top shot allow collectors to purchase rare NBA ‘moments’ as NFTs.
Minting an NFT
You can create an NFT for art by following the steps below.
Find an NFT Marketplace
The first step to the minting process is finding the right NFT art marketplace or NFT marketplace. There are many NFT marketplaces available online, and they fall under one of two categories: curated and self-service platforms
Curated platforms are where authorized artists can mint and list their NFTs. These marketplaces only accept accomplished artists, and new ones face difficulty entering. The best example of this type is SuperRare.
Self-service platforms are where anyone can create and list their NFT. These marketplaces enable users to convert any digital asset like a photo, audio file, video or collectible into an NFT. Another beneficial aspect of this marketplace is that it enables users to set the royalties charged for each token sale. The two best examples of this category are OpenSea and Rarible.
The only negative to these platforms is the high risk of fraudsters and imitators.
For this article, we will use OpenSea as an example.
Create a Digital Wallet
The next step requires you to create a digital wallet. Here, you can store cryptocurrencies and NFTs. It would be beneficial to purchase Ether beforehand, as many users use the Ethereum blockchain for NFT minting. If not, you can always buy some crypto on exchange platforms like Coinbase or Binance.
With a digital wallet, you can connect it to the NFT marketplace and proceed. Connecting a digital wallet on OpenSea is a straightforward process. The website will guide you through it from start to finish.
Mint the NFT
Now comes the essential part: creating the NFT. When you begin the process, the site asks you to provide the required information. Input the information and continue the NFT development process.
Now the site asks you to upload the file. Here, you can choose the asset you want to convert. There is no limit to what can be an NFT, so get creative. After uploading the required file, you can proceed and start minting it. Soon enough, you will have an NFT ready for listing.
Sell the NFT
There are three ways to sell an NFT: you can sell it at a fixed price, a timed auction or an unlimited auction. In this article, we will trade the NFT on a timed auction. Now, select your newly minted NFT and set the price. It is essential to consider how much to charge for the NFT before proceeding. List it at a high price, and no one will buy it. Conversely, listing it at a low cost means many users will ignore it. It is essential to consider the price for your NFT before proceeding.
Next, the site asks you to provide a title and description for the NFT. Spend some time to create a catchy title and a description that will attract a broad audience.
Now the site asks you to consider the royalties you can earn from every subsequent sale. Here too, it is vital to set a fair percentage or else people will be deterred from selling the NFT in the first place.
Now all that’s left to do is wait till someone buys it. A great way to increase your NFT’s appeal is by marketing it to the required audience. You can utilize many marketing strategies for this step, all of which will get your NFT the coverage it deserves.
The NFT development craze is far from subsiding. We see big brands and celebrities signing deals to release their non-fungible tokens on the internet every day. According to tech experts, the NFT market will exceed 1.3 billion USD at the end of 2021 as more digital content creators head to the space and share their content.
As more Blockchains compete to produce better NFT services, there is no end to the platforms for users to choose from. Now is the ideal time to participate in the trend, create an NFT and earn a profit.